Share Based Payments (Tables)

3 Months Ended

May 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Assumptions used to Calculate Fair Value of Options on Date of Grant

The following assumptions were used to calculate the fair value of the Company’s options on the date of grant during the three months ended May 31, 2013 and 2014:

	Three Months Ended May 31,
	2013	2014
Risk-Free Interest Rate:	0.6%	1.2% - 1.3%
Expected Dividend Yield:	0%	0%
Expected Life (Years):	4.3	4.3
Expected Volatility:	115.9%	72.5% - 73.9%

Summary of Stock Options Outstanding and Activity

The following table presents a summary of the Company’s stock options outstanding at May 31, 2014, and stock option activity during the three months ended May 31, 2014 (“Price” reflects the weighted average exercise price per share):

	Options	Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding, beginning of period	6,984,605	$	3.74
Granted	215,000	3.24
Exercised (1)	533,044	0.52
Forfeited	10,000	0.70
Expired	986,610	17.45
Outstanding, end of period	5,669,951	1.65		7.1	$	8,447
Exercisable, end of period	2,701,971	1.83		5.8	$	4,356

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Summary of Nonvested Options and Changes

A summary of the Company’s nonvested options at May 31, 2014, and changes during the three months ended May 31, 2014, is presented below:

	Options	Weighted Average Grant Date Fair Value
Nonvested, beginning of period	3,325,481	$	0.98
Granted	215,000	1.84
Vested	562,501	0.94
Forfeited	10,000	0.57
Nonvested, end of period	2,967,980	1.05

Summary of Restricted Stock Grants Outstanding and Activity

The following table presents a summary of the Company’s restricted stock grants outstanding at May 31, 2014, and restricted stock activity during the three months ended May 31, 2014 (“Price” reflects the weighted average share price at the date of grant):

	Awards	Price
Grants outstanding, beginning of period	590,544	$	1.79
Granted	1,205,848	3.33
Vested (restriction lapsed)	1,150,848	3.12
Grants outstanding, end of period	645,544	2.30

Stock-Based Compensation Expense and Related Tax Benefits Recognized

The following table summarizes stock-based compensation expense and related tax benefits recognized by the Company during the three ended May 31, 2013 and 2014:

	Three Months Ended May 31,
	2013		2014
Station operating expenses	$	253	$	402
Corporate expenses	410		546
Stock-based compensation expense included in operating expenses	663		948
Tax benefit	—		331
Recognized stock-based compensation expense, net of tax	$	663	$	617