Summary of Significant Accounting Policies (Tables)

3 Months Ended

May 31, 2013

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 from continuing operations:

	Three Months Ended
	May 31, 2012								May 31, 2013
						Net Loss								Net Income
	Net Loss			Shares		Per Share			Net Income			Shares		Per Share
	(amounts in 000’s, except per share data)
Basic net (loss) income per common share:
Net(loss) income available to common shareholders from continuing operations	$	(5,031	)		38,779	$	(0.13	)	$	3,725			41,174	$	0.09
Impact of equity awards		—			—					—			2,043
Impact of conversion of preferred stock into common stock		—			—					(249	)		2,287
Diluted net (loss) income per common share:
Net income available to common shareholders from continuing operations	$	(5,031	)		38,779	$	(0.13	)	$	3,476			45,504	$	0.08

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:

	Three Months Ended May 31,
	2012		2013
	(shares in 000’s)
6.25% Series A convertible preferred stock		2,288		—
Stock options and restricted stock awards		9,166		2,399
Antidilutive common share equivalents		11,454		2,399

Summary of Income from Discontinued Operations

A summary of the income from discontinued operations is presented below:

	Three months ended May 31,
	2012			2013
Income (loss) from operations:
KXOS-FM (Radio)		(141	)		—
Emmis Interactive Inc. (Radio)		(727	)		—
Slovakia Radio Network (Radio)		7			—
Bulgaria Radio Network (Radio)		(307	)		—
Sampler Publications (Publishing)		116			—
Total		(1,052	)		—
Provision for income taxes		1,307			—
Total loss from operations, net of tax		(2,359	)		—

Summary of Assets and Liabilities of Discontinued Operations

Summary of Assets and Liabilities of Discontinued Operations:

	As of February 28, 2013		As of May 31, 2013
Current assets:
Cash and cash equivalents	$	579	$	528
Accounts receivable, net		128		—
Prepaid expenses		17		—
Other		38		—
Total current assets	$	762	$	528
Current liabilities:
Accounts payable and accrued expenses	$	2,169	$	1,126
Total current liabilities	$	2,169	$	1,126

KXOS-FM (Radio)

Operating Results of Discontinued Operations

The operations of KXOS-FM had historically been included in the radio segment. The following table summarizes certain operating results of KXOS-FM for all periods presented:

	Three months ended May 31,
	2012		2013
Net revenues	$	1,750	$	—
Station operating expenses, excluding depreciation and amortization expense		20		—
Depreciation and amortization expense		104		—
Interest expense		1,767		—
Provision for income taxes		1,096		—

Emmis Interactive Inc. (Radio)

Operating Results of Discontinued Operations

The following table summarizes certain operating results of the Emmis Interactive Inc. for all periods presented:

	Three months ended May 31,
	2012		2013
Net revenues	$	1,239	$	—
Station operating expenses, excluding depreciation and amortization expense		1,962		—
Depreciation and amortization		137		—
Other income		133		—

Sampler Publications

Operating Results of Discontinued Operations

The following table summarizes certain operating results of the Sampler Publications for all periods presented:

	Three months ended May 31,
	2012		2013
Net revenues	$	2,319	$	—
Station operating expenses, excluding depreciation and amortization expense		1,992		—
Depreciation and amortization		22		—
Interest expense		189		—
Provision for income taxes		129		—

Slovakia Radio Network (Radio)

Operating Results of Discontinued Operations

The following table summarizes certain operating results of our Slovakian radio network for all periods presented:

	For the three months ended May 31,
	2012		2013
Net revenues	$	2,277	$	—
Station operating expenses, excluding depreciation and amortization expense		1,665		—
Depreciation and amortization		180		—
Interest expense		400		—
Other expense, net		25		—
Provision for income taxes		82		—

Bulgaria Radio Network (Radio)

Operating Results of Discontinued Operations

The following table summarizes certain operating results of our Bulgarian radio network for all periods presented:

	For the three months ended May 31,
	2012		2013
Net revenues	$	234	$	—
Station operating expenses, excluding depreciation and amortization expense		429		—
Depreciation and amortization		110		—
Other expense, net		2		—