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EMPLOYEE BENEFIT PLANS
12 Months Ended
Feb. 29, 2016
Compensation and Retirement Disclosure [Abstract]  
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS
a. Equity Incentive Plans
The Company has stock options and restricted stock grants outstanding that were issued to employees or non-employee directors under one or more of the following plans: the 2004 Equity Compensation Plan, the 2010 Equity Compensation Plan, the 2012 Equity Compensation Plan, the 2015 Equity Compensation Plan and the 2016 Equity Compensation Plan. These outstanding grants continue to be governed by the terms of the applicable plan.
2015 Equity Compensation Plan
At the 2015 annual meeting, the shareholders of Emmis approved the 2015 Equity Compensation Plan (“the 2015 Plan”). Under the 2015 Plan, awards equivalent to 3.0 million shares of common stock may be granted. Furthermore, any unissued awards from the 2012 Equity Compensation Plan (or shares subject to outstanding awards that would again become available for awards under this plan) increases the number of shares of common stock available for grant under the 2015 Plan. The awards, which have certain restrictions, may be for incentive stock options, nonqualified stock options, shares of restricted stock, restricted stock units, stock appreciation rights or performance units. Under the 2015 Plan, all awards are granted with a purchase price equal to at least the fair market value of the stock except for shares of restricted stock and restricted stock units, which may be granted with any purchase price (including zero). The stock options under the 2015 Plan generally expire not more than 10 years from the date of grant. Under the 2015 Plan, awards equivalent to approximately 1.0 million shares of common stock were available for grant at February 29, 2016.
2016 Equity Compensation Plan
On January 29, 2016, the board of directors of Emmis approved the 2016 Equity Compensation Plan and made certain amendments on May 3, 2016, in connection with their recommendation that our shareholders approve the 2016 Plan ("the 2016 Plan"). The 2016 Plan won't become effective until it is approved by Emmis' shareholders at the annual meeting in July 2016. However, Emmis' Chairman and Chief Executive Officer, Jeffrey H. Smulyan, controls more than 50% of the vote on this matter and has informed the board of directors that he intends to vote in favor of approving the 2016 Plan. Under the 2016 Plan, awards equivalent to 6.0 million shares of common stock may be granted. Furthermore, any unissued awards from the 2015 Equity Compensation Plan (or shares subject to outstanding awards that would again become available for awards under this plan) increases the number of shares of common stock available for grant under the 2016 Plan. The awards, which have certain restrictions, may be for incentive stock options, nonqualified stock options, shares of restricted stock, restricted stock units, stock appreciation rights or performance units. Under the 2016 Plan, all awards are granted with a purchase price equal to at least the fair market value of the stock except for shares of restricted stock and restricted stock units, which may be granted with any purchase price (including zero). The stock options under the 2016 Plan generally expire not more than 10 years from the date of grant. Under the 2016 Plan, stock option awards for 0.7 million shares of common stock have been granted (subject to shareholder approval of the 2016 Plan) as of February 29, 2016.
b. 401(k) Retirement Savings Plan
Emmis sponsors a Section 401(k) retirement savings plan that is available to substantially all employees age 18 years and older who have at least 30 days of service. Employees may make pretax contributions to the plan up to 50% of their compensation, not to exceed the annual limit prescribed by the Internal Revenue Service (“IRS”). Emmis may make discretionary matching contributions to the plan in the form of cash or shares of the Company’s Class A common stock.
Emmis has historically matched employee contributions at 33% up to a maximum of 6% of eligible compensation. Emmis' discretionary contributions were made in cash until March 2015. From March 2015 through December 2015, Emmis' discretionary contributions were made in the form of Class A common stock. Emmis suspended its discretionary contributions on January 1, 2016. Emmis’ discretionary contributions to the plan totaled $0.9 million, $1.1 million and $0.9 million for the years ended February 2014, 2015 and 2016, respectively.
 c. Defined Contribution Health and Retirement Plan
Emmis contributes to a multi-employer defined contribution health and retirement plan for employees who are members of a certain labor union. Amounts charged to expense related to the multi-employer plan were approximately $0.1 million, $0.3 million and $0.3 million for the years ended February 2014, 2015 and 2016, respectively.