Share Based Payments (Tables)

3 Months Ended

May 31, 2018

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 three months ended May 31, 2017 and 2018:

	Three Months Ended May 31,
	2017	2018
Risk-Free Interest Rate:	1.9%	2.6%
Expected Dividend Yield:	0%	0%
Expected Life (Years):	4.4	4.8
Expected Volatility:	52.9% - 53.1%	53.2%

Summary of Stock Options Outstanding and Activity

The following table presents a summary of the Company’s stock options outstanding at May 31, 2018, and stock option activity during the three months ended May 31, 2018 (“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	2,691,329	$	4.66
Granted	84,000	4.16
Exercised	45,834	2.60
Forfeited	—	—
Expired	27,850	9.76
Outstanding, end of period	2,701,645	4.63		6.4	$	4,786
Exercisable, end of period	2,140,277	5.05		5.8	$	3,440

Summary of Nonvested Options and Changes

A summary of the Company’s nonvested options at May 31, 2018, and changes during the three months ended May 31, 2018, is presented below:

	Options	Weighted Average Grant Date Fair Value
Nonvested, beginning of period	691,114	$	2.10
Granted	84,000	2.03
Vested	213,746	3.91
Forfeited	—	—
Nonvested, end of period	561,368	1.40

Summary of Restricted Stock Grants Outstanding and Activity

The following table presents a summary of the Company’s restricted stock grants outstanding at May 31, 2018, and restricted stock activity during the three months ended May 31, 2018 (“Price” reflects the weighted average share price at the date of grant):

	Awards	Price
Grants outstanding, beginning of period	353,394	$	3.05
Granted	123,514	4.43
Vested (restriction lapsed)	36,015	4.42
Grants outstanding, end of period	440,893	3.32

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 ended May 31, 2017 and 2018. The Company did not recognize any tax benefits related to stock-based compensation during the periods presented below.

	Three Months Ended May 31,
	2017		2018
Station operating expenses	$	149	$	71
Corporate expenses	540		392
Stock-based compensation expense included in operating expenses	$	689	$	463