Emmis (EMMS) 10-Q 11 Oct 18 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Aug. 31, 2018	Oct. 04, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 31, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
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		11,673,240
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,242,366
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		6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
NET REVENUES	$ 32,056	$ 42,848	$ 60,062	$ 83,012
OPERATING EXPENSES:
Station operating expenses excluding depreciation and amortization expense	26,003	33,904	47,534	65,134
Corporate expenses excluding depreciation and amortization expense	2,802	2,538	5,310	5,281
Depreciation and amortization	779	881	1,578	1,859
(Gain) loss on sale of assets, net of disposition costs	15	(76,706)	(32,052)	(76,706)
Loss on disposal of property and equipment	0	12	0	12
Total operating expenses	29,599	(39,371)	22,370	(4,420)
Operating income (loss)	2,457	82,219	37,692	87,432
OTHER EXPENSE:
Interest expense	(1,715)	(4,548)	(4,356)	(9,214)
Loss on debt extinguishment	0	(2,523)	(771)	(2,523)
Other income, net	36	11	52	14
Total other expense	(1,679)	(7,060)	(5,075)	(11,723)
INCOME BEFORE INCOME TAXES	778	75,159	32,617	75,709
PROVISION FOR INCOME TAXES	346	4,394	7,946	4,372
CONSOLIDATED NET INCOME	432	70,765	24,671	71,337
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	805	808	1,559	1,647
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ (373)	$ 69,957	$ 23,112	$ 69,690
NET INCOME (LOSS) PER SHARE - BASIC	$ (0.03)	$ 5.69	$ 1.85	$ 5.67
NET INCOME (LOSS) PER SHARE - DILUTED	$ (0.03)	$ 5.59	$ 1.71	$ 5.59
Basic weighted average common shares outstanding	12,522	12,292	12,521	12,287
Diluted weighted average common shares outstanding	12,522	12,513	13,495	12,463

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Depreciation and amortization expense excluded from station operating expenses	$ 581	$ 701	$ 1,181	$ 1,495
Depreciation and amortization expenses excluded from corporate expenses	$ 198	$ 180	$ 397	$ 364

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
CONSOLIDATED NET INCOME	$ 432	$ 70,765	$ 24,671	$ 71,337
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAXES:
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	805	808	1,559	1,647
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (373)	$ 69,957	$ 23,112	$ 69,690

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Aug. 31, 2018	Feb. 28, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 7,150	$ 4,107
Restricted cash	1,239	2,008
Accounts receivable, net	19,515	20,594
Prepaid expenses	4,793	3,234
Assets held for sale	160	26,170
Other current assets	1,365	3,680
Total current assets	34,222	59,793
PROPERTY AND EQUIPMENT, NET	24,913	26,601
INTANGIBLE ASSETS (NOTE 3):
Indefinite-lived intangibles	170,890	170,890
Goodwill	4,338	4,338
Other intangibles, net	906	1,053
Total intangible assets	176,134	176,281
OTHER ASSETS, NET	9,056	8,469
Total assets	244,325	271,144
CURRENT LIABILITIES:
Accounts payable and accrued expenses	4,701	6,394
Current maturities of long-term debt	34,864	16,037
Accrued salaries and commissions	1,675	3,541
Deferred revenue	4,499	4,030
Other current liabilities	11,946	2,695
Total current liabilities	57,685	32,697
LONG-TERM DEBT, NET OF CURRENT MATURITIES AND UNAMORTIZED DISCOUNT (NOTE 4)	51,953	122,849
OTHER NONCURRENT LIABILITIES	6,324	5,932
DEFERRED INCOME TAXES	27,506	31,403
Total liabilities	143,468	192,881
COMMITMENTS AND CONTINGENCIES
EQUITY:
Additional paid-in capital	595,353	594,708
Accumulated deficit	(524,140)	(547,252)
Total shareholders’ equity	71,342	47,583
NONCONTROLLING INTERESTS	29,515	30,680
Total equity	100,857	78,263
Total liabilities and equity	244,325	271,144
Class A common stock, $.01 par value; authorized 42,500,000 shares; issued and outstanding 11,649,440 shares at February 28, 2018 and 11,669,490 shares at August 31, 2018
EQUITY:
Common Stock	117	116
Class B common stock, $.01 par value; authorized 7,500,000 shares; issued and outstanding 1,142,366 shares at February 28, 2018 and 1,242,366 at August 31, 2018
EQUITY:
Common Stock	$ 12	$ 11

