SHARE BASED PAYMENTS (Tables)

12 Months Ended

Feb. 28, 2015

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 years ended February 28, 2013, 2014 and 2015:

	For the Years Ended February 28,
	2013	2014	2015
Risk-Free Interest Rate:	0.5% - 0.7%	0.6% - 1.5%	1.2% - 1.5%
Expected Dividend Yield:	0%	0%	0%
Expected Life (Years):	4.2	4.3	4.3
Expected Volatility:	128.9% – 131.4%	80.4% - 115.9%	69.0% - 73.9%

Summary of Stock Options Outstanding and Activity

The following table presents a summary of the Company’s stock options outstanding at February 28, 2015, and stock option activity during the year ended February 28, 2015 (“Price” reflects the weighted average exercise price per share):

	Options	Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding, beginning of period	6,984,605	$	3.74
Granted	571,219	2.90
Exercised (1)	794,768	0.57
Forfeited	40,000	0.70
Expired	996,610	17.28
Outstanding, end of period	5,724,446	1.76		6.6	$	5,060
Exercisable, end of period	2,557,363	2.00		5.2	$	2,447

(1) The Company did not record an income tax benefit related to option exercises in the years ended February 28, 2013, 2014 and 2015. Cash received from option exercises during the years ended February 2013, 2014 and 2015 was $0.3 million, $0.3 million and $0.4 million, respectively.

Summary of Nonvested Options and Changes

A summary of the Company’s nonvested options at February 28, 2015, and changes during the year ended February 28, 2015, is presented below:

	Options	Weighted Average Grant Date Fair Value
Nonvested, beginning of period	3,325,481	$	0.98
Granted	571,219	1.64
Vested	689,617	1.07
Forfeited	40,000	0.57
Nonvested, end of period	3,167,083	1.08

Summary of Restricted Stock Grants Outstanding and Activity

The following table presents a summary of the Company’s restricted stock grants outstanding at February 28, 2015, and restricted stock activity during the year ended February 28, 2015 (“Price” reflects the weighted average share price at the date of grant):

	Awards	Price
Grants outstanding, beginning of period	590,544	$	1.79
Granted	1,437,429	3.18
Vested (restriction lapsed)	1,350,339	3.03
Forfeited	—	—
Grants outstanding, end of period	677,634	2.26

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 years ended February 28, 2013, 2014 and 2015:

	Year Ended February 28,
	2013		2014		2015
Station operating expenses	$	852	$	2,236	$	720
Corporate expenses	2,090		2,648		2,093
Stock-based compensation expense included in operating expenses	2,942		4,884		2,813
Tax benefit	—		1,954		—
Recognized stock-based compensation expense, net of tax	$	2,942	$	2,930	$	2,813