Summary of Significant Accounting Policies (Tables)

3 Months Ended

May 31, 2016

Calculation of Basic and Diluted Net (loss) Income Per Share from Continuing Operations

The following table sets forth the calculation of basic and diluted net income per share:



	For the three months ended
	May 31, 2015					May 31, 2016
	Net Income		Shares	Net Income Per Share		Net Income		Shares	Net Income Per Share
	(amounts in 000’s, except per share data)
Basic net income per common share:
Net income available to common shareholders	$	1,525	43,217	$	0.04	$	2,686	47,070	$	0.06
Impact of equity awards	—		1,890	—		—		225	—
Impact of conversion of preferred stock into common stock	—		2,266	—		—		—	—
Diluted net income per common share:
Net income available to common shareholders	$	1,525	47,373	$	0.03	$	2,686	47,295	$	0.06

Shares Excluded from Calculation as Effect of Conversion into Shares of Common Stock would be Antidilutive

Shares excluded from the calculation as the effect of their conversion into shares of our common stock would be antidilutive were as follows:



	For the three months ended May 31,
	2015	2016
	(shares in 000’s )
Equity awards	3,592	8,208
Antidilutive common share equivalents	3,592	8,208

Schedule Of Operating Results From Local Programming and Marketing Agreements

The following table summarizes certain operating results of 98.7FM for all periods presented. Net revenues for 98.7FM are solely related to LMA fees. 98.7FM is a part of our radio segment.



	For the three months ended May 31,
	2015		2016
	(amounts in 000's)
Net revenues	$	2,583	$	2,583
Station operating expenses, excluding depreciation and amortization expense	257		251
Interest expense	780		728

Schedule Of Assets And Liabilities Of Local Programming and Marketing Agreements

Assets and liabilities of 98.7FM as of February 29, 2016 and May 31, 2016 were as follows:



	As of February 29,		As of May 31,
	2016		2016
	(amounts in 000's)
Current assets:
Restricted cash	$	1,464	$	1,022
Prepaid expenses	545		530
Total current assets	2,009		1,552
Noncurrent assets:
Property and equipment, net	253		244
Indefinite lived intangibles	49,297		49,297
Deposits and other	5,460		5,678
Total noncurrent assets	55,010		55,219
Total assets	$	57,019	$	56,771
Current liabilities:
Accounts payable and accrued expenses	$	14	$	17
Current maturities of long-term debt	5,453		5,582
Deferred revenue	779		807
Other current liabilities	223		219
Total current liabilities	6,469		6,625
Noncurrent liabilities:
Long-term debt, net of current portion and unamortized debt discount	57,728		56,359
Total noncurrent liabilities	57,728		56,359
Total liabilities	$	64,197	$	62,984

Noncontrolling Interest

Below is a summary of the noncontrolling interest activity for the three months ended May 31, 2015 and 2016:



	Austin radio partnership			Digonex			Total noncontrolling interests
Balance, February 28, 2015	$	47,883		$	(1,222	)	$	46,661
Net income (loss)	1,614			(981		)	633
Distributions to noncontrolling interests	(1,636		)	—			(1,636		)
Balance, May 31, 2015	$	47,861		$	(2,203	)	$	45,658

Balance, February 29, 2016	$	47,556		$	(9,159	)	$	38,397
Net income (loss)	1,527			(898		)	629
Distributions to noncontrolling interests	(1,187		)	—			(1,187		)
Balance, May 31, 2016	$	47,896		$	(10,057	)	$	37,839