Summary of Significant Accounting Policies (Tables)

3 Months Ended

May 31, 2018

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 (loss) income per share:



	For the three months ended
	May 31, 2017							May 31, 2018
	Net Loss			Shares	Net Loss Per Share			Net Income		Shares	Net Income Per Share
	(amounts in 000’s, except per share data)
Basic net (loss) income per common share:
Net (loss) income available to common shareholders	$	(267	)	12,257	$	(0.02	)	$	23,485	12,483	$	1.88
Impact of equity awards	—			—	—			—		928	—
Diluted net (loss) income per common share:
Net (loss) income available to common shareholders	$	(267	)	12,257	$	(0.02	)	$	23,485	13,411	$	1.75

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,
	2017	2018
	(shares in 000’s )
Equity awards	2,498	849
Antidilutive common share equivalents	2,498	849

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,
	2017		2018
Net revenues	$	2,583	$	2,583
Station operating expenses, excluding depreciation and amortization expense	293		297
Interest expense	672		609

Schedule Of Assets And Liabilities Of Local Programming and Marketing Agreements

Assets and liabilities of 98.7FM as of February 28, 2018 and May 31, 2018 were as follows:



	As of February 28,		As of May 31,
	2018		2018
Current assets:
Restricted cash	$	1,358	$	1,120
Prepaid expenses	448		436
Other current assets	31		68
Total current assets	1,837		1,624
Noncurrent assets:
Property and equipment, net	208		203
Indefinite lived intangibles	46,390		46,390
Deposits and other	6,543		6,556
Total noncurrent assets	53,141		53,149
Total assets	$	54,978	$	54,773
Current liabilities:
Accounts payable and accrued expenses	$	18	$	15
Current maturities of long-term debt	6,587		6,724
Deferred revenue	835		864
Other current liabilities	184		179
Total current liabilities	7,624		7,782
Noncurrent liabilities:
Long-term debt, net of current portion and unamortized debt discount	45,632		43,980
Total noncurrent liabilities	45,632		43,980
Total liabilities	$	53,256	$	51,762

Restrictions on Cash and Cash Equivalents



	As of February 28,		As of May 31,
	2018		2018
Cash and cash equivalents	$	4,107	$	10,456
Restricted cash:
98.7FM LMA restricted cash	1,358		1,120
Cash held in escrow from sale of magazines restricted cash	650		—
Total cash, cash equivalents and restricted cash	$	6,115	$	11,576

Noncontrolling Interest

Below is a summary of the noncontrolling interest activity for the three months ended May 31, 2017 and 2018:



	Austin radio partnership			Digonex			Total noncontrolling interests
Balance, February 28, 2017	$	46,830		$	(13,909	)	$	32,921
Net income (loss)	1,598			(759		)	839
Distributions to noncontrolling interests	(1,072		)	—			(1,072		)
Balance, May 31, 2017	$	47,356		$	(14,668	)	$	32,688


Balance, February 28, 2018	$	47,424		$	(16,744	)	$	30,680
Net income (loss)	1,372			(618		)	754
Distributions to noncontrolling interests	(1,721		)				(1,721		)
Balance, May 31, 2018	$	47,075		$	(17,362	)	$	29,713