Emmis (EMMS) 10-Q 5 Jan 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Nov. 30, 2016	Jan. 02, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	EMMS
Entity Registrant Name	EMMIS COMMUNICATIONS CORP
Entity Central Index Key	783,005
Current Fiscal Year End Date	--02-28
Entity Filer Category	Smaller Reporting Company
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,253,904
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,142,366
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
NET REVENUES	$ 56,299	$ 59,614	$ 171,075	$ 180,549
OPERATING EXPENSES:
Station operating expenses excluding depreciation and amortization expense	45,426	43,654	135,406	136,931
Corporate expenses excluding depreciation and amortization expense	3,397	2,810	8,894	10,116
Impairment loss on intangible assets	0	0	2,988	0
Depreciation and amortization	1,132	1,532	3,746	4,385
Gain on sale of publishing assets, net of disposition costs	(17,491)	0	(17,491)	0
Loss on disposal of property and equipment		0	(125)	0
Total operating expenses	32,464	47,996	133,668	151,432
Operating income (loss)	23,835	11,618	37,407	29,117
OTHER EXPENSE:
Interest expense	(4,481)	(4,768)	(13,929)	(14,259)
Loss on debt extinguishment	(478)	0	(478)	0
Other income, net	10	7	142	845
Total other expense	(4,949)	(4,761)	(14,265)	(13,414)
INCOME BEFORE INCOME TAXES	18,886	6,857	23,142	15,703
PROVISION FOR INCOME TAXES	629	889	1,968	2,662
CONSOLIDATED NET INCOME	18,257	5,968	21,174	13,041
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	581	420	477	1,574
NET INCOME ATTRIBUTABLE TO THE COMPANY	$ 17,676	$ 5,548	$ 20,697	$ 11,467
NET INCOME PER SHARE - BASIC	$ 1.46	$ 0.50	$ 1.73	$ 1.05
NET INCOME PER SHARE - DILUTED	$ 1.43	$ 0.47	$ 1.70	$ 0.97
Basic weighted average common shares outstanding	12,114	11,100	11,989	10,961
Diluted weighted average common shares outstanding	12,387	11,876	12,163	11,863

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Depreciation and amortization expense excluded from station operating expenses	$ 1,085	$ 1,132	$ 2,195	$ 2,264
Depreciation and amortization expenses excluded from corporate expenses	$ 197	$ 271	$ 419	$ 589

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
CONSOLIDATED NET INCOME	$ 18,257	$ 5,968	$ 21,174	$ 13,041
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAXES:
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	581	420	477	1,574
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 17,676	$ 5,548	$ 20,697	$ 11,467

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Nov. 30, 2016	Feb. 29, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 2,057	$ 4,456
Restricted cash	2,095	1,464
Accounts receivable, net	37,477	34,906
Prepaid expenses	6,725	7,413
Other current assets	3,723	3,452
Total current assets	52,077	51,691
PROPERTY AND EQUIPMENT, NET	30,678	33,843
INTANGIBLE ASSETS (NOTE 3):
Indefinite-lived intangibles	204,443	205,129
Goodwill	4,603	14,697
Other intangibles, net	1,669	3,299
Total intangible assets	210,715	223,125
OTHER ASSETS, NET	8,597	7,947
Total assets	302,067	316,606
CURRENT LIABILITIES:
Accounts payable and accrued expenses	7,952	8,127
Current maturities of long-term debt (Note 4)	10,583	17,573
Accrued salaries and commissions	5,822	8,375
Deferred revenue	7,841	11,435
Other current liabilities	5,321	5,775
Total current liabilities	37,519	51,285
LONG-TERM DEBT, NET OF CURRENT MATURITIES (NOTE 4)	207,428	228,027
OTHER NONCURRENT LIABILITIES	6,847	7,728
DEFERRED INCOME TAXES	45,615	43,715
Total liabilities	297,409	330,755
COMMITMENTS AND CONTINGENCIES
(DEFICIT) EQUITY:
Additional paid-in capital	591,726	589,830
Accumulated deficit	(621,803)	(642,500)
Total shareholders’ deficit	(29,953)	(52,546)
NONCONTROLLING INTERESTS	34,611	38,397
Total (deficit) equity	4,658	(14,149)
Total liabilities and (deficit) equity	302,067	316,606
Class A common stock, $.01 par value; authorized 42,500,000 shares; issued and outstanding 10,402,400 shares at February 29, 2016 and 11,253,904 shares at November 30, 2016
(DEFICIT) EQUITY:
Common Stock	113	104
Class B common stock, $.01 par value; authorized 7,500,000 shares; issued and outstanding 1,142,366 shares at February 29, 2016 and November 30, 2016
(DEFICIT) EQUITY:
Common Stock	11	11
Series A Preferred Stock
(DEFICIT) EQUITY:
Preferred Stock	$ 0	$ 9

CONDENSED CONSOLIDATED BALANCE6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2016	Feb. 29, 2016
Class A Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	42,500,000	42,500,000
Common stock, shares issued	11,139,845	10,402,400
Common stock, shares outstanding	11,139,845	10,402,400
Class B Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	7,500,000	7,500,000
Common stock, shares issued	1,142,366	1,142,366
Common stock, shares outstanding	1,142,366	114,236
Series A Preferred Stock
Series A non-cumulative convertible preferred stock, par value	$ 0.01	$ 0.01
Series A non-cumulative convertible preferred stock, liquidation preference	$ 50	$ 50
Series A non-cumulative convertible preferred stock, aggregate liquidation preference and redemption amount	$ 0	$ 43,316
Series A non-cumulative convertible preferred stock, shares authorized	2,875,000	2,875,000
Series A non-cumulative convertible preferred stock, shares issued	0	866,319
Series A non-cumulative convertible preferred stock, shares outstanding	0	866,319

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - 9 months ended Nov. 30, 2016 - USD ($) $ in Thousands	Total		Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests	Series A Preferred StockPreferred Stock	Class B Common StockCommon Stock	Class A Common StockCommon Stock
Beginning Balance at Feb. 29, 2016	$ (14,149)		$ 589,830	$ (642,500)	$ 38,397	$ 9	$ 11	$ 104
Beginning Balance (in shares) at Feb. 29, 2016						866,319	1,142,366	10,402,400
Net income	21,174			20,697	477
Issuance of common stock to employees and officers	1,780		1,778					$ 2
Issuance of common stock to employees and officers (in shares)								189,036
Exercise of stock options	115		114					$ 1
Distributions to noncontrolling interests	(4,263)				(4,263)
Conversion of Series A Preferred Stock to Class A Common Stock	6		9			$ (9)		$ 6
Conversion of Series A Preferred Stock to Class A Common Stock (in shares)						(866,319)		606,423
Purchase of Class A common stock	(5)		(5)					$ 0
Purchase of Class A common stock (in shares)								(1,693)
Ending Balance at Nov. 30, 2016	$ 4,658		$ 591,726	$ (621,803)	$ 34,611	$ 0	$ 11	$ 113
Ending Balance (in shares) at Nov. 30, 2016						0	1,142,366	11,253,904
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	57,738	[1]						57,738
[1]	Cash received from option exercises for the nine months ended November 30, 2015 and 2016 was $0.1 million in both periods. The Company did not record an income tax benefit relating to the options exercised during the nine months ended November 30, 2015 or 2016.

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income	$ 21,174	$ 13,041
Adjustments to reconcile consolidated net income to net cash provided by operating activities -
Impairment loss on intangible assets	2,988	0
Gain on sale of publishing assets, net of disposition costs	(17,491)	0
Depreciation and amortization	3,746	4,385
Amortization of debt discount	1,270	1,245
Noncash accretion of debt	557	557
Loss on debt extinguishment	(478)	0
Provision for bad debts	161	292
Provision for deferred income taxes	1,900	2,523
Noncash compensation	2,217	4,669
Loss on disposal of property and equipment	(125)	0
Changes in assets and liabilities -
Restricted cash	631	(693)
Accounts receivable	(2,732)	(3,376)
Prepaid expenses and other current assets	532	445
Other assets	(715)	(1,216)
Accounts payable and accrued liabilities	(2,728)	(4,294)
Deferred revenue	(146)	(622)
Income taxes	(87)	(12)
Other liabilities	(916)	(1,630)
Net cash provided by operating activities	9,702	16,700
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(1,403)	(1,943)
Net proceeds from the sale of publishing assets	23,466	0
Distributions from investments, net	(66)	(123)
Proceeds from the sale of property and equipment	283	0
Other	(35)	0
Net cash (used in) provided by investing activities	22,377	(1,820)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt	(45,862)	(17,022)
Proceeds from long-term debt	16,000	9,000
Debt-related costs	(32)	(1,134)
Distributions to noncontrolling interests	(4,263)	(4,391)
Proceeds from the exercise of stock options	115	133
Purchase of Class A common stock	(5)	0
Settlement of tax withholding obligations on stock issued to employees	(431)	(819)
Net cash used in financing activities	(34,478)	(14,233)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(2,399)	647
CASH AND CASH EQUIVALENTS:
Beginning of period	4,456	3,669
End of period	2,057	4,316
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest	12,082	12,567
Cash paid for income taxes, net	112	216
Noncash financing transactions -
Stock issued to employees and directors	$ 2,217	$ 4,042

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Nov. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Preparation of Interim Financial Statements Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), the condensed consolidated interim financial statements included herein have been prepared, without audit, by Emmis Communications Corporation (“ECC”) and its subsidiaries (collectively, “our,” “us,” “we,” “Emmis” or the “Company”). As permitted under the applicable rules and regulations of the SEC, certain information and footnote disclosures normally included in financial statements prepared in conformity with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations; however, Emmis believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in the Annual Report for Emmis filed on Form 10-K for the year ended February 29, 2016 . The Company’s results are subject to seasonal fluctuations. Therefore, results shown on an interim basis are not necessarily indicative of results for a full year. In the opinion of Emmis, the accompanying condensed consolidated interim financial statements contain all material adjustments (consisting only of normal recurring adjustments, except as otherwise noted) necessary to present fairly the consolidated financial position of Emmis at November 30, 2016 , the results of its operations for the three-month and nine-month periods ended November 30, 2015 and 2016 , and cash flows for the nine -month periods ended November 30, 2015 and 2016 . There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended February 29, 2016 that have had a material impact on our condensed consolidated financial statements and related notes. Common Stock Reverse Split On July 8, 2016, the Company effected a one-for-four reverse stock split for its Class A, Class B and Class C common stock. All share and per share information has been retroactively adjusted to reflect the reverse stock split. Basic and Diluted Net Income Per Common Share Basic net income per common share is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Potentially dilutive securities at November 30, 2015 and 2016 consisted of stock options and restricted stock awards. Potentially dilutive securities at November 30, 2015 also included Series A non-cumulative convertible preferred stock (the “Preferred Stock”). All shares of Preferred Stock were converted into Class A common stock during the three months ended May 31, 2016. The following table sets forth the calculation of basic and diluted net income per share: For the three months ended November 30, 2015 November 30, 2016 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 $ 5,548 11,100 $ 0.50 $ 17,676 12,114 $ 1.46 Impact of equity awards — 247 — 273 Impact of conversion of preferred stock into common stock — 529 — — Diluted net income per common share: Net income available to common shareholders $ 5,548 11,876 $ 0.47 $ 17,676 12,387 $ 1.43 For the nine months ended November 30, 2015 November 30, 2016 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 $ 11,467 10,961 $ 1.05 $ 20,697 11,989 $ 1.73 Impact of equity awards — 352 — — 174 — Impact of conversion of preferred stock into common stock — 550 — — — — Diluted net income per common share: Net income available to common shareholders $ 11,467 11,863 $ 0.97 $ 20,697 12,163 $ 1.70 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 month ended November 30, For the nine months ended November 30, 2015 2016 2015 2016 (shares in 000’s ) Equity awards 1,346 1,237 987 1,362 Antidilutive common share equivalents 1,346 1,237 987 1,362 Local Programming and Marketing Agreement Fees The Company from time to time enters into local programming and marketing agreements (“LMAs”), often pending regulatory approval of transfer of the Federal Communications Commission ("FCC") licenses in connection with acquisitions or dispositions of radio stations. Under the terms of these agreements, the acquiring company makes specified periodic payments to the holder of the FCC license in exchange for the right to program and sell advertising for a specified portion of the station’s inventory of broadcast time. The acquiring company records revenues and expenses associated with the portion of the station’s inventory of broadcast time it manages. Nevertheless, as the holder of the FCC license, the owner-operator retains control and responsibility for the operation of the station, including responsibility over all programming broadcast on the station. On April 26, 2012, Emmis entered into an LMA with a subsidiary of Disney Enterprises, Inc. for 98.7FM in New York (formerly WRKS-FM and now WEPN-FM, hereinafter referred to as “98.7FM”). The LMA for this station started on April 30, 2012 and will continue until August 31, 2024. Emmis retains ownership and control of the station, including the related FCC license during the term of the LMA and is scheduled to receive an annual fee until the LMA’s termination. LMA fee revenue is recorded on a straight-line basis over the term of the LMA as a component of net revenues in our accompanying condensed consolidated statements of operations. 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, 2015 2016 2015 2016 (amounts in 000's) Net revenues $ 2,582 $ 2,582 $ 7,748 $ 7,748 Station operating expenses, excluding depreciation and amortization expense 232 346 748 960 Interest expense 754 699 2,302 2,142 Assets and liabilities of 98.7FM as of February 29, 2016 and November 30, 2016 were as follows: As of February 29, As of November 30, 2016 2016 (amounts in 000's) Current assets: Restricted cash $ 1,464 $ 1,430 Prepaid expenses 545 459 Total current assets 2,009 1,889 Noncurrent assets: Property and equipment, net 253 234 Indefinite lived intangibles 49,297 49,297 Deposits and other 5,460 6,042 Total noncurrent assets 55,010 55,573 Total assets $ 57,019 $ 57,462 Current liabilities: Accounts payable and accrued expenses $ 14 $ 28 Current maturities of long-term debt 5,453 5,885 Deferred revenue 779 807 Other current liabilities 223 210 Total current liabilities 6,469 6,930 Noncurrent liabilities: Long-term debt, net of current portion and unamortized debt discount 57,728 53,441 Total noncurrent liabilities 57,728 53,441 Total liabilities $ 64,197 $ 60,371 Restricted Cash The Company's restricted cash, included in current assets in the accompanying condensed consolidated balance sheets, totaled $1.5 million and $2.1 million as of February 29, 2016 and November 30, 2016 , respectively. The terms of our 98.7FM non-recourse notes and related agreements discussed in Note 4 restrict a portion of our cash on deposit for specific operating and financing purposes. Restricted cash related to the 98.7FM non-recourse notes and related agreements totaled $1.5 million and $1.4 million as of February 29, 2016 and November 30, 2016 , respectively. In connection with the Company's agreement with Sprint/United Management Company (“Sprint”), the Company collects cash from other participating companies in the radio industry and remits cash collected to Sprint. The entirety of cash collected but not yet remitted to Sprint classified as restricted cash as of November 30, 2016 was $0.6 million . The Company had remitted to Sprint all collected cash related to its agreement as of February 29, 2016. Noncontrolling Interests The Company follows Accounting Standards Codification paragraph 810-10-65-1 to report the noncontrolling interests related to our Austin radio partnership and Digonex Technologies Inc., a dynamic pricing business (hereinafter "Digonex"). We have a 50.1% controlling interest in our Austin radio partnership. We do not own any of the common equity of Digonex, but we consolidate the entity because we control its board of directors via rights granted in convertible preferred stock and convertible debt that we own. Noncontrolling interests represents the noncontrolling interest holders' proportionate share of the equity of the Austin radio partnership and Digonex. Noncontrolling interests are adjusted for the noncontrolling interest holders' proportionate share of the earnings or losses of the applicable entity. The noncontrolling interest continues to be attributed its share of losses even if that attribution results in a deficit noncontrolling interest balance. Below is a summary of the noncontrolling interest activity for the nine months ended November 30, 2015 and 2016: Austin radio partnership Digonex Total noncontrolling interests Balance, February 28, 2015 $ 47,883 $ (1,222 ) $ 46,661 Net income (loss) 4,724 (3,150 ) 1,574 Distributions to noncontrolling interests (4,391 ) — (4,391 ) Balance, November 30, 2015 $ 48,216 $ (4,372 ) $ 43,844 Balance, February 29, 2016 $ 47,556 $ (9,159 ) $ 38,397 Net income (loss) 4,453 (3,976 ) 477 Distributions to noncontrolling interests (4,263 ) — (4,263 ) Balance, November 30, 2016 $ 47,746 $ (13,135 ) $ 34,611 Recent Accounting Pronouncements In November, 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2016-18, Statement of Cash Flows (230): Restricted Cash. This ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This ASU is effective in annual and quarterly periods in fiscal years beginning after December 15, 2017, with early adoption permitted, and requires a retrospective transition method. The Company is currently in the process of evaluating the impact of the adoption of this standard on its statement of cash flows. In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, to clarify the principles used to recognize revenue for all entities. The FASB deferred implementation of this guidance by one year with the issuance of Accounting Standards Update 2015-14. As such, this guidance will be effective for the Company in the first quarter of its fiscal year ending February 28, 2019. The Company is currently evaluating the method of adoption and impact, if any, the adoption of this guidance will have on its financial position and results of operations. In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements - Going Concern - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the fiscal year ending February 28, 2017, and for annual periods and interim periods thereafter. Early adoption is permitted. The adoption of this update is not expected to have an impact on the Company’s consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. This update provides guidance as to when a company using a cloud computing service that includes a software license should capitalize and depreciate the software license. This guidance was effective for the Company as of March 1, 2016. The adoption of this guidance did not have any effect on the Company's financial position, results of operations, or cash flows. In September 2015, the FASB issued Accounting Standards Update 2015-16, Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments. This update requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in the provisional amount as if the accounting had been completed at the acquisition date. This guidance was effective for the Company as of March 1, 2016. The adoption of this guidance did not have any effect on the Company's financial position, results of operations, or cash flows. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842). This update requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This guidance will be effective for the Company as of March 1, 2019. A modified retrospective transition method is required. The Company is currently evaluating the impact the adoption of this guidance will have on its consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update 2016-09, Compensation-Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting (ASU 2016-09) to simplify the accounting for share-based payment transactions, including the income tax consequences, and standardize certain classifications on the statement of cash flows. As permitted by ASU 2016-09, the Company chose to early adopt the provisions of this update as of March 1, 2016. The adoption of this guidance did not have any effect on the Company's financial position, results of operations, or cash flows.

