Summary of Significant Accounting Policies (Tables)

9 Months Ended

Nov. 30, 2017

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 (loss) per share:




	For the three months ended
	November 30, 2016					November 30, 2017
	Net Income		Shares	Net Income Per Share		Net Loss			Shares	Net Loss Per Share
	(amounts in 000’s, except per share data)
Basic net income (loss) per common share:
Net income (loss) available to common shareholders	$	17,676	12,114	$	1.46	$	(279	)	12,347	$	(0.02	)
Impact of equity awards	—		273			—			—
Diluted net income (loss) per common share:
Net income (loss) available to common shareholders	$	17,676	12,387	$	1.43	$	(279	)	12,347	$	(0.02	)



	For the nine months ended
	November 30, 2016					November 30, 2017
	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	$	20,697	11,989	$	1.73	$	69,411	12,321	$	5.63
Impact of equity awards	—		174	—		—		233	—
Diluted net income per common share:
Net income available to common shareholders	$	20,697	12,163	$	1.70	$	69,411	12,554	$	5.53

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 months ended November 30,		For the nine months ended November 30,
	2016	2017	2016	2017
	(shares in 000’s )
Equity awards	1,237	1,703	1,362	1,948
Antidilutive common share equivalents	1,237	1,703	1,362	1,948

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 November 30,				For the nine months ended November 30,
	2016		2017		2016		2017
	(amounts in 000's)
Net revenues	$	2,582	$	2,582	$	7,748	$	7,748
Station operating expenses, excluding depreciation and amortization expense	346		293		960		882
Interest expense	699		640		2,142		1,968

Schedule Of Assets And Liabilities Of Local Programming and Marketing Agreements

Assets and liabilities of 98.7FM as of February 28, 2017 and November 30, 2017 were as follows:



	As of February 28,		As of November 30,
	2017		2017
	(amounts in 000's)
Current assets:
Restricted cash	$	1,550	$	1,712
Prepaid expenses	445		464
Other current assets	7		22
Total current assets	2,002		2,198
Noncurrent assets:
Property and equipment, net	229		291
Indefinite lived intangibles	46,390		46,390
Deposits and other	6,205		6,475
Total noncurrent assets	52,824		53,156
Total assets	$	54,826	$	55,354
Current liabilities:
Accounts payable and accrued expenses	$	54	$	19
Current maturities of long-term debt	6,039		6,451
Deferred revenue	807		835
Other current liabilities	205		190
Total current liabilities	7,105		7,495
Noncurrent liabilities:
Long-term debt, net of current portion and unamortized debt discount	51,954		47,255
Total noncurrent liabilities	51,954		47,255
Total liabilities	$	59,059	$	54,750

Restrictions on Cash and Cash Equivalents

The table below summarizes restricted cash held by the Company as of February 28, 2017 and November 30, 2017:



	As of February 28,		As of November 30,
	2017		2017
98.7FM LMA restricted cash	$	1,550	$	1,712
NextRadio LLC restricted cash	123		—
Cash held in escrow from sale of magazines restricted cash	650		650
Total restricted cash	$	2,323	$	2,362

Noncontrolling Interest

Below is a summary of the noncontrolling interest activity for the nine months ended November 30, 2016 and 2017:



	Austin radio partnership			Digonex			Total noncontrolling interests
Balance, February 29, 2016	$	47,556		$	(9,159	)	$	38,397
Net income (loss)	4,453			(3,976		)	477
Distributions to noncontrolling interests	(4,263		)	—			(4,263		)
Balance, November 30, 2016	$	47,746		$	(13,135	)	$	34,611

Balance, February 28, 2017	$	46,830		$	(13,909	)	$	32,921
Net income (loss)	4,602			(2,244		)	2,358
Distributions to noncontrolling interests	(3,556		)	—			(3,556		)
Balance, November 30, 2017	$	47,876		$	(16,153	)	$	31,723