Share Based Payments (Tables)

9 Months Ended

Nov. 30, 2017

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, 2016 and 2017:

	Nine Months Ended November 30,
	2016	2017
Risk-Free Interest Rate:	0.9% - 1.2%	1.7% - 2.0%
Expected Dividend Yield:	0%	0%
Expected Life (Years):	4.3	4.4
Expected Volatility:	55.5% - 60.0%	52.9% - 53.9%

Summary of Stock Options Outstanding and Activity

The following table presents a summary of the Company’s stock options outstanding at November 30, 2017, and stock option activity during the nine months ended November 30, 2017 (“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	2,559,643	$	5.17
Granted	341,250	2.79
Exercised	52,250	2.51
Forfeited	24,581	3.34
Expired	118,984	11.18
Outstanding, end of period	2,705,078	4.67		6.7	$	1,778
Exercisable, end of period	1,444,799	5.49		4.8	$	777

Summary of Nonvested Options and Changes

A summary of the Company’s nonvested options at November 30, 2017, and changes during the nine months ended November 30, 2017, is presented below:

	Options	Weighted Average Grant Date Fair Value
Nonvested, beginning of period	1,090,375	$	2.26
Granted	341,250	1.25
Vested	146,765	4.22
Forfeited	24,581	1.60
Nonvested, end of period	1,260,279	1.77

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, 2017, and restricted stock activity during the nine months ended November 30, 2017 (“Price” reflects the weighted average share price at the date of grant):

	Awards	Price
Grants outstanding, beginning of period	196,706	$	4.64
Granted	395,366	2.94
Vested (restriction lapsed)	201,178	3.61
Grants outstanding, end of period	390,894	3.45

Stock-Based Compensation Expense and Related Tax Benefits Recognized

The following table summarizes stock-based compensation expense recognized by the Company during the three months and nine months ended November 30, 2016 and 2017. The Company did not recognize any tax benefits related to stock-based compensation during the periods presented below.

	Three Months Ended November 30,				Nine Months Ended November 30,
	2016		2017		2016		2017
Station operating expenses	$	221	$	94	$	755	$	420
Corporate expenses	480		526		1,462		1,596
Stock-based compensation expense included in operating expenses	$	701	$	620	$	2,217	$	2,016