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SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Feb. 28, 2015
Quarterly Financial Information Disclosure [Abstract]  
SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED)
SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED)
The following table presents unaudited operating results for each quarter within the two most recent years. The Company believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly the following quarterly results when read in conjunction with the financial statements included elsewhere in this report. Results of operations for any particular quarter are not necessarily indicative of results of operations for a full year. The Company’s financial results are also not comparable from quarter to quarter due to: (1) the seasonality of revenues, with revenues usually the lowest in the last quarter of each fiscal year; (2) the LMA and eventual acquisition of WBLS-FM and WLIB-AM in New York as discussed in Note 1e and Note 7, (3) the refinancing of our Credit Agreement in June 2014, which resulted in additional debt outstanding and higher overall borrowing rates as described in Note 5, Long-Term Debt; (4) the impairment of intangible assets in New York recorded in the fourth quarter of fiscal 2015 as described in Note 9, Intangible Assets and Goodwill; and (5) the reversal of a valuation allowance on most of Emmis' deferred tax assets due to improved operating results during the quarter ended February 28, 2014 and the subsequent re-establishment of the valuation allowance during the quarter ended February 28, 2015, as discussed in Note 12, Income Taxes.
 
Year ended February 28, 2015
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
(in 000's except per share data)
Net revenues
$
59,724

 
$
61,824

 
$
62,960

 
$
53,430

Operating income (loss)
$
6,641

 
$
12,524

 
$
13,106

 
$
(66,334
)
Consolidated net income (loss)
$
2,667

 
$
4,192

 
$
3,234

 
$
(106,078
)
Basic earnings (loss) per common share
$
0.02

 
$
0.06

 
$
0.07

 
$
(2.47
)
Diluted earnings (loss) per common share
$
0.02

 
$
0.06

 
$
0.06

 
$
(2.47
)
 
Year ended February 28, 2014
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
(in 000's except per share data)
Net revenues
$
50,586

 
$
54,967

 
$
52,621

 
$
46,972

Operating income
$
7,046

 
$
5,704

 
$
8,711

 
$
736

Consolidated net income
$
4,957

 
$
3,925

 
$
5,668

 
$
34,105

Basic earnings per common share
$
0.09

 
$
0.06

 
$
0.11

 
$
0.82

Diluted earnings per common share
$
0.08

 
$
0.05

 
$
0.09

 
$
0.71