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Aug. 31, 2018	Feb. 28, 2018
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	11,669,490	11,649,440
Common stock, shares outstanding	11,669,490	11,649,440
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	1,242,366	1,142,366
Common stock, shares outstanding	1,242,366	1,142,366

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - 6 months ended Aug. 31, 2018 - USD ($) $ in Thousands	Total		Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests	Class B Common StockCommon Stock	Class A Common StockCommon Stock
Beginning Balance at Feb. 28, 2018	$ 78,263		$ 594,708	$ (547,252)	$ 30,680	$ 11	$ 116
Beginning Balance (in shares) at Feb. 28, 2018						1,142,366	11,649,440
Net income	24,671			23,112	1,559
Issuance of common stock to employees and officers	515		514			$ 1	$ 0
Issuance of common stock to employees and officers (in shares)						100,000	(30,875)
Exercise of stock options	132		131				$ 1
Distributions to noncontrolling interests	(2,724)				(2,724)
Ending Balance at Aug. 31, 2018	$ 100,857		$ 595,353	$ (524,140)	$ 29,515	$ 12	$ 117
Ending Balance (in shares) at Aug. 31, 2018						1,242,366	11,669,400
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	50,835	[1]					50,835
[1]	Cash received from option exercises for the six months ended August 31, 2017 and 2018 was $0.1 million. The Company did not record an income tax benefit relating to the options exercised during the six months ended August 31, 2017 or 2018.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income	$ 24,671	$ 71,337
Adjustments to reconcile consolidated net income to net cash used in operating activities -
(Gain) loss on sale of assets, net of disposition costs	(32,052)	(76,706)
Depreciation and amortization	1,578	1,859
Amortization of debt discount	800	1,466
Noncash accretion of debt	41	371
Loss on debt extinguishment	771	2,523
Impairment of assets held for sale	205	0
Provision for bad debts	684	636
Provision (benefit) for deferred income taxes	(3,897)	1,400
Noncash compensation	901	1,396
Loss on disposal of property and equipment	0	12
Changes in assets and liabilities -
Accounts receivable	395	394
Prepaid expenses and other current assets	78	(96)
Other assets	(586)	(196)
Accounts payable and accrued liabilities	(5,255)	(12,955)
Deferred revenue	1,041	1,161
Income taxes	9,327	(107)
Other liabilities	335	713
Net cash used in operating activities	(963)	(6,792)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(105)	(838)
Proceeds from the sale of assets	60,000	79,968
Net cash provided by investing activities	59,895	79,130
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt	(56,179)	(88,774)
Proceeds from long-term debt	2,500	13,690
Debt-related costs	0	(1,636)
Distributions to noncontrolling interests	(2,724)	(2,254)
Proceeds from the exercise of stock options	131	61
Settlement of tax withholding obligations on stock issued to employees	(386)	(218)
Net cash used in financing activities	(56,658)	(79,131)
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	2,274	(6,793)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	6,115	13,672
End of period	8,389	6,879
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest	3,280	8,321
Cash paid for (refund from) income taxes, net	349	(19)
Noncash financing transactions -
Stock issued to employees and directors	$ 901	$ 1,393

