Share Based Payments (Tables)

9 Months Ended

Nov. 30, 2018

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, 2017 and 2018:

	Nine Months Ended November 30,
	2017	2018
Risk-Free Interest Rate:	1.7% - 2.0%	2.6% - 2.8%
Expected Dividend Yield:	0%	0%
Expected Life (Years):	4.4	4.9
Expected Volatility:	52.9% - 53.9%	51.3% - 53.2%

Summary of Stock Options Outstanding and Activity

The following table presents a summary of the Company’s stock options outstanding at November 30, 2018, and stock option activity during the nine months ended November 30, 2018 (“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	2,691,329	$	4.66
Granted	259,000	4.64
Exercised	141,668	2.42
Forfeited	—	—
Expired	43,245	8.92
Outstanding, end of period	2,765,416	4.71		6.2	$	1,722
Exercisable, end of period	2,095,912	5.09		5.4	$	1,275

Summary of Nonvested Options and Changes

A summary of the Company’s nonvested options at November 30, 2018, and changes during the nine months ended November 30, 2018, is presented below:

	Options	Weighted Average Grant Date Fair Value
Nonvested, beginning of period	691,114	$	2.10
Granted	259,000	2.27
Vested	280,610	3.30
Forfeited	—	—
Nonvested, end of period	669,504	1.67

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, 2018, and restricted stock activity during the nine months ended November 30, 2018 (“Price” reflects the weighted average share price at the date of grant):

	Awards	Price
Grants outstanding, beginning of period	353,394	$	3.05
Granted	188,645	4.53
Vested (restriction lapsed)	201,932	3.64
Grants outstanding, end of period	340,107	3.52

Stock-Based Compensation Expense and Related Tax Benefits Recognized

The following table summarizes stock-based compensation expense recognized by the Company during the three and nine months ended November 30, 2017 and 2018. 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,
	2017		2018		2017		2018
Station operating expenses	$	94	$	69	$	420	$	212
Corporate expenses	526		318		1,596		1,076
Stock-based compensation expense included in operating expenses	$	620	$	387	$	2,016	$	1,288