Share Based Payments

Share Based Payments	9 Months Ended
	Nov. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share Based Payments	Share Based Payments The amounts recorded as share based compensation expense consist of stock option grants, restricted stock grants, and common stock issued to employees and directors in lieu of cash payments. Stock Option Awards The Company has granted options to purchase its common stock to employees and directors of the Company under various stock option plans at no less than the fair market value of the underlying stock on the date of grant. These options are granted for a term not exceeding 10 years and are forfeited, except in certain circumstances, in the event the employee or director terminates his or her employment or relationship with the Company. Generally, these options either vest annually over 3 years ( one-third each year for 3 years ), or cliff vest at the end of 3 years . The Company issues new shares upon the exercise of stock options. The fair value of each option awarded is estimated on the date of grant using a Black-Scholes option-pricing model and expensed on a straight-line basis over the vesting period. Expected volatilities are based on historical volatility of the Company’s stock. The Company uses historical data to estimate option exercises and employee terminations within the valuation model. The Company includes estimated forfeitures in its compensation cost and updates the estimated forfeiture rate through the final vesting date of awards. The risk-free interest rate for periods within the life of the option is based on the U.S. Treasury yield curve in effect at the time 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, 2015 and 2016 : Nine Months Ended November 30, 2015 2016 Risk-Free Interest Rate: 1.3% - 1.4% 0.9% - 1.2% Expected Dividend Yield: 0% 0% Expected Life (Years): 4.3 4.3 Expected Volatility: 57.2% - 64.6% 55.5% - 60.0% The following table presents a summary of the Company’s stock options outstanding at November 30, 2016 , and stock option activity during the nine months ended November 30, 2016 (“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 1,948,384 $ 6.36 Granted 179,678 2.42 Exercised 57,738 1.98 Forfeited 12,499 7.12 Expired 21,307 39.59 Outstanding, end of period 2,036,518 5.79 6.4 $ 745 Exercisable, end of period 1,203,843 6.00 4.9 $ 327 Cash received from option exercises for the nine months ended November 30, 2015 and 2016 was $0.1 million in both periods. The Company did not record an income tax benefit relating to the options exercised during the nine months ended November 30, 2015 or 2016. The weighted average per share grant date fair value of options granted during the nine months ended November 30, 2015 and 2016 , was $4.04 and $1.15 , respectively. A summary of the Company’s nonvested options at November 30, 2016 , and changes during the nine months ended November 30, 2016 , is presented below: Options Weighted Average Grant Date Fair Value Nonvested, beginning of period 830,803 $ 3.71 Granted 179,678 1.15 Vested 165,307 5.31 Forfeited 12,499 3.62 Nonvested, end of period 832,675 2.84 There were 1.4 million shares available for future grants under the Company’s various equity plans ( 1.1 million shares under the 2016 Equity Compensation Plan and 0.3 million shares under other plans) at November 30, 2016, not including shares that may become available for future grants upon forfeiture, lapse or surrender for taxes. The vesting dates of outstanding options at November 30, 2016 range from January 2017 to July 2019, and expiration dates range from March 2017 to September 2026. Restricted Stock Awards The Company grants restricted stock awards to directors annually, and periodically grants restricted stock to employees in connection with employment agreements. Awards to directors are granted on the date of our annual meeting of shareholders and vest on the earlier of (i) the completion of the director’s 3 -year term or (ii) the third anniversary of the date of grant. Restricted stock award grants are granted out of the Company’s 2016 Equity Compensation Plan. The Company may also award, out of the Company’s 2016 Equity Compensation Plan, stock to settle certain bonuses and other compensation that otherwise would be paid in cash. Any restrictions on these shares may be immediately lapsed on the grant date. The following table presents a summary of the Company’s restricted stock grants outstanding at November 30, 2016 , and restricted stock activity during the nine months ended November 30, 2016 (“Price” reflects the weighted average share price at the date of grant): Awards Price Grants outstanding, beginning of period 212,995 $ 7.12 Granted 340,461 3.11 Vested (restriction lapsed) 328,001 4.23 Grants outstanding, end of period 225,455 5.27 The total grant date fair value of shares vested during the nine months ended November 30, 2015 and 2016 , was $2.8 million and $1.4 million , respectively. Recognized Non-Cash Compensation Expense The following table summarizes stock-based compensation expense recognized by the Company during the three and nine months ended November 30, 2015 and 2016 . 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, 2015 2016 2015 2016 Station operating expenses $ 365 $ 221 $ 1,610 $ 755 Corporate expenses 539 480 3,059 1,462 Stock-based compensation expense included in operating expenses $ 904 $ 701 $ 4,669 $ 2,217 As of November 30, 2016 , there was $1.6 million of unrecognized compensation cost, net of estimated forfeitures, related to nonvested share-based compensation arrangements. The cost is expected to be recognized over a weighted average period of approximately 1.3 years.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Nov. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Valuation of Indefinite-lived Broadcasting Licenses In accordance with ASC Topic 350, Intangibles—Goodwill and Other, the Company’s Federal Communications Commission (“FCC”) licenses are considered indefinite-lived intangibles. These assets, which the Company determined were its only indefinite-lived intangibles, are not subject to amortization, but are tested for impairment at least annually as discussed below. The carrying amounts of the Company’s FCC licenses were $205.1 million as of February 29, 2016 and November 30, 2016 . As of November 30, 2016, $0.7 million of the Company's FCC licenses were classified as held for sale (see Note 10 for more discussion). Pursuant to Emmis’ accounting policy, stations in a geographic market cluster are considered a single unit of accounting, provided that they are not being operated under an LMA with another broadcaster. The Company generally performs its annual impairment test of indefinite-lived intangibles as of December 1 of each year. When indicators of impairment are present, the Company will perform an interim impairment test. During the nine months ended November 30, 2016 , no new or additional impairment indicators emerged; hence, no interim impairment testing was warranted. These impairment tests may result in impairment charges in future periods. Fair value of our FCC licenses is estimated to be the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. To determine the fair value of our FCC licenses, the Company uses an income valuation method when it performs its impairment tests. Under this method, the Company projects cash flows that would be generated by each of its units of accounting assuming the unit of accounting was commencing operations in its respective market at the beginning of the valuation period. This cash flow stream is discounted to arrive at a value for the FCC license. The Company assumes the competitive situation that exists in each market remains unchanged, with the exception that its unit of accounting commenced operations at the beginning of the valuation period. In doing so, the Company extracts the value of going concern and any other assets acquired, and strictly values the FCC license. Major assumptions involved in this analysis include market revenue, market revenue growth rates, unit of accounting audience share, unit of accounting revenue share and discount rate. Each of these assumptions may change in the future based upon changes in general economic conditions, audience behavior, consummated transactions, and numerous other variables that may be beyond our control. When evaluating our radio broadcasting licenses for impairment, the testing is performed at the unit of accounting level as determined by ASC Topic 350-30-35. In our case, radio stations in a geographic market cluster are considered a single unit of accounting, provided that they are not being operated under an LMA. Valuation of Goodwill ASC Topic 350-20-35 requires the Company to test goodwill for impairment at least annually using a two-step process. The first step is a screen for potential impairment, while the second step measures the amount of impairment. The Company conducts the two-step impairment test on December 1 of each fiscal year, unless indications of impairment exist during an interim period. During the quarter ended August 31, 2016, the Company lowered its growth expectations for Digonex for the next several years due to slow client adoption of dynamic pricing services. While the Company continues to believe in the long-term growth prospects of Digonex, the lengthy sales cycle has caused Digonex to perform below expectations to date. Despite lowering near-term growth expectations for Digonex in connection with our annual impairment review for fiscal 2016, which led to a goodwill impairment charge of $0.7 million , performance in the first six months of the current fiscal year indicated that a further revision was appropriate. Our projections now assume Digonex will generate cash flow losses in the short and medium-term. The combination of lower-than-expected current period results, coupled with downward revisions to future revenue projections, resulted in an impairment indicator that caused the Company to assess goodwill and related intangibles on an interim basis during the quarter ended August 31, 2016. The Company's discounted cash flow analysis for Digonex indicated a nominal enterprise value. Therefore, in connection with the interim impairment test, Emmis determined that Digonex's goodwill was fully impaired and recorded an impairment loss of $2.1 million during the quarter ended August 31, 2016. When assessing its goodwill of radio and publishing operations for impairment, the Company generally uses an enterprise valuation approach to determine the fair value of each of the Company’s reporting units (radio stations grouped by market and magazines on an individual basis). Management determines enterprise value for each of its reporting units by multiplying the two-year average station operating income generated by each reporting unit (current year based on actual results and the next year based on budgeted results) by an estimated market multiple. The Company uses a blended station operating income trading multiple of publicly traded radio operators as a benchmark for the multiple it applies to its radio reporting units. There are no publicly traded publishing companies that are focused predominantly on city and regional magazines as is our publishing segment. Therefore, the market multiple used as a benchmark for our publishing reporting units has been based on recently completed transactions within the city and regional magazine industry or analyst reports that include valuations of magazine divisions within publicly traded media conglomerates. Management believes this methodology for valuing radio and publishing properties is a common approach and believes that the multiples used in the valuation are reasonable given our peer comparisons and recent market transactions. To corroborate the step-one reporting unit fair values determined using the market approach described above, management also uses an income approach, which is a discounted cash flow method to determine the fair value of the reporting unit. This enterprise valuation is compared to the carrying value of the reporting unit for the first step of the goodwill impairment test. If the reporting unit exhibits impairment, the Company proceeds to the second step of the goodwill impairment test. For its step-two testing, the enterprise value is allocated among the tangible assets, indefinite-lived intangible assets (FCC licenses valued using a direct-method valuation approach) and unrecognized intangible assets, such as customer lists, with the residual amount representing the implied fair value of the goodwill. To the extent the carrying amount of the goodwill exceeds the implied fair value of the goodwill, the difference is recorded as an impairment charge in the statement of operations. The following table summarizes the Company's goodwill by segment as of February 29, 2016 and November 30, 2016 . As of February 29, As of November 30, 2016 2016 Radio $ 4,603 $ 4,603 Publishing 8,036 — Corporate & Emerging Technologies 2,058 — Total Goodwill $ 14,697 $ 4,603 The change in publishing goodwill relates to the Company's sale of Texas Monthl y (see Note 10 for more discussion). Definite-lived intangibles The Company’s definite-lived intangible assets consist of trademarks, customer lists, and a syndicated programming contract, all of which are amortized over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. The following table presents the weighted-average useful life, gross carrying amount and accumulated amortization for each major class of definite-lived intangible assets at February 29, 2016 and November 30, 2016 : As of February 29, 2016 As of November 30, 2016 (in 000's) Weighted Average Remaining Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks 8.4 $ 1,240 $ 727 $ 513 $ 756 $ 558 $ 198 Patents N/A 1,815 1,141 674 — — — Customer lists 0.5 1,015 543 472 315 264 51 Programming agreement 4.8 2,154 514 1,640 2,154 734 1,420 TOTAL $ 6,224 $ 2,925 $ 3,299 $ 3,225 $ 1,556 $ 1,669 In accordance with Accounting Standards Codification paragraph 360-10, the Company performs an analysis to (i) determine if indicators of impairment of a long-lived asset are present, (ii) test the long-lived asset for recoverability by comparing undiscounted cash flows of the long-lived asset to its carrying value and (iii) measure any potential impairment by comparing the long-lived asset's fair value to its current carrying value. As discussed above, performance below the Company's expectations, coupled with a downward revision of long-term forecasts for Digonex, led the Company to measure impairment for Digonex's definite-lived intangibles during the quarter ended August 31, 2016. The Company determined that the patents, customer list and trademarks of Digonex were fully impaired and recorded an impairment loss of $0.9 million . Total amortization expense from definite-lived intangibles for the nine-month periods ended November 30, 2015 and 2016 was $0.5 million and $0.6 million , respectively. The following table presents the Company's estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangibles: Year ended February 28 (29), Expected Amortization Expense (in 000's) 2017 $ 665 2018 344 2019 317 2020 317 2021 317

