Summary of Significant Accounting Policies (Tables)

6 Months Ended

Aug. 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 income (loss) per share:




	For the three months ended
	August 31, 2017					August 31, 2018
	Net Income		Shares	Net Income Per Share		Net Loss			Shares	Net Loss Per Share
	(amounts in 000’s, except per share data)
Basic net income (loss) per common share:
Net income (loss) available to common shareholders	$	69,957	12,292	$	5.69	$	(373	)	12,522	$	(0.03	)
Impact of equity awards	—		221			—			—
Diluted net income (loss) per common share:
Net income (loss) available to common shareholders	$	69,957	12,513	$	5.59	$	(373	)	12,522	$	(0.03	)



	For the six months ended
	August 31, 2017					August 31, 2018
	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	$	69,690	12,287	$	5.67	$	23,112	12,521	$	1.85
Impact of equity awards	—		176	—		—		974	—
Diluted net income per common share:
Net income available to common shareholders	$	69,690	12,463	$	5.59	$	23,112	13,495	$	1.71

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,
	2017	2018	2017	2018
	(shares in 000’s )
Equity awards	1,960	1,929	2,276	876
Antidilutive common share equivalents	1,960	1,929	2,276	876

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,
	2017		2018		2017		2018
Net revenues	$	2,583	$	2,583	$	5,166	$	5,166
Station operating expenses, excluding depreciation and amortization expense	296		299		589		596
Interest expense	656		592		1,328		1,201

Schedule Of Assets And Liabilities Of Local Programming and Marketing Agreements

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



	As of February 28,		As of August 31,
	2018		2018
Current assets:
Restricted cash	$	1,358	$	1,239
Prepaid expenses	448		419
Other current assets	31		159
Total current assets	1,837		1,817
Noncurrent assets:
Property and equipment, net	208		198
Indefinite lived intangibles	46,390		46,390
Deposits and other	6,543		6,456
Total noncurrent assets	53,141		53,044
Total assets	$	54,978	$	54,861
Current liabilities:
Accounts payable and accrued expenses	$	18	$	19
Current maturities of long-term debt	6,587		6,864
Deferred revenue	835		864
Other current liabilities	184		173
Total current liabilities	7,624		7,920
Noncurrent liabilities:
Long-term debt, net of current portion and unamortized debt discount	45,632		42,259
Total noncurrent liabilities	45,632		42,259
Total liabilities	$	53,256	$	50,179

Restrictions on Cash and Cash Equivalents



	As of February 28,		As of August 31,
	2018		2018
Cash and cash equivalents	$	4,107	$	7,150
Restricted cash:
98.7FM LMA restricted cash	1,358		1,239
Cash held in escrow from sale of magazines restricted cash	650		—
Total cash, cash equivalents and restricted cash	$	6,115	$	8,389

Schedule of Noncontrolling Interests

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



	Austin radio partnership			Digonex			Total noncontrolling interests
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


Balance, February 28, 2018	$	47,424		$	(16,744	)	$	30,680
Net income (loss)	2,743			(1,184		)	1,559
Distributions to noncontrolling interests	(2,724		)	—			(2,724		)
Balance, August 31, 2018	$	47,443		$	(17,928	)	$	29,515