Share Based Payments (Tables)

3 Months Ended

May. 31, 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 three months ended May 31, 2014 and 2015:

	Three Months Ended May 31,
	2014	2015
Risk-Free Interest Rate:	1.2% - 1.3%	1.3% - 1.4%
Expected Dividend Yield:	0%	0%
Expected Life (Years):	4.3	4.3
Expected Volatility:	72.5% - 73.9%	63.6% - 64.6%

Summary of Stock Options Outstanding and Activity

The following table presents a summary of the Company’s stock options outstanding at May 31, 2015, and stock option activity during the three months ended May 31, 2015 (“Price” reflects the weighted average exercise price per share; "Aggregate Intrinsic Value" dollars in thousands):

	Options	Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding, beginning of period	5,724,446	$	1.76
Granted	1,452,500	2.07
Exercised (1)	77,500	0.70
Forfeited	35,000	2.67
Expired	69,463	12.81
Outstanding, end of period	6,994,983	1.72		7.1	$	1,443
Exercisable, end of period	4,173,396	1.36		5.8	$	1,376

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Summary of Nonvested Options and Changes

A summary of the Company’s nonvested options at May 31, 2015, and changes during the three months ended May 31, 2015, is presented below:

	Options	Weighted Average Grant Date Fair Value
Nonvested, beginning of period	3,167,083	$	1.08
Granted	1,452,500	1.05
Vested	1,762,996	0.70
Forfeited	35,000	1.50
Nonvested, end of period	2,821,587	1.30

Summary of Restricted Stock Grants Outstanding and Activity

The following table presents a summary of the Company’s restricted stock grants outstanding at May 31, 2015, and restricted stock activity during the three months ended May 31, 2015 (“Price” reflects the weighted average share price at the date of grant):

	Awards	Price
Grants outstanding, beginning of period	677,634	$	2.26
Granted	751,570	1.49
Vested (restriction lapsed)	674,070	1.41
Grants outstanding, end of period	755,134	2.25

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 during the three months ended May 31, 2014 and 2015:

	Three Months Ended May 31,
	2014		2015
Station operating expenses	$	402	$	724
Corporate expenses	546		1,380
Stock-based compensation expense included in operating expenses	948		2,104
Tax benefit	331		—
Recognized stock-based compensation expense, net of tax	$	617	$	2,104