Long-term Debt

Long-term Debt	9 Months Ended
	Nov. 30, 2016
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt was comprised of the following at February 29, 2016 and November 30, 2016 : February 29, November 30, 2014 Credit Agreement debt : Revolver $ 3,000 $ 2,000 Term Loan 181,762 156,955 Total 2014 Credit Agreement debt 184,762 158,955 98.7FM non-recourse debt 65,411 61,356 Digonex non-recourse debt (1) 4,714 5,270 Less: Current maturities (17,573 ) (10,583 ) Less: Unamortized original issue discount (9,287 ) (7,570 ) Total long-term debt $ 228,027 $ 207,428 (1) The face value of Digonex non-recourse debt is $6.2 million 2014 Credit Agreement On June 10, 2014, Emmis entered into the 2014 Credit Agreement, by and among the Company, EOC, as borrower (the “Borrower”), certain other subsidiaries of the Company, as guarantors (the “Subsidiary Guarantors”), the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and Fifth Third Bank, as syndication agent. The 2014 Credit Agreement includes a senior secured term loan facility (the “Term Loan”) of $ 185.0 million and a senior secured revolving credit facility of $20.0 million , and contains provisions for an uncommitted increase of up to $20.0 million principal amount (plus additional amounts so long as a pro forma total net senior secured leverage ratio condition is met) of the revolving credit facility and/or the Term Loan subject to the satisfaction of certain conditions. The revolving credit facility includes a sub-facility for the issuance of up to $5.0 million of letters of credit. Pursuant to the 2014 Credit Agreement, the Borrower borrowed $185.0 million of the Term Loan on June 10, 2014; $109.0 million was disbursed to the Borrower (the “Initial Proceeds”) and the remaining $76.0 million was funded into escrow (the “Subsequent Acquisition Proceeds”). The Initial Proceeds, coupled with $13.0 million of revolving credit facility borrowings, were used by the Borrower on June 10, 2014 to repay all amounts outstanding under the 2012 Credit Agreement, to make a $55.0 million initial payment associated with our acquisition of WBLS-FM and WLIB-AM, and to pay fees and expenses. The Subsequent Acquisition Proceeds were used to make the final $76.0 million payment related to the acquisition of WBLS-FM and WLIB-AM on February 13, 2015. The Term Loan is due not later than June 10, 2021 and initially amortized in an amount equal to 1% per annum (subsequently amended, see below) of the original principal amount of the Term Loan, payable in quarterly installments commencing April 1, 2015, with the balance payable on the maturity date. The revolving credit facility expires not later than June 10, 2019. An unused commitment fee of 50 basis points per annum will be payable quarterly on the average unused amount of the revolving credit facility. Prior to the amendments to the 2014 Credit Agreement discussed below, the Term Loan and amounts borrowed under the revolving credit facility bore interest, at the Borrower’s option, at either (i) the Alternate Base Rate (as defined in the 2014 Credit Agreement) (but not less than 2.00% ) plus 3.75% or (ii) the Adjusted LIBO Rate (as defined in the 2014 Credit Agreement) (but not less than 1.00% ) plus 4.75% . The 2014 Credit Agreement is carried on our condensed consolidated balance sheets net of an original issue discount. The original issue discount, which was $7.1 million and $5.5 million as of February 29, 2016 and November 30, 2016 , respectively, is being amortized as additional interest expense over the life of the 2014 Credit Agreement. The obligations under the 2014 Credit Agreement are secured by a perfected first priority security interest in substantially all of the assets of the Company, the Borrower and the Subsidiary Guarantors. On November 7, 2014, Emmis entered into the First Amendment to the 2014 Credit Agreement. The First Amendment (i) increased the maximum Total Leverage Ratio to 6.00 :1.00 for the period February 28, 2015 through February 29, 2016, (ii) adjusted the definition of Consolidated EBITDA to exclude during the term of the 2014 Credit Agreement up to $5 million in severance and/or contract termination expenses and up to $2.5 million in losses attributable to the reformatting of the Company’s radio stations, (iii) extended the requirement for the Borrower to pay a 1.00% fee on certain prepayments of the Term Loan to November 7, 2015, (iv) increased the Applicable Margin by 0.25% for at least six months from the date of the First Amendment and until the Total Leverage Ratio is less than 5.00 :1.00, and (v) made certain technical adjustments to the definition of Consolidated Excess Cash Flow and to address the Foreign Account Tax Compliance Act. Emmis paid a total of approximately $1.0 million of transaction fees to the Lenders that consented to the First Amendment, which were recorded as original issue discount and are being amortized over the remaining life of the 2014 Credit Agreement. On April 30, 2015, Emmis entered into the Second Amendment to the 2014 Credit Agreement. The Second Amendment (i) increased the maximum Total Leverage Ratio to (A) 6.75 :1.00 during the period from May 31, 2015 through February 29, 2016, (B) 6.50 :1.00 for the quarter ended May 31, 2016, (C) 6.25 :1.00 for the quarter ended August 31, 2016, (D) 6.00 :1.00 for the quarter ended November 30, 2016, and (E) 5.75 :1.00 for the quarter ended February 28, 2017, after which it reverts to the original ratio of 4.00 :1.00 for the quarters ended May 31, 2017 and thereafter, (ii) required Emmis to pay a 2.00% fee on certain prepayments of the Term Loan prior to the first anniversary of the Second Amendment and requires Emmis to pay a 1.00% fee on certain prepayments of the Term Loan from the first anniversary of the Second Amendment until the second anniversary of the Second Amendment, (iii) increased the Applicable Margin throughout the remainder of the term of the Credit Agreement to 5.00% for ABR Loans (as defined in the Credit Agreement) and 6.00% for Eurodollar Loans (as defined in the 2014 Credit Agreement), and (iv) increased the amortization to 0.50% per calendar quarter through January 1, 2016 and to 1.25% per calendar quarter thereafter commencing April 1, 2016. Emmis paid a total of approximately $1.1 million of transaction fees to the Lenders that consented to the Second Amendment, which were recorded as original issue discount and are being amortized over the remaining life of the 2014 Credit Agreement. On August 22, 2016, Emmis entered into the Third Amendment to the 2014 Credit Agreement. The Third Amendment made certain changes to the Credit Agreement to facilitate the Company's consideration of and, if approved by the Company's Board of Directors and shareholders, entry into a transaction that would have resulted in the Class A common stock of the Company ceasing to be registered under the Securities Act of 1934 (such potential transaction, a "Going Private Transaction"). Specifically, the Third Amendment added an exception to the covenant restricting transactions with affiliates that (i) permitted the Company to enter into a Going Private Transaction with an affiliate of the Company and (ii) permitted the Borrower to pay any costs incurred or reimbursed by an affiliate of the Company in connection with a Going Private Transaction, whether or not the transaction was consummated. The Third Amendment also allowed the Company to add certain costs and expenses incurred in connection with a Going Private Transaction to Consolidated EBITDA, as defined in the Credit Agreement, for purposes of determining compliance with the financial covenants in the Credit Agreement, subject to caps of (i) $2.5 million if a Going Private Transaction was not recommended by a special committee of the Company’s Board of Directors and (ii) $8.0 million if a Going Private Transaction was recommended by a special committee of the Company’s Board of Directors but not consummated. Finally, the Third Amendment made certain changes to the Credit Agreement that would have been effective only if a Going Private Transaction was consummated. The Third Amendment also required the Borrower to pay a 50 basis point fee to the lenders that consented to it either if a Going Private Transaction was consummated or if such a transaction was recommended by a special committee of the board of directors of the Company but not consummated. The special committee of the board of directors did not recommend the Going Private Transaction and no such transaction was consummated. See Note 10 for discussion of the Going Private Transaction. In connection with the closing of the sale of Texas Monthly on November 1, 2016, Emmis repaid $15.0 million of Term Loans and $8.5 million of Revolver borrowings (see Note 10 for more discussion of the sale of Texas Monthly ). Under the terms of the 2014 Credit Agreement, Emmis was required to use all Net Available Proceeds (as defined in the 2014 Credit Agreement) from the sale of Texas Monthly to repay Term Loans unless it exercised its right under the 2014 Credit Agreement to reinvest a portion of the Net Available Proceeds in new long-term assets of the Company. On November 1, 2016, Emmis exercised this reinvestment right for up to $10.0 million of Net Available Proceeds. This election allows the Company to reduce the amount of Net Available Proceeds by amounts used to purchase assets within 365 days of the election, or 545 days of the election so long as the asset purchase is under contract within 365 days. Routine capital expenditures qualify as a reinvestment under the terms of the 2014 Credit Agreement. The calculation of Net Available Proceeds is also reduced for transaction-related costs and certain other estimates including severance obligations that Emmis may be required to fund if employees are terminated by the buyer of Texas Monthly prior to February 28, 2017. Future changes in these estimates will impact the calculation of Net Available Proceeds. The current calculation of Net Available Proceeds, reinvestments and Term Loan repayments related to the sale of Texas Monthly is as follows: Term Loan Repayments Texas Monthly Sale Gross proceeds from the sale of Texas Monthly $ 25,000 Working capital and other closing adjustments (747 ) Estimate of transaction costs (126 ) Estimate of employee-related transaction costs, including maximum reimbursement to buyer for severance (2,977 ) Subtotal 21,150 Less: Reinvestments - capital expenditures since November 1, 2016 (388 ) Less: Term Loan repayment on November 1, 2016 (15,000 ) Remaining Net Available Proceeds, subject to finalization of estimates and reinvestments $ 5,762 This amount is not included as a current maturity of long-term debt in the accompanying condensed consolidated balance sheet as of November 30, 2016 because the amount, if any, of additional Net Available Proceeds required to be used to repay Term Loans within one year is not determinable primarily because such amounts are reduced by future capital expenditures that we may incur. We were in compliance with all financial and non-financial covenants as of November 30, 2016 . Our Total Leverage Ratio and Interest Coverage Ratio (each as defined in the 2014 Credit Agreement) requirements and actual amounts as of November 30, 2016 were as follows: As of November 30, 2016 Covenant Requirement Actual Results Maximum Total Leverage Ratio 6.00 : 1.00 5.53 : 1.00 Minimum Interest Coverage Ratio 2.00 : 1.00 2.32 : 1.00 98.7FM Non-recourse Debt On May 30, 2012, the Company, through wholly-owned, newly-created subsidiaries, issued $82.2 million of non-recourse notes. Teachers Insurance and Annuity Association of America, through a participation agreement with Wells Fargo Bank Northwest, National Association, is entitled to receive payments made on the notes. The notes are obligations only of the newly-created subsidiaries, are non-recourse to the rest of the Company and its subsidiaries, and are secured by the assets of the newly-created subsidiaries, including the payments made to the newly-created subsidiary related to the 98.7FM LMA, which are guaranteed by Disney Enterprises, Inc. The notes bear interest at 4.1% . The 98.7FM non-recourse notes are carried on our condensed consolidated balance sheets net of an original issue discount. The original issue discount, which was $2.2 million and $2.0 million as of February 29, 2016 and November 30, 2016 , respectively, is being amortized as additional interest expense over the life of the notes. Digonex Non-recourse Debt Digonex non-recourse notes payable consist of notes payable issued by Digonex, which were recorded at fair value on June 16, 2014, the date that Emmis acquired a controlling interest in Digonex. The notes payable, some of which are secured by the assets of Digonex, are non-recourse to the rest of the Company and its subsidiaries. The notes payable mature on December 31, 2017 and accrue interest at 5.0% per annum. Interest is due at maturity. The face value of the notes payable is $6.2 million . The Company is accreting the difference between this face value and the original $3.6 million fair value of the notes payable recorded in the acquisition of its controlling interest of the business as interest expense over the remaining term of the notes payable. As a result of our mandatory repayment of Term Loans in connection with our sale of Texas Monthly , quarterly mandatory Term Loan repayments decreased from $2.3 million per quarter to $1.6 million per quarter. Also, no quarterly amortization payment is due on January 1, 2017. Quarterly amortization payments will resume effective April 1, 2017. Based on amounts outstanding at November 30, 2016 , mandatory principal payments of long-term debt for the next five years and thereafter are summarized below: Year Ended 2014 Credit Agreement Digonex Total February 28 (29), Revolver Term Loan 98.7FM Debt Notes payable Payments 2017 $ — $ — $ 1,398 $ — $ 1,398 2018 — 6,265 6,039 6,199 18,503 2019 — 6,265 6,587 — 12,852 2020 2,000 6,265 7,150 — 15,415 2021 — 6,265 7,756 — 14,021 Thereafter — 131,895 32,426 — 164,321 Total $ 2,000 $ 156,955 $ 61,356 $ 6,199 $ 226,510

Liquidity

Liquidity	9 Months Ended
	Nov. 30, 2016
Debt Disclosure [Abstract]
Liquidity	Liquidity The Company continually projects its anticipated cash needs, which include its operating needs, capital needs, and principal and interest payments on its indebtedness. As of the filing of this Form 10-Q, management believes the Company can meet its liquidity needs through the end of fiscal year 2017 with cash and cash equivalents on hand and projected cash flows from operations. Based on these projections, management also believes the Company will be in compliance with its debt covenants through the end of fiscal year 2017.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Nov. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements As defined in ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). Recurring Fair Value Measurements The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of February 29, 2016 and November 30, 2016 . The financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. As of November 30, 2016 Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total (in 000's) Available for sale securities $ — $ — $ 800 $ 800 Total assets measured at fair value on a recurring basis $ — $ — $ 800 $ 800 As of February 29, 2016 Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total (in 000's) Available for sale securities $ — $ — $ 800 $ 800 Total assets measured at fair value on a recurring basis $ — $ — $ 800 $ 800 Available for sale securities — Emmis’ available for sale securities are comprised of preferred stock of a private company that is not traded in active markets and is included in other assets, net in the accompanying condensed consolidated balance sheets. The investment is recorded at fair value, which was generally estimated using significant unobservable market parameters, resulting in a level 3 categorization. The carrying value of our preferred stock investment was determined by using implied valuations of recent rounds of financing and by other corroborating evidence, which may include the application of various valuation methodologies including option-pricing and discounted cash flow based models. The following table shows a reconciliation of the beginning and ending balances for fair value measurements using significant unobservable inputs: For the Nine Months Ended November 30, 2015 2016 Available For Sale Securities Available For Sale Securities Beginning Balance $ 500 $ 800 Purchases — — Ending Balance $ 500 $ 800 Non-Recurring Fair Value Measurements The Company has certain assets that are measured at fair value on a non-recurring basis under circumstances and events that include those described in Note 3, Intangible Assets and Goodwill, and are adjusted to fair value only when the carrying values are more than the fair values. The categorization of the framework used to price the assets is considered a Level 3 measurement due to the subjective nature of the unobservable inputs used to determine the fair value (see Note 3 for more discussion). Fair Value of Other Financial Instruments Certain nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. Assets and liabilities acquired in business combinations are recorded at their fair value as of the date of acquisition. The estimated fair value of financial instruments is determined using the best available market information and appropriate valuation methodologies. Considerable judgment is necessary, however, in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition. The use of different market assumptions may have a material effect on the estimated fair value amounts. The following methods and assumptions were used to estimate the fair value of financial instruments: - Cash and cash equivalents : The carrying amount of these assets approximates fair value because of the short maturity of these instruments. - 2014 Credit Agreement debt : As of November 30, 2016 , the fair value and carrying value, excluding original issue discount, of the Company's 2014 Credit Agreement debt was $144.6 million and $159.0 million , respectively. The Company's estimate of fair value was based on quoted prices of this instrument and is considered a Level 2 measurement. - Other long-term debt : The Company’s 98.7FM non-recourse debt and Digonex non-recourse debt is not actively traded and is considered a level 3 measurement. The Company believes the current carrying value of its other long-term debt approximates its fair value.