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Aug. 31, 2018
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 28, 2018 . 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 August 31, 2018 , the results of its operations for the three-month and six -month periods ended August 31, 2017 and 2018 , and cash flows for the six -month periods ended August 31, 2017 and 2018 . 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 28, 2018 that have had a material impact on our condensed consolidated financial statements and related notes. Basic and Diluted Net Income (Loss) Per Common Share Basic net income (loss) 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 (loss) 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 August 31, 2017 and 2018 consisted of stock options and restricted stock awards. The following table sets forth the calculation of basic and diluted net income (loss) per share: For the three months ended August 31, 2017 August 31, 2018 Net Income Shares Net Income Per Share Net Loss Shares Net Loss Per Share (amounts in 000’s, except per share data) Basic net income (loss) per common share: Net income (loss) available to common shareholders $ 69,957 12,292 $ 5.69 $ (373 ) 12,522 $ (0.03 ) Impact of equity awards — 221 — — Diluted net income (loss) per common share: Net income (loss) available to common shareholders $ 69,957 12,513 $ 5.59 $ (373 ) 12,522 $ (0.03 ) For the six months ended August 31, 2017 August 31, 2018 Net Income Shares Net Income Per Share Net Income Shares Net Income Per Share (amounts in 000’s, except per share data) Basic net income per common share: Net income available to common shareholders $ 69,690 12,287 $ 5.67 $ 23,112 12,521 $ 1.85 Impact of equity awards — 176 — — 974 — Diluted net income per common share: Net income available to common shareholders $ 69,690 12,463 $ 5.59 $ 23,112 13,495 $ 1.71 Shares excluded from the calculation as the effect of their conversion into shares of our common stock would be antidilutive were as follows: For the three months ended August 31, For the six months ended August 31, 2017 2018 2017 2018 (shares in 000’s ) Equity awards 1,960 1,929 2,276 876 Antidilutive common share equivalents 1,960 1,929 2,276 876 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 30, 2018, Emmis closed on the sale of substantially all of its radio station assets in St. Louis. The St. Louis stations were operated pursuant to LMAs from March 1, 2018 through April 30, 2018. The buyers of the stations paid LMA fees totaling $0.7 million during the period, which was recognized as a component of net revenues in the accompanying condensed consolidated statements of operations for the six -month period ending August 31, 2018 . 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 August 31, For the six months ended August 31, 2017 2018 2017 2018 Net revenues $ 2,583 $ 2,583 $ 5,166 $ 5,166 Station operating expenses, excluding depreciation and amortization expense 296 299 589 596 Interest expense 656 592 1,328 1,201 Assets and liabilities of 98.7FM as of February 28, 2018 and August 31, 2018 were as follows: As of February 28, As of August 31, 2018 2018 Current assets: Restricted cash $ 1,358 $ 1,239 Prepaid expenses 448 419 Other current assets 31 159 Total current assets 1,837 1,817 Noncurrent assets: Property and equipment, net 208 198 Indefinite lived intangibles 46,390 46,390 Deposits and other 6,543 6,456 Total noncurrent assets 53,141 53,044 Total assets $ 54,978 $ 54,861 Current liabilities: Accounts payable and accrued expenses $ 18 $ 19 Current maturities of long-term debt 6,587 6,864 Deferred revenue 835 864 Other current liabilities 184 173 Total current liabilities 7,624 7,920 Noncurrent liabilities: Long-term debt, net of current portion and unamortized debt discount 45,632 42,259 Total noncurrent liabilities 45,632 42,259 Total liabilities $ 53,256 $ 50,179 Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the same amounts shown in the condensed consolidated statements of cash flows. As of February 28, As of August 31, 2018 2018 Cash and cash equivalents $ 4,107 $ 7,150 Restricted cash: 98.7FM LMA restricted cash 1,358 1,239 Cash held in escrow from sale of magazines restricted cash 650 — Total cash, cash equivalents and restricted cash $ 6,115 $ 8,389 As of August 31, 2018 , restricted cash relates to cash on deposit in trust accounts related to our 98.7FM LMA in New York City that services long-term debt. During the six months ended August 31, 2018, Emmis settled its dispute with Hour Media related to Hour's purchase of Los Angeles Magazine , Atlanta Magazine , Cincinnati Magazine and Orange Coast Magazine . Cash was released from escrow in May 2018 and is no longer classified as restricted. See Note 9 for more discussion. 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. As of August 31, 2018 , Emmis owns rights that are convertible into approximately 84% of Digonex's common equity. Noncontrolling interests represent 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 six months ended August 31, 2017 and 2018 : Austin radio partnership Digonex Total noncontrolling interests Balance, February 28, 2017 $ 46,830 $ (13,909 ) $ 32,921 Net income (loss) 3,151 (1,504 ) 1,647 Distributions to noncontrolling interests (2,254 ) — (2,254 ) Balance, August 31, 2017 $ 47,727 $ (15,413 ) $ 32,314 Balance, February 28, 2018 $ 47,424 $ (16,744 ) $ 30,680 Net income (loss) 2,743 (1,184 ) 1,559 Distributions to noncontrolling interests (2,724 ) — (2,724 ) Balance, August 31, 2018 $ 47,443 $ (17,928 ) $ 29,515 Recent Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU was issued to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted this guidance on March 1, 2018 with no material impact on its consolidated financial statements. In November 2016, the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 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. The Company adopted this guidance on March 1, 2018 with no material impact on its consolidated financial statements. In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU was issued to reduce diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company adopted this guidance on March 1, 2018 with no material impact on its consolidated financial statements. 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 May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), 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. The Company adopted the new guidance on March 1, 2018, using the modified retrospective method, with no impact on its consolidated financial statements. The cumulative effect of initially applying the new guidance had no impact on the opening balance of retained earnings as of March 1, 2018. The comparative information has not been restated and continues to be reported under the accounting guidance in effect for that period. The Company does not expect the new guidance will have a material impact on its consolidated financial statements in future periods. See Note 7 for more discussion.

