Share Based Payments (Tables)

12 Months Ended

Feb. 28, 2019

Disclosure Of Compensation Related Costs Sharebased 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 years ended February 2017, 2018 and 2019:

	For the Years Ended February 28,
	2017	2018		2019
Risk-Free Interest Rate:	0.9% - 1.8%	1.7% - 2.0%		2.6% - 2.8%
Expected Dividend Yield:	0%	0%		0%
Expected Life (Years):	4.3 - 4.4		4.4	4.8 - 4.9
Expected Volatility:	52.9% - 60.0%	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 February 28, 2019, and stock option activity during the year ended February 28, 2019 (“Price” reflects the weighted average exercise price per share):

	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 (1)		157,918		2.32
Forfeited		5,500		4.16
Expired		46,995		8.92
Outstanding, end of period		2,739,916		4.72		6.0	$	1,770
Exercisable, end of period		2,131,741		5.08		5.2	$	1,334

(1) The Company did not record an income tax benefit related to option exercises in the years ended February 2017, 2018 and 2019. Cash received from option exercises during the years ended February 2017, 2018 and 2019 was $0.1 million, $0.1 million and $0.4 million, respectively.

Summary of Nonvested Options and Changes

A summary of the Company’s nonvested options at February 28, 2019, and changes during the year ended February 28, 2019, is presented below:

	Options		Weighted Average Grant Date Fair Value
Nonvested, beginning of period		691,114	$	2.10
Granted		259,000		2.27
Vested		336,439		3.07
Forfeited		5,500		2.03
Nonvested, end of period		608,175		1.64

Summary of Restricted Stock Grants Outstanding and Activity

The following table presents a summary of the Company’s restricted stock grants outstanding at February 28, 2019, and restricted stock activity during the year ended February 28, 2019 (“Price” reflects the weighted average share price at the date of grant):

	Awards		Price
Grants outstanding, beginning of period		353,394	$	3.05
Granted		219,356		4.45
Vested (restriction lapsed)		307,643		3.72
Forfeited		—		—
Grants outstanding, end of period		265,107		3.43

Stock-Based Compensation Expense and Related Tax Benefits Recognized

The following table summarizes stock-based compensation expense and related tax benefits recognized by the Company in the years ended February 2017, 2018 and 2019:

	Year Ended February 28,
	2017		2018		2019
Station operating expenses	$	1,012	$	501	$	291
Corporate expenses		1,908		2,153		1,263
Stock-based compensation expense included in operating    expenses		2,920		2,654		1,554
Tax benefit		—		—		—
Recognized stock-based compensation expense, net of tax	$	2,920	$	2,654	$	1,554