Segment Information

Segment Information	9 Months Ended
	Nov. 30, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information The Company’s operations are aligned into three business segments: (i) Radio, (ii) Publishing and (iii) Corporate & Emerging Technologies. Emerging Technologies includes our TagStation, NextRadio and Digonex businesses. These business segments are consistent with the Company’s management of these businesses and its financial reporting structure. Corporate expenses are not allocated to reportable segments. The Company’s segments operate exclusively in the United States. The accounting policies as described in the summary of significant accounting policies included in the Company’s Annual Report filed on Form 10-K, for the year ended February 29, 2016 , and in Note 1 to these condensed consolidated financial statements, are applied consistently across segments. Three Months Ended November 30, 2016 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 42,462 $ 13,633 $ 204 $ 56,299 Station operating expenses excluding and depreciation and amortization expense 28,979 13,828 2,619 45,426 Corporate expenses excluding depreciation and amortization expense — — 3,397 3,397 Depreciation and amortization 854 59 219 1,132 Gain on sale of publishing assets, net of disposition costs — (17,491 ) — (17,491 ) Operating income (loss) $ 12,629 $ 17,237 $ (6,031 ) $ 23,835 Three Months Ended November 30, 2015 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 42,634 $ 16,658 $ 322 $ 59,614 Station operating expenses excluding LMA fees and depreciation and amortization expense 27,352 14,310 1,992 43,654 Corporate expenses excluding depreciation and amortization expense — — 2,810 2,810 Depreciation and amortization 934 68 530 1,532 Operating income (loss) $ 14,348 $ 2,280 $ (5,010 ) $ 11,618 Nine Months Ended November 30, 2016 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 131,133 $ 39,344 $ 598 $ 171,075 Station operating expenses excluding depreciation and amortization expense 87,915 40,265 7,226 135,406 Corporate expenses excluding depreciation and amortization expense — — 8,894 8,894 Impairment loss — — 2,988 2,988 Depreciation and amortization 2,642 201 903 3,746 Gain on sale of publishing assets, net of disposition costs — (17,491 ) — (17,491 ) Loss on disposal of property and equipment 125 — — 125 Operating income (loss) $ 40,451 $ 16,369 $ (19,413 ) $ 37,407 Nine Months Ended November 30, 2015 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 132,789 $ 46,775 $ 985 $ 180,549 Station operating expenses excluding depreciation and amortization expense 87,925 43,557 5,449 136,931 Corporate expenses excluding depreciation and amortization expense — — 10,116 10,116 Depreciation and amortization 2,528 192 1,665 4,385 Operating income (loss) $ 42,336 $ 3,026 $ (16,245 ) $ 29,117 Total Assets Radio Publishing Corporate & Emerging Technologies Consolidated As of February 29, 2016 $ 271,336 $ 22,060 $ 23,210 $ 316,606 As of November 30, 2016 $ 273,654 $ 10,578 $ 17,835 $ 302,067

Regulatory, Legal and Other Mat

Regulatory, Legal and Other Matters	9 Months Ended
	Nov. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Regulatory, Legal and Other Matters	Regulatory, Legal and Other Matters Emmis is a party to various legal proceedings arising in the ordinary course of business. In the opinion of management of the company, however, there are no legal proceedings pending against the company that we believe are likely to have a material adverse effect on the company. On July 7, 2014, individuals who had been seeking to overturn the FCC’s approval of the transfer of the broadcast licenses for WBLS-FM and WLIB-AM from entities associated with Inner City Broadcasting to YMF (the entities that subsequently sold the two stations to Emmis) filed with the U.S. Court of Appeals for the District of Columbia Circuit a Notice of Appeal of the FCC’s approval of the transfer. The U.S. Court of Appeals for the District of Columbia upheld the license transfer, but the plaintiffs filed a Petition for Writ of Certiorari with the United States Supreme Court. The United States Supreme Court declined to hear the appeal on October 17, 2016. In March 2015, an individual filed a lawsuit in the Federal District Court in New York challenging the transfer of the assets of WBLS-FM and WLIB-AM from Inner City to YMF, and claimed that Emmis had exerted undue influence in securing the FCC's consent to the transfer of the FCC licenses of WBLS-FM and WLIB-AM from YMF to Emmis. The United States District Court for the Southern District of New York dismissed this case on September 14, 2016, and no appeal was timely filed.

Income Taxes

Income Taxes	9 Months Ended
	Nov. 30, 2016
Income Taxes [Abstract]
Income Tax Disclosure [Text Block]	Income Taxes Our effective income tax rate was 17% and 9% for the nine-month periods ended November 30, 2015 and 2016. The Company recorded a valuation allowance for its net deferred tax assets generated during the period, including its net operating loss carryforwards, but excluding deferred tax liabilities related to indefinite-lived intangibles. The provision associated with deferred tax liabilities related to indefinite-lived intangibles is estimated to be approximately $2.5 million for the year ending February 28, 2017.

Significant Events

Significant Events	9 Months Ended
	Nov. 30, 2016
Significant Events [Abstract]
Other Significant Transactions [Text Block]	Other Significant Events Sale of Texas Monthly On November 1, 2016, Emmis closed on its sale of Texas Monthly for gross proceeds of $25.0 million in cash to a subsidiary of Genesis Park, LP. The Company previously announced that it was exploring strategic alternatives for its publishing division, excluding Indianapolis Monthly . Emmis believes that its publishing portfolio has significant brand value and plans to use proceeds from the sale of its publishing properties to repay debt. Emmis received net proceeds of $23.5 million , consisting of the stated purchase price of $25.0 million , net of estimated purchase price adjustments totaling $0.7 million and disposition costs totaling $0.8 million . The $0.8 million of disposition costs primarily relate to Emmis' agreement to reimburse the buyer for severance costs pursuant to a predetermined schedule to the extent that the buyer terminates employees of Texas Monthly prior to February 28, 2017. This amount represents the Company's estimate of the probable amount of exposure under this agreement, which has been accrued and recorded as a reduction of the disposal gain. Additional severance amounts of up to $1.8 million could be incurred during the quarter ended February 28, 2017, if the buyer chooses to terminate additional employees. Any additional severance amounts will be recorded during the quarter ended February 28, 2017, as an adjustment to the disposal gain. Substantially all of the proceeds were used to repay term and revolving loan indebtedness under Emmis’ senior credit facility. Emmis recorded a $17.5 million gain on the sale of Texas Monthly . Texas Monthly had historically been included in our Publishing segment. The following table summarizes certain operating results of Texas Monthly for all periods presented. Pursuant to Accounting Standards Codification 205-20-45-6, interest expense associated with the required Term Loan repayment associated with the sale of Texas Monthly is included in the magazine's results below. The Term Loan repayment is preliminary and may be adjusted for revisions to estimates and the Company's reinvestment of proceeds of the Texas Monthly transaction. See Note 4 for more discussion. Three months ended November 30, Nine Months ended November 30, 2015 2016 2015 2016 Net revenues $ 6,525 $ 4,146 $ 19,454 $ 14,774 Station operating expenses, excluding depreciation and amortization expense 5,415 4,284 16,545 14,367 Depreciation and amortization 30 21 87 84 Operating income 1,080 (159 ) 2,822 323 Interest expense 287 195 840 782 Other expense (income) 3 — (361 ) (7 ) Income before income taxes 790 (354 ) 2,343 (452 ) The following table presents unaudited pro forma consolidated financial information as if the closing of our disposition of Texas Monthly and the related $15.0 million mandatory debt repayment had occurred on March 1, 2015 (in thousands, except per share data): Three Months Ended Nine Months Ended 2015 2016 2015 2016 Net revenues $ 53,089 $ 52,153 $ 161,095 $ 156,301 Station operating expenses, excluding depreciation and amortization 38,239 41,142 120,386 121,039 Consolidated net income 5,178 1,120 10,698 4,135 Net income attributable to the Company 4,758 539 9,124 3,658 Net income per share - basic $ 0.43 $ 0.04 $ 0.83 $ 0.31 Net income per share - diluted $ 0.40 $ 0.04 $ 0.77 $ 0.30 Sale of Terre Haute radio stations On October 12, 2016, Emmis entered into agreements to sell its radio stations in Terre Haute, Indiana. Emmis previously announced that it was exploring strategic alternatives for its Terre Haute radio stations and WLIB-AM in New York. Emmis believes selling these non-core radio stations will help the company to continue to de-lever its balance sheet. Under one purchase agreement, Emmis will sell the assets of WTHI-FM and the intellectual property of WWVR-FM to Midwest Communications, Inc. for gross proceeds of $4.3 , subject to working capital and other closing adjustments. Under another purchase agreement, Emmis will sell the assets of WFNF-AM, WFNB-FM, WWVR-FM (other than the intellectual property for that station) and an FM translator to DLC Media, Inc. for gross proceeds of $0.9 million , subject to working capital and other closing adjustments. The purchase agreements contain customary representations, warranties, covenants and indemnities. Because Midwest Communications is currently at the FCC ownership limits for FM radio stations in the Terre Haute market, Midwest contemporaneously entered into an agreement to sell one of its stations, WDKE-FM, to DLC Media. The closings under these three transactions are cross conditioned. The transactions are subject to FCC approval and other customary closing conditions, and are expected to close on January 30, 2017. The Terre Haute radio stations are included in our Radio segment. The following table summarizes certain operating results for the Terre Haute radio stations for all periods presented: Three months ended November 30, Nine Months ended November 30, 2015 2016 2015 2016 Net revenues $ 614 $ 849 $ 1,950 $ 2,035 Station operating expenses, excluding depreciation and amortization expense 556 741 1,883 1,796 Depreciation and amortization 42 29 119 117 Operating income 16 79 (52 ) 122 Emmis determined that the Terre Haute radio stations met the requirements for held for sale classification as of November 30, 2016. Noncurrent assets related to our Terre Haute radio stations as of February 29, 2016 and November 30, 2016 consisted of property and equipment and FCC Licenses as summarized in the following table. Terre Haute assets held for sale of $1.4 million as of November 30, 2016 are included in other current assets in the accompanying condensed consolidated balance sheets as the Company expects to close on the sale of the stations within the next twelve months. No reclassifications were made to classify Terre Haute assets as held for sale as of February 29, 2016. As of February 29, 2016 As of November 30, 2016 (included in Property and equipment, net and Indefinite-lived intangibles) (included in Other current assets) Property and equipment, net 809 700 Indefinite-lived intangibles 721 721 Total Terre Haute assets held for sale 1,530 1,421 Nasdaq listing requirements On July 26, 2016, the Nasdaq Stock Market LLC ("Nasdaq") informed the Company that the Company was in compliance with all applicable requirements for continued listing of its Class A common stock on Nasdaq. The Company requested and received a hearing before the Nasdaq Hearing Panel regarding the Nasdaq Listing Qualifications Staff's June 7, 2016, determination to delist the Company's Class A common stock due to the Company's non-compliance with the minimum bid price requirement. The Hearing Panel determined the Company had regained compliance with the minimum bid price requirement as a result of the one-for-four reverse stock split adopted July 8, 2016, and is otherwise compliant with all applicable Nasdaq listing criteria. On March 17, 2016, Nasdaq filed with the United States Securities and Exchange Commission Form 25-NSE to formally delist the Company's Preferred Stock from the Nasdaq Global Select Market (formerly listed under the symbol "EMMSP"). The delisting occurred on March 28, 2016. Subsequently, the Company filed a Certification and Notice of Termination of Registration to cause the Preferred Stock to be deregistered under Section 12(g) of the Securities Exchange Act of 1934. Pursuant to the Company's articles of incorporation, each outstanding share of Preferred Stock was automatically converted on April 4, 2016, into the Company's Class A common stock at a ratio of 2.80 shares of Class A common stock for each share of Preferred Stock. Digonex investment On March 1, 2016, June 7, 2016, and September 1, 2016, Emmis contributed an additional $0.5 million to Digonex in the form of convertible debt. As of November 30, 2016. Emmis owns rights that are convertible into at least 79% of the common equity of Digonex. Going private offer On August 18, 2016, the Board of Directors of the Company received a letter from E Acquisition Corporation ("EAC"), an Indiana corporation owned by Jeffrey H. Smulyan, the Company’s Chairman of the Board, Chief Executive Officer and controlling shareholder, setting forth a non-binding proposal by which E Acquisition Corporation (the “Proposing Person”), would acquire all the outstanding shares of Class A Common Stock of the Company that are not owned by the Proposing Person at a cash purchase price of $4.10 per share (the “Proposal”). The Proposal contemplated that, following the closing of the proposed transaction, the Company’s shares would no longer be registered with the Securities and Exchange Commission and the Company would no longer be a reporting company or have any public shares traded on Nasdaq. The Company’s Board of Directors formed a special committee of independent and disinterested directors (the “Special Committee”) to review and evaluate the Proposal. The members of the Special Committee were Susan Bayh and Peter Lund. On October 14, 2016, EAC delivered to the Special Committee a letter (the “Proposal Expiration Letter”) confirming that the offer had expired on October 14, 2016 and had not been extended. The Special Committee engaged independent legal counsel and independent financial advisors to assist the Special Committee in the evaluation of the Proposal. Through November 30, 2016, the Company incurred $0.9 million of costs associated with the Proposal, which are included in corporate expenses, excluding depreciation and amortization expense in the accompanying condensed consolidated statements of operations. No further costs are expected to be incurred in connection with the going private offer as it has expired.

