Share Based Payments (Tables)

9 Months Ended

Nov. 30, 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 nine months ended November 30, 2012 and 2013:

	Nine Months Ended November 30,
	2012	2013
Risk-Free Interest Rate:	0.5% - 0.7%	0.6% - 1.5%
Expected Dividend Yield:	0%	0%
Expected Life (Years):	4.2	4.3
Expected Volatility:	128.9% – 131.4%	91.9% - 115.9%

Summary of Stock Options Outstanding and Activity

The following table presents a summary of the Company’s stock options outstanding at November 30, 2013, and stock option activity during the nine months ended November 30, 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	636,219	2.32
Exercised (1)	187,000	0.70
Forfeited	27,500	0.70
Expired	556,696	10.97
Outstanding, end of period	6,997,482	3.69		6.2	$	9,402
Exercisable, end of period	3,902,373	5.68		4.5	$	4,726

(1) The Company did not record an income tax benefit related to option exercises in the nine months ended November 30, 2012 and 2013.

Summary of Nonvested Options and Changes

A summary of the Company’s nonvested options at November 30, 2013, and changes during the nine months ended November 30, 2013, is presented below:

	Options	Weighted Average Grant Date Fair Value
Nonvested, beginning of period	3,188,104	$	0.76
Granted	636,219	1.66
Vested	701,714	0.86
Forfeited	27,500	0.57
Nonvested, end of period	3,095,109	0.92

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, 2013, and restricted stock activity during the nine months ended November 30, 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	1,072,552	1.99
Vested (restriction lapsed)	508,348	2.20
Forfeited	2,109	1.73
Grants outstanding, end of period	1,099,500	1.76

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 nine months ended November 30, 2012 and 2013:

	Three Months Ended November 30,				Nine Months Ended November 30,
	2012		2013		2012		2013
Station operating expenses	$	331	$	4	$	778	$	1,470
Corporate expenses	1,039		467		1,546		2,083
Stock-based compensation expense included in operating expenses	1,370		471		2,324		3,553
Tax benefit	—		—		—		—
Recognized stock-based compensation expense, net of tax	$	1,370	$	471	$	2,324	$	3,553