Share Based Payments (Tables)

9 Months Ended

Nov. 30, 2019

Disclosure Of Compensation Related Costs Sharebased 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 nine months ended November 30, 2018 and 2019:

	Nine Months Ended November 30,
	2018	2019
Risk-Free Interest Rate:	2.6% - 2.8%	1.7% - 2.6%
Expected Dividend Yield:	0%	0%
Expected Life (Years):	4.9	4.6
Expected Volatility:	51.3% - 53.2%	50.3% - 51.3%

Summary of Stock Options Outstanding and Activity

The following table presents a summary of the Company’s stock options outstanding at November 30, 2019, and stock option activity during the nine months ended November 30, 2019 (“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		2,738,087	$	4.72
Granted		604,500		4.94
Exercised		199,643		3.49
Forfeited		—		—
Expired		70,860		6.32
Outstanding, end of period		3,072,084		4.81		6.2	$	2,756
Exercisable, end of period		2,201,843		4.89		5.2	$	2,344

Summary of Nonvested Options and Changes

A summary of the Company’s nonvested options at November 30, 2019, and changes during the nine months ended November 30, 2019, is presented below:

	Options		Weighted Average Grant Date Fair Value
Nonvested, beginning of period		608,175	$	1.64
Granted		604,500		2.19
Vested		342,434		1.50
Forfeited		—		—
Nonvested, end of period		870,241		2.08

Summary of Restricted Stock Grants Outstanding and Activity

The following table presents a summary of the Company’s restricted stock grants outstanding at November 30, 2019, and restricted stock activity during the nine months ended November 30, 2019 (“Price” reflects the weighted average share price at the date of grant):

	Awards		Price
Grants outstanding, beginning of period		265,107	$	3.43
Granted		170,849		4.25
Vested (restriction lapsed)		174,246		3.42
Grants outstanding, end of period		261,710		3.98

Stock-Based Compensation Expense and Related Tax Benefits Recognized

The following table summarizes stock-based compensation expense recognized by the Company during the three and nine months ended November 30, 2018 and 2019. The Company did not recognize any tax benefits related to stock-based compensation during the periods presented below.

	Three Months Ended November 30,					Nine Months Ended November 30,
	2018		2019			2018		2019
Station operating expenses	$	48	$	21		$	148	$	77
Corporate expenses		318		320			1,076		1,030
Stock-based compensation expense included in operating expenses		366		341			1,224		1,107
Stock-based compensation expense included in discontinued operations		21		(8	)		64		53
Stock-based compensation expense	$	387	$	333		$	1,288	$	1,160