Share Based Payments (Tables)

9 Months Ended

Nov. 30, 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 nine months ended November 30, 2014 and 2015:

	Nine Months Ended November 30,
	2014	2015
Risk-Free Interest Rate:	1.2% - 1.5%	1.3% - 1.4%
Expected Dividend Yield:	0%	0%
Expected Life (Years):	4.3	4.3
Expected Volatility:	69.0% - 73.9%	57.2% - 64.6%

Summary of Stock Options Outstanding and Activity

The following table presents a summary of the Company’s stock options outstanding at November 30, 2015, and stock option activity during the nine months ended November 30, 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	1,603,719	2.00
Exercised (1)	190,000	0.70
Forfeited	105,000	2.27
Expired	79,463	11.51
Outstanding, end of period	6,953,702	1.73		6.6	$	133
Exercisable, end of period	4,352,115	1.49		5.4	$	133

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Summary of Nonvested Options and Changes

A summary of the Company’s nonvested options at November 30, 2015, and changes during the nine months ended November 30, 2015, is presented below:

	Options	Weighted Average Grant Date Fair Value
Nonvested, beginning of period	3,167,083	$	1.08
Granted	1,603,719	1.01
Vested	2,064,215	0.90
Forfeited	105,000	1.21
Nonvested, end of period	2,601,587	1.19

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, 2015, and restricted stock activity during the nine months ended November 30, 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	2,374,687	1.25
Vested (restriction lapsed)	2,125,293	1.30
Forfeited	15,000	1.82
Grants outstanding, end of period	912,028	1.87

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 and nine months ended November 30, 2014 and 2015:

	Three Months Ended November 30,					Nine Months Ended November 30,
	2014			2015		2014			2015
Station operating expenses	$	83		$	365	$	553		$	1,610
Corporate expenses	514			539		1,575			3,059
Stock-based compensation expense included in operating expenses	597			904		2,128			4,669
Tax benefit	(300		)	—		(821		)	—
Recognized stock-based compensation expense, net of tax	$	297		$	904	$	1,307		$	4,669