Share Based Payments (Tables)

6 Months Ended

Aug. 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 six months ended August 31, 2013 and 2014:

	Six Months Ended August 31,
	2013	2014
Risk-Free Interest Rate:	0.6% - 1.3%	1.2% - 1.5%
Expected Dividend Yield:	0%	0%
Expected Life (Years):	4.3	4.3
Expected Volatility:	108.9% - 115.9%	71.8% - 73.9%

Summary of Stock Options Outstanding and Activity

The following table presents a summary of the Company’s stock options outstanding at August 31, 2014, and stock option activity during the six months ended August 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	561,219	2.91
Exercised (1)	617,706	0.54
Forfeited	25,000	0.70
Expired	986,610	17.45
Outstanding, end of period	5,916,508	1.72		7.1	$	7,180
Exercisable, end of period	2,649,017	1.87		5.6	$	3,666

⁽¹⁾ 

Summary of Nonvested Options and Changes

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

	Options	Weighted Average Grant Date Fair Value
Nonvested, beginning of period	3,325,481	$	0.98
Granted	561,219	1.64
Vested	594,209	0.96
Forfeited	25,000	0.57
Nonvested, end of period	3,267,491	1.10

Summary of Restricted Stock Grants Outstanding and Activity

The following table presents a summary of the Company’s restricted stock grants outstanding at August 31, 2014, and restricted stock activity during the six months ended August 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	1,221,213	3.33
Vested (restriction lapsed)	1,170,603	3.09
Grants outstanding, end of period	641,154	2.33

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 and six months ended August 31, 2013 and 2014:

	Three Months Ended August 31,					Six Months Ended August 31,
	2013		2014			2013		2014
Station operating expenses	$	1,213	$	68		$	1,466	$	470
Corporate expenses	1,206		515			1,616		1,061
Stock-based compensation expense included in operating expenses	2,419		583			3,082		1,531
Tax benefit	—		(190		)	—		(521		)
Recognized stock-based compensation expense, net of tax	$	2,419	$	393		$	3,082	$	1,010