Subsequent Events

Subsequent Events	9 Months Ended
	Nov. 30, 2016
Subsequent Event [Abstract]
Subsequent Events [Text Block]	Subsequent Events Amendment of NextRadio LLC agreement with Sprint On August 9, 2013, NextRadio LLC, a wholly-owned subsidiary of Emmis, entered into an agreement with Sprint whereby Sprint agreed to pre-load the Company's NextRadio smartphone application in a minimum of 30 million FM-enabled wireless devices on the Sprint wireless network over a three-year period. In return, NextRadio LLC agreed to serve as a conduit for the radio industry to pay Sprint $15 million per year in equal quarterly installments over the three year term and to share with Sprint certain revenue generated by the NextRadio application. Emmis has not guaranteed NextRadio LLC's performance under this agreement and Sprint does not have recourse to any Emmis related entity other than NextRadio LLC. Through November 30, 2016, NextRadio LLC had remitted $33.2 million to Sprint under the terms of this agreement. Effective December 8, 2016, NextRadio LLC and Sprint entered into an Amendment of their original agreement. The Amendment calls for NextRadio LLC to make installment payments totaling $6.0 million commencing with a $0.6 million payment that was made on December 12, 2016. Installment payments are to be made periodically, with the last one due on March 15, 2017. Once the installment payments are completed, Sprint will forgive the remaining $5.8 million that it was due under the original agreement. Also in connection with this amendment, NextRadio LLC and Sprint agreed to increase Sprint's share of certain revenue generated by the NextRadio application. NextRadio LLC has received a loan of up to $4.0 million for the sole purpose of fulfilling the payment obligations to Sprint under the Amendment. The loan is to be repaid out of proceeds from sales of enhanced advertising through the NextRadio application. On December 22, 2016, NextRadio LLC received $1.4 million under the loan, which was promptly remitted to Sprint. NextRadio is in discussions with radio broadcasters and other companies involved in the radio industry to fund the remaining installment payments due to Sprint. Modification of Digonex non-recourse debt In December 2016, holders of Digonex secured notes payable agreed to extend the maturity date of the notes from December 31, 2017 to December 31, 2020, provided that the holders of Digonex's unsecured notes payable agree to a similar extension. The notes will continue to accrue interest at 5.0% per annum with interest payable at maturity. Additional investment in Digonex On January 3, 2017, Emmis contributed an additional $0.5 million to Digonex in the form of convertible debt. Subsequent to this contribution, Emmis owns rights that are convertible into approximately 80% of the common equity of Digonex.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Nov. 30, 2016
Accounting Policies [Abstract]
Preparation of Interim Financial Statements	Preparation of Interim Financial Statements Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), the condensed consolidated interim financial statements included herein have been prepared, without audit, by Emmis Communications Corporation (“ECC”) and its subsidiaries (collectively, “our,” “us,” “we,” “Emmis” or the “Company”). As permitted under the applicable rules and regulations of the SEC, certain information and footnote disclosures normally included in financial statements prepared in conformity with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations; however, Emmis believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in the Annual Report for Emmis filed on Form 10-K for the year ended February 29, 2016 . The Company’s results are subject to seasonal fluctuations. Therefore, results shown on an interim basis are not necessarily indicative of results for a full year. In the opinion of Emmis, the accompanying condensed consolidated interim financial statements contain all material adjustments (consisting only of normal recurring adjustments, except as otherwise noted) necessary to present fairly the consolidated financial position of Emmis at November 30, 2016 , the results of its operations for the three-month and nine-month periods ended November 30, 2015 and 2016 , and cash flows for the nine -month periods ended November 30, 2015 and 2016 . There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended February 29, 2016 that have had a material impact on our condensed consolidated financial statements and related notes.
Basic and Diluted Net (Loss) Income Per Common Share	Basic and Diluted Net Income Per Common Share Basic net income per common share is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Potentially dilutive securities at November 30, 2015 and 2016 consisted of stock options and restricted stock awards. Potentially dilutive securities at November 30, 2015 also included Series A non-cumulative convertible preferred stock (the “Preferred Stock”).
Local Programming and Marketing Agreement Fees	Local Programming and Marketing Agreement Fees The Company from time to time enters into local programming and marketing agreements (“LMAs”), often pending regulatory approval of transfer of the Federal Communications Commission ("FCC") licenses in connection with acquisitions or dispositions of radio stations. Under the terms of these agreements, the acquiring company makes specified periodic payments to the holder of the FCC license in exchange for the right to program and sell advertising for a specified portion of the station’s inventory of broadcast time. The acquiring company records revenues and expenses associated with the portion of the station’s inventory of broadcast time it manages. Nevertheless, as the holder of the FCC license, the owner-operator retains control and responsibility for the operation of the station, including responsibility over all programming broadcast on the station. On April 26, 2012, Emmis entered into an LMA with a subsidiary of Disney Enterprises, Inc. for 98.7FM in New York (formerly WRKS-FM and now WEPN-FM, hereinafter referred to as “98.7FM”). The LMA for this station started on April 30, 2012 and will continue until August 31, 2024. Emmis retains ownership and control of the station, including the related FCC license during the term of the LMA and is scheduled to receive an annual fee until the LMA’s termination. LMA fee revenue is recorded on a straight-line basis over the term of the LMA
Restricted Cash	Restricted Cash The Company's restricted cash, included in current assets in the accompanying condensed consolidated balance sheets, totaled $1.5 million and $2.1 million as of February 29, 2016 and November 30, 2016 , respectively. The terms of our 98.7FM non-recourse notes and related agreements discussed in Note 4 restrict a portion of our cash on deposit for specific operating and financing purposes. Restricted cash related to the 98.7FM non-recourse notes and related agreements totaled $1.5 million and $1.4 million as of February 29, 2016 and November 30, 2016 , respectively. In connection with the Company's agreement with Sprint/United Management Company (“Sprint”), the Company collects cash from other participating companies in the radio industry and remits cash collected to Sprint. The entirety of cash collected but not yet remitted to Sprint classified as restricted cash as of November 30, 2016 was $0.6 million . The Company had remitted to Sprint all collected cash related to its agreement as of February 29, 2016.
Valuation of Indefinite-lived Broadcasting Licenses	Valuation of Indefinite-lived Broadcasting Licenses In accordance with ASC Topic 350, Intangibles—Goodwill and Other, the Company’s Federal Communications Commission (“FCC”) licenses are considered indefinite-lived intangibles. These assets, which the Company determined were its only indefinite-lived intangibles, are not subject to amortization, but are tested for impairment at least annually as discussed below. The carrying amounts of the Company’s FCC licenses were $205.1 million as of February 29, 2016 and November 30, 2016 . As of November 30, 2016, $0.7 million of the Company's FCC licenses were classified as held for sale (see Note 10 for more discussion). Pursuant to Emmis’ accounting policy, stations in a geographic market cluster are considered a single unit of accounting, provided that they are not being operated under an LMA with another broadcaster. The Company generally performs its annual impairment test of indefinite-lived intangibles as of December 1 of each year. When indicators of impairment are present, the Company will perform an interim impairment test. During the nine months ended November 30, 2016 , no new or additional impairment indicators emerged; hence, no interim impairment testing was warranted. These impairment tests may result in impairment charges in future periods. Fair value of our FCC licenses is estimated to be the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. To determine the fair value of our FCC licenses, the Company uses an income valuation method when it performs its impairment tests. Under this method, the Company projects cash flows that would be generated by each of its units of accounting assuming the unit of accounting was commencing operations in its respective market at the beginning of the valuation period. This cash flow stream is discounted to arrive at a value for the FCC license. The Company assumes the competitive situation that exists in each market remains unchanged, with the exception that its unit of accounting commenced operations at the beginning of the valuation period. In doing so, the Company extracts the value of going concern and any other assets acquired, and strictly values the FCC license. Major assumptions involved in this analysis include market revenue, market revenue growth rates, unit of accounting audience share, unit of accounting revenue share and discount rate. Each of these assumptions may change in the future based upon changes in general economic conditions, audience behavior, consummated transactions, and numerous other variables that may be beyond our control. When evaluating our radio broadcasting licenses for impairment, the testing is performed at the unit of accounting level as determined by ASC Topic 350-30-35. In our case, radio stations in a geographic market cluster are considered a single unit of accounting, provided that they are not being operated under an LMA.
Valuation of Goodwill	Valuation of Goodwill ASC Topic 350-20-35 requires the Company to test goodwill for impairment at least annually using a two-step process. The first step is a screen for potential impairment, while the second step measures the amount of impairment. The Company conducts the two-step impairment test on December 1 of each fiscal year, unless indications of impairment exist during an interim period. During the quarter ended August 31, 2016, the Company lowered its growth expectations for Digonex for the next several years due to slow client adoption of dynamic pricing services. While the Company continues to believe in the long-term growth prospects of Digonex, the lengthy sales cycle has caused Digonex to perform below expectations to date. Despite lowering near-term growth expectations for Digonex in connection with our annual impairment review for fiscal 2016, which led to a goodwill impairment charge of $0.7 million , performance in the first six months of the current fiscal year indicated that a further revision was appropriate. Our projections now assume Digonex will generate cash flow losses in the short and medium-term. The combination of lower-than-expected current period results, coupled with downward revisions to future revenue projections, resulted in an impairment indicator that caused the Company to assess goodwill and related intangibles on an interim basis during the quarter ended August 31, 2016. The Company's discounted cash flow analysis for Digonex indicated a nominal enterprise value. Therefore, in connection with the interim impairment test, Emmis determined that Digonex's goodwill was fully impaired and recorded an impairment loss of $2.1 million during the quarter ended August 31, 2016. When assessing its goodwill of radio and publishing operations for impairment, the Company generally uses an enterprise valuation approach to determine the fair value of each of the Company’s reporting units (radio stations grouped by market and magazines on an individual basis). Management determines enterprise value for each of its reporting units by multiplying the two-year average station operating income generated by each reporting unit (current year based on actual results and the next year based on budgeted results) by an estimated market multiple. The Company uses a blended station operating income trading multiple of publicly traded radio operators as a benchmark for the multiple it applies to its radio reporting units. There are no publicly traded publishing companies that are focused predominantly on city and regional magazines as is our publishing segment. Therefore, the market multiple used as a benchmark for our publishing reporting units has been based on recently completed transactions within the city and regional magazine industry or analyst reports that include valuations of magazine divisions within publicly traded media conglomerates. Management believes this methodology for valuing radio and publishing properties is a common approach and believes that the multiples used in the valuation are reasonable given our peer comparisons and recent market transactions. To corroborate the step-one reporting unit fair values determined using the market approach described above, management also uses an income approach, which is a discounted cash flow method to determine the fair value of the reporting unit. This enterprise valuation is compared to the carrying value of the reporting unit for the first step of the goodwill impairment test. If the reporting unit exhibits impairment, the Company proceeds to the second step of the goodwill impairment test. For its step-two testing, the enterprise value is allocated among the tangible assets, indefinite-lived intangible assets (FCC licenses valued using a direct-method valuation approach) and unrecognized intangible assets, such as customer lists, with the residual amount representing the implied fair value of the goodwill. To the extent the carrying amount of the goodwill exceeds the implied fair value of the goodwill, the difference is recorded as an impairment charge in the statement of operations.
Definite-lived intangibles	Definite-lived intangibles The Company’s definite-lived intangible assets consist of trademarks, customer lists, and a syndicated programming contract, all of which are amortized over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows.
Fair Value Measurements and Disclosure	Non-Recurring Fair Value Measurements The Company has certain assets that are measured at fair value on a non-recurring basis under circumstances and events that include those described in Note 3, Intangible Assets and Goodwill, and are adjusted to fair value only when the carrying values are more than the fair values. The categorization of the framework used to price the assets is considered a Level 3 measurement due to the subjective nature of the unobservable inputs used to determine the fair value (see Note 3 for more discussion). Fair Value of Other Financial Instruments Certain nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. Assets and liabilities acquired in business combinations are recorded at their fair value as of the date of acquisition. The estimated fair value of financial instruments is determined using the best available market information and appropriate valuation methodologies. Considerable judgment is necessary, however, in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition. The use of different market assumptions may have a material effect on the estimated fair value amounts. The following methods and assumptions were used to estimate the fair value of financial instruments: - Cash and cash equivalents : The carrying amount of these assets approximates fair value because of the short maturity of these instruments. - 2014 Credit Agreement debt : As of November 30, 2016 , the fair value and carrying value, excluding original issue discount, of the Company's 2014 Credit Agreement debt was $144.6 million and $159.0 million , respectively. The Company's estimate of fair value was based on quoted prices of this instrument and is considered a Level 2 measurement. - Other long-term debt : The Company’s 98.7FM non-recourse debt and Digonex non-recourse debt is not actively traded and is considered a level 3 measurement. The Company believes the current carrying value of its other long-term debt approximates its fair value. As defined in ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). Recurring Fair Value Measurements The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of February 29, 2016 and November 30, 2016 . The financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. Available for sale securities — Emmis’ available for sale securities are comprised of preferred stock of a private company that is not traded in active markets and is included in other assets, net in the accompanying condensed consolidated balance sheets. The investment is recorded at fair value, which was generally estimated using significant unobservable market parameters, resulting in a level 3 categorization. The carrying value of our preferred stock investment was determined by using implied valuations of recent rounds of financing and by other corroborating evidence, which may include the application of various valuation methodologies including option-pricing and discounted cash flow based models.
New Accounting Pronouncements	Recent Accounting Pronouncements In November, 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2016-18, Statement of Cash Flows (230): Restricted Cash. This ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This ASU is effective in annual and quarterly periods in fiscal years beginning after December 15, 2017, with early adoption permitted, and requires a retrospective transition method. The Company is currently in the process of evaluating the impact of the adoption of this standard on its statement of cash flows. In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, to clarify the principles used to recognize revenue for all entities. The FASB deferred implementation of this guidance by one year with the issuance of Accounting Standards Update 2015-14. As such, this guidance will be effective for the Company in the first quarter of its fiscal year ending February 28, 2019. The Company is currently evaluating the method of adoption and impact, if any, the adoption of this guidance will have on its financial position and results of operations. In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements - Going Concern - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the fiscal year ending February 28, 2017, and for annual periods and interim periods thereafter. Early adoption is permitted. The adoption of this update is not expected to have an impact on the Company’s consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. This update provides guidance as to when a company using a cloud computing service that includes a software license should capitalize and depreciate the software license. This guidance was effective for the Company as of March 1, 2016. The adoption of this guidance did not have any effect on the Company's financial position, results of operations, or cash flows. In September 2015, the FASB issued Accounting Standards Update 2015-16, Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments. This update requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in the provisional amount as if the accounting had been completed at the acquisition date. This guidance was effective for the Company as of March 1, 2016. The adoption of this guidance did not have any effect on the Company's financial position, results of operations, or cash flows. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842). This update requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This guidance will be effective for the Company as of March 1, 2019. A modified retrospective transition method is required. The Company is currently evaluating the impact the adoption of this guidance will have on its consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update 2016-09, Compensation-Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting (ASU 2016-09) to simplify the accounting for share-based payment transactions, including the income tax consequences, and standardize certain classifications on the statement of cash flows. As permitted by ASU 2016-09, the Company chose to early adopt the provisions of this update as of March 1, 2016. The adoption of this guidance did not have any effect on the Company's financial position, results of operations, or cash flows.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Nov. 30, 2016
Accounting Policies [Abstract]
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 per share: For the three months ended November 30, 2015 November 30, 2016 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 $ 5,548 11,100 $ 0.50 $ 17,676 12,114 $ 1.46 Impact of equity awards — 247 — 273 Impact of conversion of preferred stock into common stock — 529 — — Diluted net income per common share: Net income available to common shareholders $ 5,548 11,876 $ 0.47 $ 17,676 12,387 $ 1.43 For the nine months ended November 30, 2015 November 30, 2016 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 $ 11,467 10,961 $ 1.05 $ 20,697 11,989 $ 1.73 Impact of equity awards — 352 — — 174 — Impact of conversion of preferred stock into common stock — 550 — — — — Diluted net income per common share: Net income available to common shareholders $ 11,467 11,863 $ 0.97 $ 20,697 12,163 $ 1.70
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 month ended November 30, For the nine months ended November 30, 2015 2016 2015 2016 (shares in 000’s ) Equity awards 1,346 1,237 987 1,362 Antidilutive common share equivalents 1,346 1,237 987 1,362
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, 2015 2016 2015 2016 (amounts in 000's) Net revenues $ 2,582 $ 2,582 $ 7,748 $ 7,748 Station operating expenses, excluding depreciation and amortization expense 232 346 748 960 Interest expense 754 699 2,302 2,142
Schedule Of Assets And Liabilities Of Local Programming and Marketing Agreements	Assets and liabilities of 98.7FM as of February 29, 2016 and November 30, 2016 were as follows: As of February 29, As of November 30, 2016 2016 (amounts in 000's) Current assets: Restricted cash $ 1,464 $ 1,430 Prepaid expenses 545 459 Total current assets 2,009 1,889 Noncurrent assets: Property and equipment, net 253 234 Indefinite lived intangibles 49,297 49,297 Deposits and other 5,460 6,042 Total noncurrent assets 55,010 55,573 Total assets $ 57,019 $ 57,462 Current liabilities: Accounts payable and accrued expenses $ 14 $ 28 Current maturities of long-term debt 5,453 5,885 Deferred revenue 779 807 Other current liabilities 223 210 Total current liabilities 6,469 6,930 Noncurrent liabilities: Long-term debt, net of current portion and unamortized debt discount 57,728 53,441 Total noncurrent liabilities 57,728 53,441 Total liabilities $ 64,197 $ 60,371
Noncontrolling Interest	Below is a summary of the noncontrolling interest activity for the nine months ended November 30, 2015 and 2016: Austin radio partnership Digonex Total noncontrolling interests Balance, February 28, 2015 $ 47,883 $ (1,222 ) $ 46,661 Net income (loss) 4,724 (3,150 ) 1,574 Distributions to noncontrolling interests (4,391 ) — (4,391 ) Balance, November 30, 2015 $ 48,216 $ (4,372 ) $ 43,844 Balance, February 29, 2016 $ 47,556 $ (9,159 ) $ 38,397 Net income (loss) 4,453 (3,976 ) 477 Distributions to noncontrolling interests (4,263 ) — (4,263 ) Balance, November 30, 2016 $ 47,746 $ (13,135 ) $ 34,611

