Share Based Payments (Tables)

6 Months Ended

Aug. 31, 2013

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 six months ended August 31, 2012 and 2013:

	Six Months Ended August 31,
	2012	2013
Risk-Free Interest Rate:	0.7%	0.6% – 1.3%
Expected Dividend Yield:	0%	0%
Expected Life (Years):	4.2	4.3
Expected Volatility:	129.5% – 131.4%	108.9% – 115.9%

Summary of Stock Options Outstanding and Activity

The following table presents a summary of the Company’s stock options outstanding at August 31, 2013, and stock option activity during the six months ended August 31, 2013 (“Price” reflects the weighted average exercise price per share):

	Options	Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding, beginning of period	7,132,459	$	4.31
Granted	381,219	1.77
Exercised (1)	169,500	0.71
Forfeited	15,000	0.70
Expired	551,220	10.91
Outstanding, end of period	6,777,958	3.71		6.4	$	12,380
Exercisable, end of period	3,658,269	6.04		4.5	$	5,525

(1) The Company did not record an income tax benefit related to option exercises in the six months ended August 31, 2012 and 2013.

Summary of Nonvested Options and Changes

A summary of the Company’s nonvested options at August 31, 2013, and changes during the six months ended August 31, 2013, is presented below:

	Options	Weighted Average Grant Date Fair Value
Nonvested, beginning of period	3,188,104	$	0.76
Granted	381,219	1.36
Vested	434,634	0.98
Forfeited	15,000	0.57
Nonvested, end of period	3,119,689	0.80

Summary of Restricted Stock Grants Outstanding and Activity

The following table presents a summary of the Company’s restricted stock grants outstanding at August 31, 2013, and restricted stock activity during the six months ended August 31, 2013 (“Price” reflects the weighted average share price at the date of grant):

	Awards	Price
Grants outstanding, beginning of period	537,405	$	1.72
Granted	802,711	1.60
Vested (restriction lapsed)	286,126	1.46
Forfeited	181	1.73
Grants outstanding, end of period	1,053,809	1.70

Stock-Based Compensation Expense and Related Tax Benefits Recognized

The following table summarizes stock-based compensation expense and related tax benefits recognized by the Company in the three and six months ended August 31, 2012 and 2013:

	Three Months Ended August 31,				Six Months Ended August 31,
	2012		2013		2012		2013
Station operating expenses	$	296	$	1,213	$	447	$	1,466
Corporate expenses	269		1,206		507		1,616
Stock-based compensation expense included in operating expenses	565		2,419		954		3,082
Tax benefit	—		—		—		—
Recognized stock-based compensation expense, net of tax	$	565	$	2,419	$	954	$	3,082