Share Based Payments (Tables)

6 Months Ended

Aug. 31, 2016

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, 2015 and 2016:

	Six Months Ended August 31,
	2015	2016
Risk-Free Interest Rate:	1.3% - 1.4%	0.9% - 1.2%
Expected Dividend Yield:	0%	0%
Expected Life (Years):	4.3	4.3
Expected Volatility:	57.2% - 64.6%	58.6% - 60.0%

Summary of Stock Options Outstanding and Activity

The following table presents a summary of the Company’s stock options outstanding at August 31, 2016, and stock option activity during the six months ended August 31, 2016 (“Price” reflects the weighted average exercise price per share; "Aggregate Intrinsic Value" dollars in thousands):

	Options	Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding, beginning of period	1,948,384	$	6.36
Granted	174,678	2.38
Exercised	12,515	1.62
Forfeited	4,375	8.28
Expired	18,432	44.68
Outstanding, end of period	2,087,740	5.71		6.6	$	1,540
Exercisable, end of period	1,211,940	5.71		5.1	$	785

Summary of Nonvested Options and Changes

A summary of the Company’s nonvested options at August 31, 2016, and changes during the six months ended August 31, 2016, is presented below:

	Options	Weighted Average Grant Date Fair Value
Nonvested, beginning of period	830,803	$	3.71
Granted	174,678	1.13
Vested	125,306	5.03
Forfeited	4,375	4.22
Nonvested, end of period	875,800	3.00

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, 2016, and restricted stock activity during the six months ended August 31, 2016 (“Price” reflects the weighted average share price at the date of grant):

	Awards	Price
Grants outstanding, beginning of period	212,995	$	7.12
Granted	226,452	2.76
Vested (restriction lapsed)	228,871	4.22
Grants outstanding, end of period	210,576	5.59

Stock-Based Compensation Expense and Related Tax Benefits Recognized

The following table summarizes stock-based compensation expense recognized by the Company during the three and six months ended August 31, 2015 and 2016. The company did not recognize any tax benefits related to stock-based compensation during the periods presented below.

	Three Months Ended August 31,				Six Months Ended August 31,
	2015		2016		2015		2016
Station operating expenses	$	521	$	197	$	1,245	$	534
Corporate expenses	1,140		463		2,520		982
Stock-based compensation expense included in operating expenses	$	1,661	$	660	$	3,765	$	1,516