Share Based Payments (Tables)

Share Based Payments (Tables)	9 Months Ended
	Nov. 30, 2016
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, 2015 and 2016 : Nine Months Ended November 30, 2015 2016 Risk-Free Interest Rate: 1.3% - 1.4% 0.9% - 1.2% Expected Dividend Yield: 0% 0% Expected Life (Years): 4.3 4.3 Expected Volatility: 57.2% - 64.6% 55.5% - 60.0%
Summary of Stock Options Outstanding and Activity	The following table presents a summary of the Company’s stock options outstanding at November 30, 2016 , and stock option activity during the nine months ended November 30, 2016 (“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 1,948,384 $ 6.36 Granted 179,678 2.42 Exercised 57,738 1.98 Forfeited 12,499 7.12 Expired 21,307 39.59 Outstanding, end of period 2,036,518 5.79 6.4 $ 745 Exercisable, end of period 1,203,843 6.00 4.9 $ 327
Summary of Nonvested Options and Changes	A summary of the Company’s nonvested options at November 30, 2016 , and changes during the nine months ended November 30, 2016 , is presented below: Options Weighted Average Grant Date Fair Value Nonvested, beginning of period 830,803 $ 3.71 Granted 179,678 1.15 Vested 165,307 5.31 Forfeited 12,499 3.62 Nonvested, end of period 832,675 2.84
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, 2016 , and restricted stock activity during the nine months ended November 30, 2016 (“Price” reflects the weighted average share price at the date of grant): Awards Price Grants outstanding, beginning of period 212,995 $ 7.12 Granted 340,461 3.11 Vested (restriction lapsed) 328,001 4.23 Grants outstanding, end of period 225,455 5.27
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, 2015 and 2016 . 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, 2015 2016 2015 2016 Station operating expenses $ 365 $ 221 $ 1,610 $ 755 Corporate expenses 539 480 3,059 1,462 Stock-based compensation expense included in operating expenses $ 904 $ 701 $ 4,669 $ 2,217

Goodwill by Segment (Tables)

Goodwill by Segment (Tables)	9 Months Ended
	Nov. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	The following table summarizes the Company's goodwill by segment as of February 29, 2016 and November 30, 2016 . As of February 29, As of November 30, 2016 2016 Radio $ 4,603 $ 4,603 Publishing 8,036 — Corporate & Emerging Technologies 2,058 — Total Goodwill $ 14,697 $ 4,603

Definite-lived Intangibles (Tab

Definite-lived Intangibles (Tables)	9 Months Ended
	Nov. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets [Table Text Block]	The following table presents the weighted-average useful life, gross carrying amount and accumulated amortization for each major class of definite-lived intangible assets at February 29, 2016 and November 30, 2016 : As of February 29, 2016 As of November 30, 2016 (in 000's) Weighted Average Remaining Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks 8.4 $ 1,240 $ 727 $ 513 $ 756 $ 558 $ 198 Patents N/A 1,815 1,141 674 — — — Customer lists 0.5 1,015 543 472 315 264 51 Programming agreement 4.8 2,154 514 1,640 2,154 734 1,420 TOTAL $ 6,224 $ 2,925 $ 3,299 $ 3,225 $ 1,556 $ 1,669
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	The following table presents the Company's estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangibles: Year ended February 28 (29), Expected Amortization Expense (in 000's) 2017 $ 665 2018 344 2019 317 2020 317 2021 317

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Nov. 30, 2016
Debt Instrument
Schedule of Debt [Table Text Block]	The current calculation of Net Available Proceeds, reinvestments and Term Loan repayments related to the sale of Texas Monthly is as follows: Term Loan Repayments Texas Monthly Sale Gross proceeds from the sale of Texas Monthly $ 25,000 Working capital and other closing adjustments (747 ) Estimate of transaction costs (126 ) Estimate of employee-related transaction costs, including maximum reimbursement to buyer for severance (2,977 ) Subtotal 21,150 Less: Reinvestments - capital expenditures since November 1, 2016 (388 ) Less: Term Loan repayment on November 1, 2016 (15,000 ) Remaining Net Available Proceeds, subject to finalization of estimates and reinvestments $ 5,762
Schedule of Long-term Debt Instruments	Long-term debt was comprised of the following at February 29, 2016 and November 30, 2016 : February 29, November 30, 2014 Credit Agreement debt : Revolver $ 3,000 $ 2,000 Term Loan 181,762 156,955 Total 2014 Credit Agreement debt 184,762 158,955 98.7FM non-recourse debt 65,411 61,356 Digonex non-recourse debt (1) 4,714 5,270 Less: Current maturities (17,573 ) (10,583 ) Less: Unamortized original issue discount (9,287 ) (7,570 ) Total long-term debt $ 228,027 $ 207,428
Schedule Of Maximum Leverage Ratio	Our Total Leverage Ratio and Interest Coverage Ratio (each as defined in the 2014 Credit Agreement) requirements and actual amounts as of November 30, 2016 were as follows: As of November 30, 2016 Covenant Requirement Actual Results Maximum Total Leverage Ratio 6.00 : 1.00 5.53 : 1.00 Minimum Interest Coverage Ratio 2.00 : 1.00 2.32 : 1.00
Schedule of Maturities of Long-term Debt	Based on amounts outstanding at November 30, 2016 , mandatory principal payments of long-term debt for the next five years and thereafter are summarized below: Year Ended 2014 Credit Agreement Digonex Total February 28 (29), Revolver Term Loan 98.7FM Debt Notes payable Payments 2017 $ — $ — $ 1,398 $ — $ 1,398 2018 — 6,265 6,039 6,199 18,503 2019 — 6,265 6,587 — 12,852 2020 2,000 6,265 7,150 — 15,415 2021 — 6,265 7,756 — 14,021 Thereafter — 131,895 32,426 — 164,321 Total $ 2,000 $ 156,955 $ 61,356 $ 6,199 $ 226,510

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Nov. 30, 2016
Fair Value Disclosures [Abstract]
Assets and Liabilities Accounted for at Fair Value on Recurring Basis	The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. As of November 30, 2016 Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total (in 000's) Available for sale securities $ — $ — $ 800 $ 800 Total assets measured at fair value on a recurring basis $ — $ — $ 800 $ 800 As of February 29, 2016 Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total (in 000's) Available for sale securities $ — $ — $ 800 $ 800 Total assets measured at fair value on a recurring basis $ — $ — $ 800 $ 800
Reconciliation of Beginning and Ending Balances for Fair Value Measurements using Significant Unobservable Inputs	The following table shows a reconciliation of the beginning and ending balances for fair value measurements using significant unobservable inputs: For the Nine Months Ended November 30, 2015 2016 Available For Sale Securities Available For Sale Securities Beginning Balance $ 500 $ 800 Purchases — — Ending Balance $ 500 $ 800

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Nov. 30, 2016
Segment Reporting [Abstract]
Results of Operations of Business Segments	Three Months Ended November 30, 2016 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 42,462 $ 13,633 $ 204 $ 56,299 Station operating expenses excluding and depreciation and amortization expense 28,979 13,828 2,619 45,426 Corporate expenses excluding depreciation and amortization expense — — 3,397 3,397 Depreciation and amortization 854 59 219 1,132 Gain on sale of publishing assets, net of disposition costs — (17,491 ) — (17,491 ) Operating income (loss) $ 12,629 $ 17,237 $ (6,031 ) $ 23,835 Three Months Ended November 30, 2015 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 42,634 $ 16,658 $ 322 $ 59,614 Station operating expenses excluding LMA fees and depreciation and amortization expense 27,352 14,310 1,992 43,654 Corporate expenses excluding depreciation and amortization expense — — 2,810 2,810 Depreciation and amortization 934 68 530 1,532 Operating income (loss) $ 14,348 $ 2,280 $ (5,010 ) $ 11,618 Nine Months Ended November 30, 2016 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 131,133 $ 39,344 $ 598 $ 171,075 Station operating expenses excluding depreciation and amortization expense 87,915 40,265 7,226 135,406 Corporate expenses excluding depreciation and amortization expense — — 8,894 8,894 Impairment loss — — 2,988 2,988 Depreciation and amortization 2,642 201 903 3,746 Gain on sale of publishing assets, net of disposition costs — (17,491 ) — (17,491 ) Loss on disposal of property and equipment 125 — — 125 Operating income (loss) $ 40,451 $ 16,369 $ (19,413 ) $ 37,407 Nine Months Ended November 30, 2015 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 132,789 $ 46,775 $ 985 $ 180,549 Station operating expenses excluding depreciation and amortization expense 87,925 43,557 5,449 136,931 Corporate expenses excluding depreciation and amortization expense — — 10,116 10,116 Depreciation and amortization 2,528 192 1,665 4,385 Operating income (loss) $ 42,336 $ 3,026 $ (16,245 ) $ 29,117 Total Assets Radio Publishing Corporate & Emerging Technologies Consolidated As of February 29, 2016 $ 271,336 $ 22,060 $ 23,210 $ 316,606 As of November 30, 2016 $ 273,654 $ 10,578 $ 17,835 $ 302,067

Significant Events (Tables)

Significant Events (Tables)	9 Months Ended
	Nov. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pro Forma Results, Business Dispositions	The following table presents unaudited pro forma consolidated financial information as if the closing of our disposition of Texas Monthly and the related $15.0 million mandatory debt repayment had occurred on March 1, 2015 (in thousands, except per share data): Three Months Ended Nine Months Ended 2015 2016 2015 2016 Net revenues $ 53,089 $ 52,153 $ 161,095 $ 156,301 Station operating expenses, excluding depreciation and amortization 38,239 41,142 120,386 121,039 Consolidated net income 5,178 1,120 10,698 4,135 Net income attributable to the Company 4,758 539 9,124 3,658 Net income per share - basic $ 0.43 $ 0.04 $ 0.83 $ 0.31 Net income per share - diluted $ 0.40 $ 0.04 $ 0.77 $ 0.30
Disclosure of Long Lived Assets Held-for-sale	Noncurrent assets related to our Terre Haute radio stations as of February 29, 2016 and November 30, 2016 consisted of property and equipment and FCC Licenses as summarized in the following table. Terre Haute assets held for sale of $1.4 million as of November 30, 2016 are included in other current assets in the accompanying condensed consolidated balance sheets as the Company expects to close on the sale of the stations within the next twelve months. No reclassifications were made to classify Terre Haute assets as held for sale as of February 29, 2016. As of February 29, 2016 As of November 30, 2016 (included in Property and equipment, net and Indefinite-lived intangibles) (included in Other current assets) Property and equipment, net 809 700 Indefinite-lived intangibles 721 721 Total Terre Haute assets held for sale 1,530 1,421
Texas Monthly
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Results of Operations of Disposal Groups	The following table summarizes certain operating results of Texas Monthly for all periods presented. Pursuant to Accounting Standards Codification 205-20-45-6, interest expense associated with the required Term Loan repayment associated with the sale of Texas Monthly is included in the magazine's results below. The Term Loan repayment is preliminary and may be adjusted for revisions to estimates and the Company's reinvestment of proceeds of the Texas Monthly transaction. See Note 4 for more discussion. Three months ended November 30, Nine Months ended November 30, 2015 2016 2015 2016 Net revenues $ 6,525 $ 4,146 $ 19,454 $ 14,774 Station operating expenses, excluding depreciation and amortization expense 5,415 4,284 16,545 14,367 Depreciation and amortization 30 21 87 84 Operating income 1,080 (159 ) 2,822 323 Interest expense 287 195 840 782 Other expense (income) 3 — (361 ) (7 ) Income before income taxes 790 (354 ) 2,343 (452 )
Terre Haute Cluster
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Results of Operations of Disposal Groups	The following table summarizes certain operating results for the Terre Haute radio stations for all periods presented: Three months ended November 30, Nine Months ended November 30, 2015 2016 2015 2016 Net revenues $ 614 $ 849 $ 1,950 $ 2,035 Station operating expenses, excluding depreciation and amortization expense 556 741 1,883 1,796 Depreciation and amortization 42 29 119 117 Operating income 16 79 (52 ) 122

