Share Based Payments (Tables)

6 Months Ended

Aug. 31, 2017

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, 2016 and 2017:

	Six Months Ended August 31,
	2016	2017
Risk-Free Interest Rate:	0.9% - 1.2%	1.7% - 1.9%
Expected Dividend Yield:	0%	0%
Expected Life (Years):	4.3	4.4
Expected Volatility:	58.6% - 60.0%	52.9% - 53.6%

Summary of Stock Options Outstanding and Activity

The following table presents a summary of the Company’s stock options outstanding at August 31, 2017, and stock option activity during the six months ended August 31, 2017 (“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	2,559,643	$	5.17
Granted	331,250	2.77
Exercised	27,250	2.25
Forfeited	8,331	2.29
Expired	74,815	14.15
Outstanding, end of period	2,780,497	4.68		6.9	$	277
Exercisable, end of period	1,512,093	5.47		5.1	$	215

Summary of Nonvested Options and Changes

A summary of the Company’s nonvested options at August 31, 2017, and changes during the six months ended August 31, 2017, is presented below:

	Options	Weighted Average Grant Date Fair Value
Nonvested, beginning of period	1,090,375	$	2.26
Granted	331,250	1.24
Vested	144,890	4.26
Forfeited	8,331	1.10
Nonvested, end of period	1,268,404	1.77

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, 2017, and restricted stock activity during the six months ended August 31, 2017 (“Price” reflects the weighted average share price at the date of grant):

	Awards	Price
Grants outstanding, beginning of period	196,706	$	4.64
Granted	346,462	2.87
Vested (restriction lapsed)	163,802	3.65
Grants outstanding, end of period	379,366	3.45

Stock-Based Compensation Expense and Related Tax Benefits Recognized

The following table summarizes stock-based compensation expense recognized by the Company during the three months and six months ended August 31, 2016 and 2017. 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,
	2016		2017		2016		2017
Station operating expenses	$	197	$	177	$	534	$	326
Corporate expenses	463		530		982		1,070
Stock-based compensation expense included in operating expenses	$	660	$	707	$	1,516	$	1,396