Share Based Payments

Share Based Payments	6 Months Ended
	Aug. 31, 2018
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 six months ended August 31, 2017 and 2018 : Six Months Ended August 31, 2017 2018 Risk-Free Interest Rate: 1.7% - 1.9% 2.6% - 2.8% Expected Dividend Yield: 0% 0% Expected Life (Years): 4.4 4.9 Expected Volatility: 52.9% - 53.6% 51.3% - 53.2% The following table presents a summary of the Company’s stock options outstanding at August 31, 2018 , and stock option activity during the six months ended August 31, 2018 (“Price” reflects the weighted average exercise price per share; "Aggregate Intrinsic Value" dollars in thousands): Options Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, beginning of period 2,691,329 $ 4.66 Granted 259,000 4.64 Exercised 50,835 2.58 Forfeited — — Expired 39,495 8.98 Outstanding, end of period 2,859,999 4.64 6.4 $ 4,161 Exercisable, end of period 2,190,495 4.98 5.6 $ 3,099 Cash received from option exercises for the six months ended August 31, 2017 and 2018 was $0.1 million . The Company did not record an income tax benefit relating to the options exercised during the six months ended August 31, 2017 or 2018. The weighted average per share grant date fair value of options granted during the six months ended August 31, 2017 and 2018 , was $1.24 and $2.27 , respectively. A summary of the Company’s nonvested options at August 31, 2018 , and changes during the six months ended August 31, 2018 , is presented below: Options Weighted Average Grant Date Fair Value Nonvested, beginning of period 691,114 $ 2.10 Granted 259,000 2.27 Vested 280,610 3.30 Forfeited — — Nonvested, end of period 669,504 1.67 There were 2.0 million shares available for future grants under the Company’s various equity plans ( 1.7 million shares under the 2017 Equity Compensation Plan and 0.3 million shares under other plans) at August 31, 2018 , not including shares that may become available for future grants upon forfeiture, lapse or surrender for taxes. The vesting dates of outstanding options at August 31, 2018 range from January 2019 to July 2021, and expiration dates range from March 2019 to July 2028. Restricted Stock Awards The Company periodically grants restricted stock awards to directors and employees. Awards to directors were historically granted on the date of our annual meeting of shareholders and vested on the earlier of (i) the completion of the director’s 3 -year term or (ii) the third anniversary of the date of grant. No such awards were made to directors at our last annual meeting of shareholders. Awards to employees are typically made pursuant to employment agreements. Restricted stock award grants are granted out of the Company’s 2017 Equity Compensation Plan. The Company also awards, out of the Company’s 2017 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 August 31, 2018 , and restricted stock activity during the six months ended August 31, 2018 (“Price” reflects the weighted average share price at the date of grant): Awards Price Grants outstanding, beginning of period 353,394 $ 3.05 Granted 160,114 4.56 Vested (restriction lapsed) 173,401 3.52 Grants outstanding, end of period 340,107 3.52 The total grant date fair value of shares vested during the six months ended August 31, 2017 and 2018 , was $0.6 million . Recognized Non-Cash Compensation Expense The following table summarizes stock-based compensation expense recognized by the Company during the three and six months ended August 31, 2017 and 2018 . The Company did not recognize any tax benefits related to stock-based compensation during the periods presented below. Three Months Ended August 31, Six Months Ended August 31, 2017 2018 2017 2018 Station operating expenses $ 177 $ 72 $ 326 $ 143 Corporate expenses 530 366 1,070 758 Stock-based compensation expense included in operating expenses $ 707 $ 438 $ 1,396 $ 901 As of August 31, 2018 , there was $1.4 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 1.7 years.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Aug. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Valuation of Indefinite-lived Broadcasting Licenses In accordance with Accounting Standards Codification ("ASC") Topic 350, Intangibles—Goodwill and Other, the Company’s 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. Excluding amounts classified as held for sale as of February 28, 2018, the carrying amounts of the Company’s FCC licenses were $170.9 million as of February 28, 2018 and August 31, 2018 . 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 six months ended August 31, 2018 , no new or additional impairment indicators emerged; hence, no interim impairment testing was warranted. These impairment tests may result in additional 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 The carrying amounts of the Company's goodwill, all of which were attributable to our radio division, were $4.3 million as of February 28, 2018 and August 31, 2018 . ASC Topic 350-20-35 requires the Company to test goodwill for impairment at least annually. The Company conducts its impairment test on December 1 of each fiscal year, unless indications of impairment exist during an interim period. When assessing its goodwill for impairment, the Company generally uses an enterprise valuation approach to determine the fair value of each of the Company’s reporting units, with radio stations grouped by market. 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. Management believes this methodology for valuing radio 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 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. If the carrying value of a reporting unit's goodwill exceeds its fair value, the Company recognizes an impairment charge equal to the difference in the statement of operations. Definite-lived intangibles The following table presents the weighted-average useful life at August 31, 2018 , and the gross carrying amount and accumulated amortization for our sole definite-lived intangible asset at February 28, 2018 and August 31, 2018 : As of February 28, 2018 As of August 31, 2018 (in 000's, except years) Weighted Average Remaining Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Programming agreement 3.1 2,154 1,101 1,053 2,154 1,248 906 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. Total amortization expense from definite-lived intangibles for the six -month periods ended August 31, 2017 and 2018 was $0.2 million and $0.1 million , respectively. The following table presents the Company's estimate of future amortization expense for definite-lived intangibles: Year ended February 28 (29), Expected Amortization Expense Remainder of 2019 $ 147 2020 294 2021 294 2022 171