Summary of Significant Accoun29

Summary of Significant Accounting Policies Calculation of Basic and Diluted Net Income Per Share from Continuing Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Basic net income per common share:
Net income available to common shareholders	$ 17,676	$ 5,548	$ 20,697	$ 11,467
Impact of conversion of preferred stock into common stock	$ 0		$ 0
Basic shares:
Basic weighted average common shares outstanding (in shares)	12,114	11,100	11,989	10,961
Impact of equity awards (in shares)	273	247	174	352
Impact of conversion of preferred stock into common stock (in shares)	0	529	0	550
Diluted shares:
Diluted weighted average common shares outstanding (in shares)	12,387	11,876	12,163	11,863
Basic net income per common share:
Net income available to common shareholders from continuing operations, per basic shares (in dollars per share)	$ 1.46	$ 0.50	$ 1.73	$ 1.05
Diluted net income per common share:
Net income available to common shareholders from continuing operations, per dilutive shares (in dollars per share)	$ 1.43	$ 0.47	$ 1.70	$ 0.97

Summary of Significant Accoun30

Summary of Significant Accounting Policies Shares Excluded from Calculation as Effect of Conversion into Shares of Common Stock (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common share equivalents	1,237	1,346	1,362	987
Equity awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common share equivalents	1,237	1,346	1,362	987

Summary of Significant Accoun31

Summary of Significant Accounting Policies Summary of Restricted Cash (Details) - USD ($) $ in Thousands	Nov. 30, 2016	Feb. 29, 2016
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 2,095	$ 1,464
Nonrecourse Notes
Cash and Cash Equivalents [Line Items]
Restricted cash	1,400	$ 1,500
Sprint/NextRadio Agreement
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 600

Summary of Significant Accoun32

Summary of Significant Accounting Policies Operating Results of Local Programming and Marketing Agreement Fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Segment Reporting Information [Line Items]
Net revenues	$ 56,299	$ 59,614	$ 171,075	$ 180,549
Station operating expenses excluding LMA fees and depreciation and amortization expense	45,426	43,654	135,406	136,931
Interest expense	4,481	4,768	13,929	14,259
98.7 FM
Segment Reporting Information [Line Items]
Net revenues	2,582	2,582	7,748	7,748
Station operating expenses excluding LMA fees and depreciation and amortization expense	346	232	960	748
Interest expense	$ 699	$ 754	$ 2,142	$ 2,302

Summary of Significant Accoun33

Summary of Significant Accounting Policies Assets and Liabilities of Local Programming and Marketing Agreement Fees (Details) - USD ($) $ in Thousands	Nov. 30, 2016	Feb. 29, 2016
Segment Reporting Information [Line Items]
Prepaid expenses	$ 6,725	$ 7,413
Total current assets	52,077	51,691
Property and equipment, net	30,678	33,843
Indefinite-lived intangibles	204,443	205,129
Total assets	302,067	316,606
Other current liabilities	5,321	5,775
Total current liabilities	37,519	51,285
Long-term debt, net of current portion	207,428	228,027
Other noncurrent liabilities	6,847	7,728
Total liabilities	297,409	330,755
98.7 FM
Segment Reporting Information [Line Items]
Restricted cash	1,430	1,464
Prepaid expenses	459	545
Total current assets	1,889	2,009
Property and equipment, net	234	253
Indefinite-lived intangibles	49,297	49,297
Deposits and other	6,042	5,460
Total noncurrent assets	55,573	55,010
Total assets	57,462	57,019
Accounts payable and accrued expenses	28	14
Current maturities of long-term debt	5,885	5,453
Deferred revenue	807	779
Other current liabilities	210	223
Total current liabilities	6,930	6,469
Long-term debt, net of current portion	53,441	57,728
Total noncurrent liabilities	53,441	57,728
Total liabilities	$ 60,371	$ 64,197

Summary of Significant Accoun34

Summary of Significant Accounting Policies Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Noncontrolling Interest [Line Items]
Beginning balance			$ 38,397	$ 46,661
Net income (loss)	$ (581)	$ (420)	(477)	(1,574)
Distributions to noncontrolling interests			(4,263)	(4,391)
Ending balance	34,611	43,844	34,611	43,844
Austin Radio Partnership [Member]
Noncontrolling Interest [Line Items]
Beginning balance			47,556	47,883
Net income (loss)			(4,453)	4,724
Distributions to noncontrolling interests			(4,263)	(4,391)
Ending balance	47,746	48,216	47,746	48,216
Digonex [Member]
Noncontrolling Interest [Line Items]
Beginning balance			(9,159)	(1,222)
Net income (loss)			3,976	3,150
Distributions to noncontrolling interests			0	0
Ending balance	$ (13,135)	$ (4,372)	$ (13,135)	$ (4,372)

Summary of Significant Accoun35

Summary of Significant Accounting Policies Noncontrolling Interests - Additional Information (Details)	9 Months Ended
	Nov. 30, 2016
Austin Radio Partnership [Member]
Noncontrolling Interest [Line Items]
Percentage Of Controlling Interest	50.10%

Summary of Significant Accoun36

Summary of Significant Accounting Policies Reverse Stock Split (Details)	Jul. 08, 2016
Reverse Stock Split [Abstract]
Stockholders' Equity Note, Stock Split, Conversion Ratio	0.25

Share Based Payments Assumption

Share Based Payments Assumptions used to Calculate Fair Value of Options on Date of Grant (Details)	9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Dividend Yield:	0.00%	0.00%
Expected Life (Years):	4 years 3 months 12 days	4 years 3 months 12 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-Free Interest Rate:	0.90%	1.30%
Expected Volatility:	55.50%	57.20%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-Free Interest Rate:	1.20%	1.40%
Expected Volatility:	60.00%	64.60%

Share Based Payments - Addition

Share Based Payments - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from Stock Options Exercised			$ 0	$ 100,000
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options			$ 0	$ 0
Stock options granted, term			10 years
Stock options vesting period			3 years
Annual percentage over three years			33.33%
Stock options weighted average grant date fair value			$ 1.15	$ 4.04
Shares available for future grants	1.4		1.4
Restricted stock awards requisite service period			3 years
Grant date fair value of shares vested			$ 1,400,000	$ 2,800,000
Compensation expenses	$ 701,000	$ 904,000	2,217,000	$ 4,669,000
Unrecognized compensation cost	$ 1,600,000		$ 1,600,000
Compensation cost of weighted average period			1 year 4 months
Other Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	0.3		0.3
Two Thousand Sixteen Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	1.1		1.1
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-Free Interest Rate:			0.90%	1.30%
Vesting dates of outstanding options			2017-01
Expiration dates of options			2017-03
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-Free Interest Rate:			1.20%	1.40%
Vesting dates of outstanding options			2019-07
Expiration dates of options			2016-09

Share Based Payments Summary of

Share Based Payments Summary of Stock Options Outstanding and Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Nov. 30, 2016USD ($)$ / sharesshares
Options
Outstanding, beginning of period | shares	1,948,384
Granted | shares	179,678
Exercised | shares	1,203,843
Forfeited | shares	12,499
Expired | shares	21,307
Outstanding, end of period | shares	2,036,518
Price
Outstanding, beginning of period	$ 6.36
Granted	2.42
Expired or exchanged	39.59
Outstanding, end of period	5.79
Exercisable, end of period	$ 6
Outstanding	6 years 160 days
Exercised	$ 1.98	[1]
Forfeited	$ 7.12
Exercisable, end of period	4 years 320 days
Outstanding, end of period | $	$ 745
Exercisable, end of period | $	$ 327
[1]	Cash received from option exercises for the nine months ended November 30, 2015 and 2016 was $0.1 million in both periods. The Company did not record an income tax benefit relating to the options exercised during the nine months ended November 30, 2015 or 2016.

Share Based Payments Summary 40

Share Based Payments Summary of Nonvested Options and Changes (Details)	9 Months Ended
	Nov. 30, 2016$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share Based Compensation Share Based Payment Awards Option Forfeited In Period Weighted Average Grant Date Fair Value	$ 3.62
Options
Nonvested, beginning of period | shares	830,803
Granted | shares	179,678
Vested | shares	165,307
Nonvested, end of period | shares	832,675
Weighted Average Grant Date Fair Value
Nonvested, beginning of period	$ 3.71
Granted	1.15
Vested	5.31
Nonvested, end of period	$ 2.84

Share Based Payments Summary 41

Share Based Payments Summary of Restricted Stock Grants Outstanding and Activity (Details) - Restricted Stock	9 Months Ended
	Nov. 30, 2016$ / sharesshares
Awards
Grants outstanding, beginning of period | shares	212,995
Granted | shares	340,461
Vested (restriction lapsed) | shares	328,001
Grants outstanding, end of period | shares	225,455
Price
Grants outstanding, beginning of period | $ / shares	$ 7.12
Granted | $ / shares	3.11
Vested (restriction lapsed) | $ / shares	4.23
Grants outstanding, end of period | $ / shares	$ 5.27

Share Based Payments Stock-Base

Share Based Payments Stock-Based Compensation Expense and Related Tax Benefits Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 701	$ 904	$ 2,217	$ 4,669
Station operating expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	221	365	755	1,610
Corporate expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 480	$ 539	$ 1,462	$ 3,059

Intangible Assets and Goodwill

Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015	Feb. 29, 2016
Intangible Assets And Goodwill [Line Items]
Impairment loss on intangible assets	$ 0	$ 0	$ 2,988	$ 0
Carrying amount of indefinite-lived intangibles	205,100		205,100
Goodwill	4,603		4,603		$ 14,697
Indefinite-lived intangibles classified as held for sale	700		700
Goodwill [Member]
Intangible Assets And Goodwill [Line Items]
Impairment loss on intangible assets			2,100		700
Radio
Intangible Assets And Goodwill [Line Items]
Impairment loss on intangible assets			0
Goodwill	4,603		4,603		4,603
Publishing
Intangible Assets And Goodwill [Line Items]
Impairment loss on intangible assets			0
Goodwill	$ 0		$ 0		8,036
Finite-Lived Intangible Assets [Member]
Intangible Assets And Goodwill [Line Items]
Impairment loss on intangible assets					$ 900

Intangible Assets and Goodwil44

Intangible Assets and Goodwill Goodwill by Segment (Details) - USD ($) $ in Thousands	Nov. 30, 2016	Feb. 29, 2016
Goodwill	$ 4,603	$ 14,697
Radio
Goodwill	4,603	4,603
Publishing
Goodwill	0	8,036
Corporate and Emerging Technologies [Member]
Goodwill	$ 0	$ 2,058

Intangible Assets and Goodwil45

Intangible Assets and Goodwill Definite-lived Intangibles (Details) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2016	Feb. 29, 2016
Definite-Lived Intangible Assets [Line Items]
Definite-Lived Trademarks, Gross	$ 3,225	$ 6,224
Definite-Lived Intangible Assets, Accumulated Amortization	1,556	2,925
Other intangibles, net	$ 1,669	3,299
Trademarks
Definite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	8 years 4 months 15 days
Definite-Lived Trademarks, Gross	$ 756	1,240
Definite-Lived Intangible Assets, Accumulated Amortization	558	727
Other intangibles, net	198	513
Patents
Definite-Lived Intangible Assets [Line Items]
Definite-Lived Trademarks, Gross	0	1,815
Definite-Lived Intangible Assets, Accumulated Amortization	0	1,141
Other intangibles, net	$ 0	674
Customer-Related Intangible Assets
Definite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	6 months 15 days
Definite-Lived Trademarks, Gross	$ 315	1,015
Definite-Lived Intangible Assets, Accumulated Amortization	264	543
Other intangibles, net	$ 51	472
Contract-Based Intangible Assets
Definite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	4 years 9 months 15 days
Definite-Lived Trademarks, Gross	$ 2,154	2,154
Definite-Lived Intangible Assets, Accumulated Amortization	734	514
Other intangibles, net	$ 1,420	$ 1,640

Intangible Assets and Goodwil46

Intangible Assets and Goodwill Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Nov. 30, 2015	Nov. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 500	$ 600
Estimate of amortization expense related to intangible assets:
2,016		665
2,017		344
2,018		317
2,019		317
2,020		$ 317

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail)	Nov. 01, 2016USD ($)	Apr. 30, 2015USD ($)	Jun. 10, 2014USD ($)	Nov. 30, 2016USD ($)	Nov. 01, 2016USD ($)	Nov. 30, 2016USD ($)	Feb. 29, 2016USD ($)	Jun. 16, 2014USD ($)	May 30, 2012USD ($)
Debt Instrument
Unamortized discount on issuance of debt				$ 7,570,000		$ 7,570,000	$ 9,287,000
Repayments of Debt						15,000,000
Asset Sale Proceeds Subject to Reinvestment	$ 10,000,000
Debt Instrument, Periodic Payments, Quarterly Amounts Due				1,600,000	$ 2,300,000
98.7FM Non-recourse debt
Debt Instrument
Face amount of debt									$ 82,200,000
Interest rate during period									4.10%
Non-recourse debt				61,356,000		61,356,000	65,411,000
Digonex Non-recourse debt
Debt Instrument
Face amount of debt								$ 6,200,000
Interest rate during period								5.00%
Non-recourse debt				5,270,000		5,270,000	4,714,000	$ 3,600,000
Maximum
Debt Instrument
Debt Compliance Consolidated EBITDA permitted addback, Going Private not approved						2,500,000
Debt Compliance Consolidated EBITDA permitted addback, Going Private approved						8,000,000
98.7FM Non-recourse debt
Debt Instrument
Unamortized discount on issuance of debt				2,000,000		2,000,000	(2,200,000)
Revolver
Debt Instrument
Repayments of Debt	8,500,000
Digonex Non-recourse debt | Non-recourse debt
Debt Instrument
Face amount of debt				6,200,000		6,200,000
Two Thousand Fourteen Credit Agreement
Debt Instrument
Total Credit Agreement debt				158,955,000		$ 158,955,000	184,762,000
Provision for credit facility increase			$ 20,000,000
Borrowings on revolving credit facility			13,000,000
Percentage of principal due in quarterly installments						1.00%
Commitment Fee, Percentage of Line of Credit and Term Loan						5000.00%
Commitment fee						0.50%
Unamortized discount on issuance of debt			7,100,000	5,500,000		$ 5,500,000
Contingent debt amendment fee						0.50%
Two Thousand Fourteen Credit Agreement | Term Loan
Debt Instrument
Total Credit Agreement debt				156,955,000		$ 156,955,000	181,762,000
Maximum borrowing capacity			185,000,000
Face amount of debt			185,000,000
Proceeds from issuance of debt			109,000,000
Long-term debt held in escrow			76,000,000
Two Thousand Fourteen Credit Agreement | Revolver
Debt Instrument
Total Credit Agreement debt				$ 2,000,000		2,000,000	$ 3,000,000
Maximum borrowing capacity			20,000,000
Two Thousand Fourteen Credit Agreement | Letter of Credit
Debt Instrument
Maximum borrowing capacity			5,000,000
First Amendment to Two Thousand Fourteen Credit Agreement
Debt Instrument
Amortization of financing costs						$ 1,000,000
Debt covenant increased leverage ratio amount						6
Debt covenant maximum severance expense excluded from consolidated EBITDA						$ 5,000,000
Debt covenant, maximum losses attributable to reformatting of radio stations included in consolidated EBITDA						$ 2,500,000
Prepayment fee, percentage						1.00%
Increase in basis spread on variable rate						0.25%
Debt covenant, leverage ratio threshold for applicable margin						5
Second Amendment to Two Thousand Fourteen Credit Agreement [Member]
Debt Instrument
Debt Instrument, Periodic Payment, Percentage of Principal Due in Quarterly Installments, Period One		0.50%
Debt Instrument, Periodic Payment, Percentage of Principal Due in Quarterly Installments, Period Two		1.25%
Amortization of financing costs		$ 1,100,000
Debt Instrument, Debt Covenant, Leverage Ratio, Period One, Maximum		6.75
Debt Instrument, Debt Covenant, Leverage Ratio, Period Two, Maximum		6.50
Debt Instrument, Debt Covenant, Leverage Ratio, Period Three, Maximum		6.25
Debt Instrument, Debt Covenant, Leverage Ratio, Period Four, Maximum		6
Debt Instrument, Debt Covenant, Leverage Ratio, Period Five, Maximum		5.75
Debt Instrument, Debt Covenant, Leverage Ratio, Period Six, Maximum		4
Debt Instrument, Prepayment Fee, Period One, Percentage		2.00%
Debt Instrument, Prepayment Fee, Period Two, Percentage		1.00%
Term Loan
Debt Instrument
Repayments of Debt	$ 15,000,000
Base Rate | Two Thousand Fourteen Credit Agreement
Debt Instrument
Minimum interest rate as a percentage						2.00%
Basis spread on interest rate						3.75%
Base Rate | Second Amendment to Two Thousand Fourteen Credit Agreement [Member]
Debt Instrument
Basis spread on interest rate		5.00%
London Interbank Offered Rate (LIBOR) | Two Thousand Fourteen Credit Agreement
Debt Instrument
Minimum interest rate as a percentage						1.00%
Basis spread on interest rate						4.75%
London Interbank Offered Rate (LIBOR) | Second Amendment to Two Thousand Fourteen Credit Agreement [Member]
Debt Instrument
Basis spread on interest rate		6.00%
WBLS-FM and WLIB-AM
Debt Instrument
Cash paid at first closing			55,000,000
Cash payable at second closing			$ 76,000,000

