SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

The activity in the allowance for doubtful accounts for the three years ended February 28, 2014 was as follows:



	Balance At Beginning Of Year		Provision		Write-Offs			Balance At End Of Year
Year ended February 28, 2012	$	1,359	$	232	$	(576	)	$	1,015
Year ended February 28, 2013	1,015		86		(578		)	523
Year ended February 28, 2014	523		510		(459		)	574

LMA fees were recorded as net revenues (except for discontinued operations) in the accompanying consolidated statements of operations and were as follows for the years ended February 2012, 2013 and 2014:



	For the years ended February 28 (29),
	2012		2013		2014
Continuing Operations:
98.7FM, New York	$	—	$	8,609	$	10,331
Merlin Media	310		—		—
Total	$	310	$	8,609	$	10,331
Discontinued Operations:
KXOS-FM, Los Angeles	$	7,000	$	3,331	$	—

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



	Year ended February 28 (29),
	2012			2013			2014
Income (loss) from operations:
Slager (Radio)	$	(312	)	$	—		$	—
Flint Peak Tower Site (Radio)	1			—			—
KXOS-FM (Radio)	(261		)	(223		)	—
Emmis Interactive Inc. (Radio)	(4,692		)	(2,815		)	—
Slovakia Radio Network (Radio)	1,160			782			—
Bulgaria Radio Network (Radio)	(618		)	(810		)	—
Sampler Publications (Publishing)	387			(171		)	—
Total	(4,335		)	(3,237		)	—
Provision for income taxes	5,544			532			—
Loss from operations, net of tax	(9,879		)	(3,769		)	—
Gain (loss) on sale of discontinued operations:
Flint Peak Tower Site (Radio)	4,882			—			—
KXOS-FM (Radio)	—			32,757			—
Emmis Interactive Inc. (Radio)	—			(654		)	—
Slovakia Radio Network (Radio)	—			14,798			—
Bulgaria Radio Network (Radio)	—			(1,254		)	—
Sampler Publications (Publishing)	—			695			—
Total	4,882			46,342			—
Benefit for income taxes	—			(7,507		)	—
Gain on sale of discontinued operations, net of tax	4,882			53,849			—
(Loss) income from discontinued operations, net of tax	$	(4,997	)	$	50,080		$	—

Summary of Assets and Liabilities of Discontinued Operations:



	As of February 28,
	2013		2014
Current assets:
Cash and cash equivalents	$	579	$	—
Accounts receivable, net	128		—
Prepaid expenses	17		—
Income tax receivable	34		—
Other	4		—
Total current assets	762		—
Current liabilities:
Accounts payable and accrued expenses	$	2,169	$	—
Accrued salaries and commissions	—		—
Deferred revenue	—		—
Other current liabilities	—		—
Total current liabilities	2,169		—

Emmis has various investments, the carrying values of which are summarized in the following table and discussed below:



	For the years ending February 28 (29),
	2013		2014
Available-for-sale investments	$	6,500	$	6,750
Equity method investment—Texas tower partnership	1,389		—
Other equity method investments	—		431
Total investments	$	7,889	$	7,181

The net translation adjustments reflected in shareholders’ (deficit) equity during the respective periods were as follows:



	Functional	For the Years Ended February 28 (29),
	Currency	2012			2013			2014
Foreign currency translation adjustments
Slovakia	Euro	$	(353	)	$	23		$	(11	)
Bulgaria	Leva	256			(175		)	—
Hungary	Forint	—			—			—
Reclassification due to substantial liquidation
Slovakia	Euro	$	—		$	3,324		$	—
Bulgaria	Leva	—			(1,971		)	—
Hungary	Forint	—			—			—
		$	(97	)	$	1,201		$	(11	)

The following table sets forth the calculation of basic and diluted net income (loss) per share from continuing operations:



	For the year ended
	February 29, 2012						February 28, 2013							February 28, 2014
	Net Income			Shares	Net Income Per Share		Net Loss			Shares	Net Loss Per Share			Net Income			Shares	Net Income Per Share
	(amounts in 000’s, except per share data)
Basic net income (loss) per common share:
Net income (loss) available to common shareholders from continuing operations	$	84,443		38,293	$	2.21	$	(8,114	)	39,034	$	(0.21	)	$	43,806		40,506	$	1.08
Impact of equity awards	—			967			—			—				—			3,264
Impact of conversion of preferred stock into common stock	(53,301		)	5,693			—			—				(325		)	2,272
Diluted net income (loss) per common share:
Net income (loss) available to common shareholders from continuing operations	$	31,142		44,953	$	0.69	$	(8,114	)	39,034	$	(0.21	)	$	43,481		46,042	$	0.94

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 year ended February 28 (29),
	2012	2013	2014
	(shares in 000’s )
Preferred stock	—	2,288	—
Stock options and restricted stock awards	6,651	6,953	1,995
Antidilutive common share equivalents	6,651	9,241	1,995

Slovakia Radio Network (Radio)

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



	For the year ended February 28 (29),
	2012			2013			2014
Net revenues	$	12,111		$	11,375		$	—
Station operating expenses, excluding depreciation and amortization expense	8,151			8,663			—
Depreciation and amortization	1,291			781			—
Gain on sale of assets	—			244			—
Interest expense	1,517			1,461			—
Other income, net	(8		)	(68		)	—
Gain on sale of business	—			14,798			—
Provision for income taxes	644			532			—

Bulgaria Radio Network (Radio)

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



	For the year ended February 28 (29),
	2012			2013			2014
Net revenues	$	1,407		$	1,152		$	—
Station operating expenses, excluding depreciation and amortization expense	1,990			1,769			—
Depreciation and amortization	239			174			—
Other expense (income), net	(204		)	19			—
Loss on sale of business	—			(1,254		)	—

Emmis Interactive Inc. (Radio)

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



	For the year ended February 28 (29),
	2012		2013			2014
Net revenues	$	4,809	$	2,743		$	—
Station operating expenses, excluding depreciation and amortization expense	8,656		4,698			—
Depreciation and amortization	845		257			—
Other income, net	—		(134		)	—
Impairment loss	—		737			—
Loss on sale of business	—		(654		)	—

Sampler Publications

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



	For the year ended February 28 (29),
	2012		2013			2014
Net revenues	$	8,462	$	5,298		$	—
Station operating expenses, excluding depreciation and amortization expense	7,250		4,985			—
Depreciation and amortization	86		44			—
Loss on disposal of assets	23		—			—
Interest expense	716		440			—
Gain on sale of business	—		695			—
Provision (benefit) for income taxes	516		(2,764		)	—

The following table summarizes certain operating results of KXOS-FM for all periods presented:



	For the years ended February 28 (29),
	2012		2013			2014
Net revenues	$	7,000	$	3,331		$	—
Station operating expenses, excluding depreciation and amortization expense	93		27			—
Depreciation and amortization expense	462		169			—
Gain on sale of assets	1		—			—
Interest expense	6,707		3,358			—
Gain on sale of station, net of taxes	—		32,757			—
Provision (benefit) for income taxes	4,384		(4,743		)	—

Flint Peak Tower Site (Radio)

The following table summarizes certain operating results for the Flint Peak Tower Site for all periods presented:



	Year ended February 28 (29),
	2012		2013		2014
Net revenues	$	59	$	—	$	—
Station operating expenses, excluding depreciation and amortization expense	51		—		—
Depreciation and amortization	7		—		—
Gain on sale of assets	4,882		—		—

The following table summarizes certain operating results for Slager for all periods presented:



	Year ended February 28 (29),
	2012			2013		2014
Net revenues	$	30		$	—	$	—
Station operating expenses, excluding depreciation and amortization expense	344			—		—
Other income (expense), net	2			—		—
Net loss attributable to minority interests	(48		)	—		—