Summary of Significant Accounting Policies (Tables)

9 Months Ended

Nov. 30, 2018

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, 2017							November 30, 2018
	Net Loss			Shares	Net Loss Per Share			Net Income		Shares	Net Income Per Share
	(amounts in 000’s, except per share data)
Basic net income (loss) per common share:
Net income (loss) available to common shareholders	$	(279	)	12,347	$	(0.02	)	$	712	12,609	$	0.06
Impact of equity awards	—			—				—		816
Diluted net income (loss) per common share:
Net income (loss) available to common shareholders	$	(279	)	12,347	$	(0.02	)	$	712	13,425	$	0.05



	For the nine months ended
	November 30, 2017					November 30, 2018
	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	$	69,411	12,321	$	5.63	$	23,824	12,565	$	1.90
Impact of equity awards	—		233	—		—		921	—
Diluted net income per common share:
Net income available to common shareholders	$	69,411	12,554	$	5.53	$	23,824	13,486	$	1.77

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,
	2017	2018	2017	2018
	(shares in 000’s )
Equity awards	1,703	1,159	1,948	913
Antidilutive common share equivalents	1,703	1,159	1,948	913

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,
	2017		2018		2017		2018
Net revenues	$	2,582	$	2,582	$	7,748	$	7,748
Station operating expenses, excluding depreciation and amortization expense	293		305		882		901
Interest expense	640		574		1,968		1,775

Schedule Of Assets And Liabilities Of Local Programming and Marketing Agreements

Assets and liabilities of 98.7FM as of February 28, 2018 and November 30, 2018 were as follows:



	As of February 28,		As of November 30,
	2018		2018
Current assets:
Restricted cash	$	1,358	$	1,359
Prepaid expenses	448		407
Other current assets	31		249
Total current assets	1,837		2,015
Noncurrent assets:
Property and equipment, net	208		192
Indefinite lived intangibles	46,390		46,390
Deposits and other	6,543		6,355
Total noncurrent assets	53,141		52,937
Total assets	$	54,978	$	54,952
Current liabilities:
Accounts payable and accrued expenses	$	18	$	18
Current maturities of long-term debt	6,587		7,006
Deferred revenue	835		864
Other current liabilities	184		167
Total current liabilities	7,624		8,055
Noncurrent liabilities:
Long-term debt, net of current portion and unamortized debt discount	45,632		40,513
Total noncurrent liabilities	45,632		40,513
Total liabilities	$	53,256	$	48,568

Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the same amounts shown in the condensed consolidated statements of cash flows.



	As of February 28,		As of November 30,
	2018		2018
Cash and cash equivalents	$	4,107	$	8,616
Restricted cash:
98.7FM LMA restricted cash	1,358		1,359
Cash held in escrow from sale of magazines restricted cash	650		—
Total cash, cash equivalents and restricted cash	$	6,115	$	9,975

Schedule of Noncontrolling Interests

Below is a summary of the noncontrolling interest activity for the nine months ended November 30, 2017 and 2018:



	Austin radio partnership			Digonex			Total noncontrolling interests
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


Balance, February 28, 2018	$	47,424		$	(16,744	)	$	30,680
Net income (loss)	4,132			(1,736		)	2,396
Distributions to noncontrolling interests	(3,792		)	—			(3,792		)
Balance, November 30, 2018	$	47,764		$	(18,480	)	$	29,284