Share Based Payments (Tables)

6 Months Ended

Aug. 31, 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 six months ended August 31, 2018 and 2019:

	Six Months Ended August 31,
	2018	2019
Risk-Free Interest Rate:	2.6% - 2.8%	1.7% - 2.6%
Expected Dividend Yield:	0%	0%
Expected Life (Years):	4.9	4.6
Expected Volatility:	51.3% - 53.2%	50.3% - 51.3%

Summary of Stock Options Outstanding and Activity

The following table presents a summary of the Company’s stock options outstanding at August 31, 2019, and stock option activity during the six months ended August 31, 2019 (“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		2,738,087	$	4.72
Granted		604,500		4.94
Exercised		49,145		2.23
Forfeited		—		—
Expired		53,500		6.89
Outstanding, end of period		3,239,942		4.77		6.3	$	3,690
Exercisable, end of period		2,356,701		4.83		5.2	$	3,095

Summary of Nonvested Options and Changes

A summary of the Company’s nonvested options at August 31, 2019, and changes during the six months ended August 31, 2019, is presented below:

	Options		Weighted Average Grant Date Fair Value
Nonvested, beginning of period		608,175	$	1.64
Granted		604,500		2.19
Vested		329,434		1.49
Forfeited		—		—
Nonvested, end of period		883,241		2.08

Summary of Restricted Stock Grants Outstanding and Activity

The following table presents a summary of the Company’s restricted stock grants outstanding at August 31, 2019, and restricted stock activity during the six months ended August 31, 2019 (“Price” reflects the weighted average share price at the date of grant):

	Awards		Price
Grants outstanding, beginning of period		265,107	$	3.43
Granted		170,849		4.25
Vested (restriction lapsed)		162,718		3.41
Grants outstanding, end of period		273,238		3.95

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 six months ended August 31, 2018 and 2019. The Company did not recognize any tax benefits related to stock-based compensation during the periods presented below.

	Three Months Ended August 31,				Six Months Ended August 31,
	2018		2019		2018		2019
Station operating expenses	$	50	$	28	$	100	$	56
Corporate expenses		366		380		758		710
Stock-based compensation expense included in operating expenses		416		408		858		766
Stock-based compensation expense included in discontinued operations		22		24		43		61
Stock-based compensation expense	$	438	$	432	$	901	$	827