Summary of Significant Accounting Policies (Tables)

6 Months Ended

Aug. 31, 2016

Calculation of Basic and Diluted Net (loss) Income Per Share from Continuing Operations

The following table sets forth the calculation of basic and diluted net income per share:




	For the three months ended
	August 31, 2015					August 31, 2016
	Net Income		Shares	Net Income Per Share		Net Income		Shares	Net Income Per Share
	(amounts in 000’s, except per share data)
Basic net income per common share:
Net income available to common shareholders	$	4,394	10,950	$	0.40	$	335	12,047	$	0.03
Impact of equity awards	—		309			—		252
Impact of conversion of preferred stock into common stock	—		554			—		—
Diluted net income per common share:
Net income available to common shareholders	$	4,394	11,813	$	0.37	$	335	12,299	$	0.03



	For the six months ended
	August 31, 2015					August 31, 2016
	Net Income		Shares	Net Income Per Share		Net Income		Shares	Net Income Per Share
	(amounts in 000’s, except per share data)
Basic net income per common share:
Net income available to common shareholders	$	5,919	10,884	$	0.54	$	3,021	11,922	$	0.25
Impact of equity awards	—		402	—		—		121	—
Impact of conversion of preferred stock into common stock	—		561	—		—		—	—
Diluted net income per common share:
Net income available to common shareholders	$	5,919	11,847	$	0.50	$	3,021	12,043	$	0.25

Shares Excluded from Calculation as Effect of Conversion into Shares of Common Stock would be Antidilutive

Shares excluded from the calculation as the effect of their conversion into shares of our common stock would be antidilutive were as follows:



	For the three month ended August 31,		For the six months ended August 31,
	2015	2016	2015	2016
	(shares in 000’s )
Equity awards	997	1,340	981	1,491
Antidilutive common share equivalents	997	1,340	981	1,491

Schedule Of Operating Results From Local Programming and Marketing Agreements

The following table summarizes certain operating results of 98.7FM for all periods presented. Net revenues for 98.7FM are solely related to LMA fees. 98.7FM is a part of our radio segment.



	For the three months ended August 31,				For the six months ended August 31,
	2015		2016		2015		2016
	(amounts in 000's)
Net revenues	$	2,583	$	2,583	$	5,166	$	5,166
Station operating expenses, excluding depreciation and amortization expense	259		363		516		614
Interest expense	768		715		1,548		1,443

Schedule Of Assets And Liabilities Of Local Programming and Marketing Agreements

Assets and liabilities of 98.7FM as of February 29, 2016 and August 31, 2016 were as follows:



	As of February 29,		As of August 31,
	2016		2016
	(amounts in 000's)
Current assets:
Restricted cash	$	1,464	$	1,187
Prepaid expenses	545		516
Total current assets	2,009		1,703
Noncurrent assets:
Property and equipment, net	253		239
Indefinite lived intangibles	49,297		49,297
Deposits and other	5,460		5,841
Total noncurrent assets	55,010		55,377
Total assets	$	57,019	$	57,080
Current liabilities:
Accounts payable and accrued expenses	$	14	$	14
Current maturities of long-term debt	5,453		5,732
Deferred revenue	779		806
Other current liabilities	223		214
Total current liabilities	6,469		6,766
Noncurrent liabilities:
Long-term debt, net of current portion and unamortized debt discount	57,728		54,912
Total noncurrent liabilities	57,728		54,912
Total liabilities	$	64,197	$	61,678

Noncontrolling Interest

Below is a summary of the noncontrolling interest activity for the six months ended August 31, 2015 and 2016:



	Austin radio partnership			Digonex			Total noncontrolling interests
Balance, February 28, 2015	$	47,883		$	(1,222	)	$	46,661
Net income (loss)	3,208			(2,054		)	1,154
Distributions to noncontrolling interests	(2,487		)	—			(2,487		)
Balance, August 31, 2015	$	48,604		$	(3,276	)	$	45,328

Balance, February 29, 2016	$	47,556		$	(9,159	)	$	38,397
Net income (loss)	3,048			(3,152		)	(104		)
Distributions to noncontrolling interests	(2,074		)	—			(2,074		)
Balance, August 31, 2016	$	48,530		$	(12,311	)	$	36,219