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Nov. 30, 2016	Feb. 29, 2016	Jun. 16, 2014	Jun. 10, 2014
Debt Instrument
Less: Current maturities	$ 10,583	$ 17,573
Less: Unamortized original issue discount	7,570	9,287
Total long-term debt	207,428	228,027
98.7FM Non-recourse debt
Debt Instrument
Non-recourse debt	61,356	65,411
Digonex Non-recourse debt
Debt Instrument
Non-recourse debt	5,270	4,714	$ 3,600
Two Thousand Fourteen Credit Agreement
Debt Instrument
Total Credit Agreement debt	158,955	184,762
Less: Unamortized original issue discount	5,500			$ 7,100
Revolver | Two Thousand Fourteen Credit Agreement
Debt Instrument
Total Credit Agreement debt	2,000	3,000
Term Loan | Two Thousand Fourteen Credit Agreement
Debt Instrument
Total Credit Agreement debt	$ 156,955	$ 181,762

Long-term Debt - Schedule of Ma

Long-term Debt - Schedule of Maximum Leverage Ratio (Details) - Two Thousand Fourteen Credit Agreement	Nov. 30, 2016
Covenant Requirement
Line of Credit Facility
Maximum Total Leverage Ratio	6
Minimum Interest Coverage Ratio	2
Actual Results
Line of Credit Facility
Maximum Total Leverage Ratio	5.53
Minimum Interest Coverage Ratio	2.32

Long-term Debt - Schedule of 50

Long-term Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Nov. 30, 2016USD ($)
Debt Instrument
2,015	$ 1,398
2,016	18,503
2,017	12,852
2,018	15,415
2,019	14,021
Thereafter	164,321
Total long-term debt	226,510
98.7FM Non-recourse debt
Debt Instrument
2,015	1,398
2,016	6,039
2,017	6,587
2,018	7,150
2,019	7,756
Thereafter	32,426
Total long-term debt	61,356
Digonex Non-recourse debt
Debt Instrument
2,015	0
2,016	6,199
2,017	0
2,018	0
2,019	0
Thereafter	0
Total long-term debt	6,199
Revolver | Two Thousand Fourteen Credit Agreement
Debt Instrument
2,015	0
2,016	0
2,017	0
2,018	2,000
2,019	0
Thereafter	0
Total long-term debt	2,000
Term Loan | Two Thousand Fourteen Credit Agreement
Debt Instrument
2,015	0
2,016	6,265
2,017	6,265
2,018	6,265
2,019	6,265
Thereafter	131,895
Total long-term debt	$ 156,955

Long-term Debt Long-term Debt -

Long-term Debt Long-term Debt - Schedule of Net Available Proceeds from the sale of Texas Monthly (Details)	9 Months Ended
	Nov. 30, 2016USD ($)
Debt Instrument
Gross Proceeds from Divestiture of Business	$ 25,000,000
Divestiture Working Capital Adjustments	(747,000)
Business Divestiture Disposition Costs Exclusive of Severance	(126,000)
Severance Costs	(2,977,000)
Maximum Potential Net Available Proceeds Prior to Reinvestments	21,150,000
Reinvestment of Net Available Proceeds	(388,000)
Repayments of Debt	(15,000,000)
Remaining Net Available Proceeds	5,762,000
Texas Monthly
Debt Instrument
Gross Proceeds from Divestiture of Business	25,000,000
Divestiture Working Capital Adjustments	(700,000)
Maximum | Texas Monthly
Debt Instrument
Severance Costs	$ (1,800,000)

Fair Value Measurements Assets

Fair Value Measurements Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Nov. 30, 2016	Feb. 29, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	$ 800	$ 800
Total assets measured at fair value on a recurring basis	800	800
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	800	800
Total assets measured at fair value on a recurring basis	$ 800	$ 800

Fair Value Measurements Reconci

Fair Value Measurements Reconciliation of Beginning and Ending Balances for Fair Value Measurements using Significant Unobservable Inputs (Details) - Available For Sale Securities - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 800	$ 500
Purchases	0	0
Ending Balance	$ 800	$ 500

Fair Value Measurements Additio

Fair Value Measurements Additional Information (Details) $ in Millions	Nov. 30, 2016USD ($)
Fair Value Measurements Additional Detail [Abstract]
Long-term Debt, Fair Value	$ 144.6

Segment Information Results of

Segment Information Results of Operations of Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015	Feb. 29, 2016
Segment Reporting Information [Line Items]
Net revenues	$ 56,299	$ 59,614	$ 171,075	$ 180,549
Station operating expenses excluding LMA fees and depreciation and amortization expense	45,426	43,654	135,406	136,931
Corporate expenses excluding depreciation and amortization expense	3,397	2,810	8,894	10,116
Impairment loss on intangible assets	0	0	2,988	0
Depreciation and amortization	1,132	1,532	3,746	4,385
Gain on sale of publishing assets, net of disposition costs	(17,491)	0	(17,491)	0
Loss on disposal of property and equipment		0	(125)	0
Operating income (loss)	23,835	11,618	37,407	29,117
Total Assets	302,067		302,067		$ 316,606
Radio
Segment Reporting Information [Line Items]
Net revenues	42,462	42,634	131,133	132,789
Station operating expenses excluding LMA fees and depreciation and amortization expense	28,979	27,352	87,915	87,925
Corporate expenses excluding depreciation and amortization expense	0	0	0	0
Impairment loss on intangible assets			0
Depreciation and amortization	854	934	2,642	2,528
Gain on sale of publishing assets, net of disposition costs	0		0
Loss on disposal of property and equipment			(125)
Operating income (loss)	12,629	14,348	40,451	42,336
Total Assets	273,654		273,654		271,336
Publishing
Segment Reporting Information [Line Items]
Net revenues	13,633	16,658	39,344	46,775
Station operating expenses excluding LMA fees and depreciation and amortization expense	13,828	14,310	40,265	43,557
Corporate expenses excluding depreciation and amortization expense	0	0	0	0
Impairment loss on intangible assets			0
Depreciation and amortization	59	68	201	192
Gain on sale of publishing assets, net of disposition costs	(17,491)		(17,491)
Loss on disposal of property and equipment			0
Operating income (loss)	17,237	2,280	16,369	3,026
Total Assets	10,578		10,578		22,060
Corporate
Segment Reporting Information [Line Items]
Net revenues	204	322	598	985
Station operating expenses excluding LMA fees and depreciation and amortization expense	2,619	1,992	7,226	5,449
Corporate expenses excluding depreciation and amortization expense	3,397	2,810	8,894	10,116
Impairment loss on intangible assets			2,988
Depreciation and amortization	219	530	903	1,665
Gain on sale of publishing assets, net of disposition costs	0		0
Loss on disposal of property and equipment			0
Operating income (loss)	(6,031)	$ (5,010)	(19,413)	$ (16,245)
Total Assets	$ 17,835		$ 17,835		$ 23,210

Income Taxes Additional Informa

Income Taxes Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Feb. 28, 2017
Deferred Tax Provision [Line Items]
Provision for deferred income taxes	$ 1,900	$ 2,523
Effective Income Tax Rate	9.00%	17.00%
Scenario, Forecast [Member]
Deferred Tax Provision [Line Items]
Provision for deferred income taxes			$ 2,500

Significant Events Additional I

Significant Events Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 02, 2016	Aug. 05, 2016	Jun. 07, 2016	Mar. 02, 2016	Nov. 30, 2016	Apr. 04, 2016
Business Acquisition [Line Items]
Number Of Preferred Stock Converted Into Common Stock						2.80
Proposed Merger Per Share Amount		$ 4.10
Potential Going Private Transaction Costs					$ 0.9
Digonex [Member]
Business Acquisition [Line Items]
Business Combination, Additional Convertible Rights Acquired, Total Equity Interest in Acquiree, Percentage					79.00%
Investments in Consolidated Subsidiary	$ 0.5		$ 0.5	$ 0.5

Significant Events Results of T

Significant Events Results of Texas Monthly (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
NET REVENUES	$ 56,299	$ 59,614	$ 171,075	$ 180,549
Station operating expenses excluding LMA fees and depreciation and amortization expense	45,426	43,654	135,406	136,931
Depreciation and amortization	1,132	1,532	3,746	4,385
Operating Income (Loss)	23,835	11,618	37,407	29,117
Interest expense	4,481	4,768	13,929	14,259
Other income, net	10	7	142	845
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	18,886	6,857	23,142	15,703
Texas Monthly
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
NET REVENUES	4	7	15	19
Station operating expenses excluding LMA fees and depreciation and amortization expense	4	5	14	17
Depreciation and amortization	0	0	0	0
Operating Income (Loss)	0	1	0	3
Interest expense	0	0	1	1
Other income, net	0	0	0	0
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	$ 0	$ 1	$ 0	$ 2

Significant Events Pro Forma Re

Significant Events Pro Forma Results - Texas Monthly Disposition (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business Disposition, Pro Forma Net Revenues	$ 52,153	$ 53,089	$ 156,301	$ 161,095
Business Disposition, Pro Forma Operating Expenses	41,142	38,239	121,039	120,386
Business Disposition, Pro Forma Consolidated Net Income	1,120	5,178	4,135	10,698
Business Disposition, Pro Forma Net Income Available to the Company	$ 539	$ 4,758	$ 3,658	$ 9,124
Basic Earnings Per Share, Pro Forma	$ 0.04	$ 0.43	$ 0.31	$ 0.83
Diluted Earnings Per Share Pro Forma	$ 0.04	$ 0.40	$ 0.30	$ 0.77

Significant Events Results of60

Significant Events Results of Terre Haute (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
NET REVENUES	$ 56,299	$ 59,614	$ 171,075	$ 180,549
Station operating expenses excluding LMA fees and depreciation and amortization expense	45,426	43,654	135,406	136,931
Depreciation and amortization	1,132	1,532	3,746	4,385
Operating Income (Loss)	23,835	11,618	37,407	29,117
Terre Haute Cluster
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
NET REVENUES	1	1	2	2
Station operating expenses excluding LMA fees and depreciation and amortization expense	1	1	2	2
Depreciation and amortization	0	0	0	0
Operating Income (Loss)	$ 0	$ 0	$ 0	$ 0

Significant Events Assets held

Significant Events Assets held for sale (Details) - USD ($) $ in Thousands	Nov. 30, 2016	Feb. 29, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
PROPERTY AND EQUIPMENT, NET	$ 30,678	$ 33,843
Indefinite-Lived Intangible Assets (Excluding Goodwill)	204,443	205,129
Terre Haute Cluster
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
PROPERTY AND EQUIPMENT, NET	700	809
Indefinite-Lived Intangible Assets (Excluding Goodwill)	721	721
Disposal Group, Including Discontinued Operation, Assets, Noncurrent		$ 1,530
Disposal Group, Including Discontinued Operation, Assets, Current	$ 1,421

Significant Events Additional D

Significant Events Additional Details - Sale of Businesses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2016	Nov. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Proceeds from Divestiture of Business			$ 25,000,000
Divestiture Working Capital Adjustments			747,000
Severance Costs			2,977,000
Gain (Loss) on Disposition of Business	$ 17,491,000	$ 0	17,491,000	$ 0
Texas Monthly
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mandatory Repayment of Debt, Divestiture Proceeds			15,000,000
Gross Proceeds from Divestiture of Business			25,000,000
Net Proceeds from Divestiture of Businesses			23,500,000
Stated Purchase Price for Divestiture of Business			25,000,000
Divestiture Working Capital Adjustments			700,000
Business Divestiture Disposition Costs			800,000
Gain (Loss) on Disposition of Business			(17,500,000)
Maximum | Texas Monthly
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Severance Costs			1,800,000
Midwest Communications Inc | Terre Haute Cluster
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stated Purchase Price for Divestiture of Business			4,300,000
DLC Media Inc | Terre Haute Cluster
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stated Purchase Price for Divestiture of Business			$ 900,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jan. 03, 2017	Dec. 22, 2016	Dec. 08, 2016	Nov. 30, 2016	Dec. 31, 2016	Jun. 16, 2014	Aug. 09, 2013
Subsequent Event [Line Items]
FM Enabled Smartphones				30,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Other Loans Payable					$ 4,000,000
Digonex [Member]
Subsequent Event [Line Items]
Business Combination, Additional Convertible Rights Acquired, Total Equity Interest in Acquiree, Percentage				79.00%
Digonex [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Convertible Debt	$ 500,000
Business Combination, Additional Convertible Rights Acquired, Total Equity Interest in Acquiree, Percentage	80.00%
Digonex Non-recourse debt
Subsequent Event [Line Items]
Interest rate during period						5.00%
Digonex Non-recourse debt | Subsequent Event [Member]
Subsequent Event [Line Items]
Interest rate during period					5.00%
Sprint/NextRadio Agreement
Subsequent Event [Line Items]
Contractual Obligation							$ 15,000,000
Payment For Contractual Obligation				$ 33,200,000
Sprint/NextRadio Agreement | Subsequent Event [Member]
Subsequent Event [Line Items]
Contractual Obligation			$ 6,000,000
Payment For Contractual Obligation		$ 1,400,000	600,000
Contractual Obligation Forgiven if Conditions Met			$ 5,800,000