Summary of Significant Accounting Policies (Tables)

6 Months Ended

Aug. 31, 2017

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
	August 31, 2016					August 31, 2017
	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	$	335	12,047	$	0.03	$	69,957	12,292	$	5.69
Impact of equity awards	—		252			—		221
Diluted net income per common share:
Net income available to common shareholders	$	335	12,299	$	0.03	$	69,957	12,513	$	5.59



	For the six months ended
	August 31, 2016					August 31, 2017
	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	$	3,021	11,922	$	0.25	$	69,690	12,287	$	5.67
Impact of equity awards	—		121	—		—		176	—
Diluted net income per common share:
Net income available to common shareholders	$	3,021	12,043	$	0.25	$	69,690	12,463	$	5.59

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 August 31,		For the six months ended August 31,
	2016	2017	2016	2017
	(shares in 000’s )
Equity awards	1,340	1,960	1,491	2,276
Antidilutive common share equivalents	1,340	1,960	1,491	2,276

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 August 31,				For the six months ended August 31,
	2016		2017		2016		2017
	(amounts in 000's)
Net revenues	$	2,583	$	2,583	$	5,166	$	5,166
Station operating expenses, excluding depreciation and amortization expense	363		296		614		589
Interest expense	715		656		1,443		1,328

Schedule Of Assets And Liabilities Of Local Programming and Marketing Agreements

Assets and liabilities of 98.7FM as of February 28, 2017 and August 31, 2017 were as follows:



	As of February 28,		As of August 31,
	2017		2017
	(amounts in 000's)
Current assets:
Restricted cash	$	1,550	$	1,511
Prepaid expenses	445		481
Other current assets	7		13
Total current assets	2,002		2,005
Noncurrent assets:
Property and equipment, net	229		274
Indefinite lived intangibles	46,390		46,390
Deposits and other	6,205		6,406
Total noncurrent assets	52,824		53,070
Total assets	$	54,826	$	55,075
Current liabilities:
Accounts payable and accrued expenses	$	54	$	22
Current maturities of long-term debt	6,039		6,317
Deferred revenue	807		835
Other current liabilities	205		195
Total current liabilities	7,105		7,369
Noncurrent liabilities:
Long-term debt, net of current portion and unamortized debt discount	51,954		48,859
Total noncurrent liabilities	51,954		48,859
Total liabilities	$	59,059	$	56,228

Restrictions on Cash and Cash Equivalents

The table below summarizes restricted cash held by the Company as of February 28, 2017 and August 31, 2017:



	As of February 28,		As of August 31,
	2017		2017
98.7FM LMA restricted cash	$	1,550	$	1,511
NextRadio LLC restricted cash	123		—
Cash held in escrow from sale of magazines restricted cash	650		650
Total restricted cash	$	2,323	$	2,161

Noncontrolling Interest

Below is a summary of the noncontrolling interest activity for the six months ended August 31, 2016 and 2017:



	Austin radio partnership			Digonex			Total noncontrolling interests
Balance, February 29, 2016	$	47,556		$	(9,159	)	$	38,397
Net income (loss)	3,048			(3,152		)	(104		)
Distributions to noncontrolling interests	(2,074		)	—			(2,074		)
Balance, August 31, 2016	$	48,530		$	(12,311	)	$	36,219

Balance, February 28, 2017	$	46,830		$	(13,909	)	$	32,921
Net income (loss)	3,151			(1,504		)	1,647
Distributions to noncontrolling interests	(2,254		)	—			(2,254		)
Balance, August 31, 2017	$	47,727		$	(15,413	)	$	32,314