Long-term Debt

Long-term Debt	6 Months Ended
	Aug. 31, 2018
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt was comprised of the following at February 28, 2018 and August 31, 2018 : February 28, August 31, 2014 Credit Agreement debt : Revolver $ 9,000 $ — Term Loan 69,451 28,000 Total 2014 Credit Agreement debt 78,451 28,000 98.7FM non-recourse debt 53,919 50,691 Other non-recourse debt (1) 9,992 10,033 Less: Current maturities (16,037 ) (34,864 ) Less: Unamortized original issue discount (3,476 ) (1,907 ) Total long-term debt $ 122,849 $ 51,953 (1) The face value of other non-recourse debt was $10.2 million at February 28, 2018 and August 31, 2018 2014 Credit Agreement On June 10, 2014, Emmis entered into the 2014 Credit Agreement, by and among the Company, Emmis Operating Company, as borrower (the “Borrower”), certain other subsidiaries of the Company, as guarantors (the “Subsidiary Guarantors”) and the lenders party thereto. Capitalized terms in this section not defined elsewhere in this 10-K are defined in the 2014 Credit Agreement and related amendments. The 2014 Credit Agreement consists of remaining balances of a term loan ( $69.5 million and $28.0 million as of February 28, 2018 and August 31, 2018 , respectively). Our revolving credit facility, which had a maximum commitment of $20.0 million , expired on August 31, 2018. The revolving credit facility included a sub-facility for the issuance of up to $5.0 million of letters of credit. No letters of credit were outstanding during the periods presented in the accompanying condensed consolidated financial statements. The term loan is due not later than April 18, 2019. The Company is not required to make scheduled principal payments under the term loan prior to this date. Amounts outstanding under the 2014 Credit Agreement bear interest, at the Company’s option, at either (i) the Alternate Base Rate (but not less than 2.00% ) plus 6.00% or (ii) the Adjusted LIBO Rate plus 7.00% . Effective July 18, 2018, any principal payments on the term loans must be accompanied by a fee to the lenders equal to 2% of the amount being repaid. In addition, on each ninety day anniversary after July 18, 2018, such fee increases by an additional 0.5% and the interest rate on amounts outstanding increases by 0.5% . The weighted average borrowing rate of amounts outstanding related to the 2014 Credit Agreement was 8.7% and 9.1% at February 28, 2018 and August 31, 2018 , respectively. Our 2014 Credit Agreement debt is carried net of an unamortized original issue discount of $0.3 million as of August 31, 2018 . The original issue discount 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. The 2014 Credit Agreement requires mandatory prepayments for, among other things, proceeds from the sale of assets, insurance proceeds and Consolidated Excess Cash Flow (as defined in the 2014 Credit Agreement). The 2014 Credit Agreement requires the Company to comply with certain financial and non-financial covenants. The Company is required to comply with a Total Leverage Ratio covenant of 4.00:1.00. We were in compliance with all financial and non-financial covenants as of August 31, 2018 . Our Total Leverage Ratio (as defined in the 2014 Credit Agreement and related amendments) requirement and actual amount as of August 31, 2018 were as follows: As of August 31, 2018 Covenant Requirement Actual Results Total Leverage Ratio 4.00 : 1.00 2.79 : 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 $1.7 million and $1.6 million as of February 28, 2018 and August 31, 2018 , respectively, is being amortized as additional interest expense over the life of the notes. Other 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. During the quarter ended August 31, 2017, Digonex noteholders agreed to extend the maturity date of the notes from December 31, 2017 to December 31, 2020. The notes accrue interest at 5.0% per annum with interest 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. NextRadio, LLC has issued $4.0 million of notes payable. As of August 31, 2018 , the notes accrue interest at 6.0% . The first interest payment on these notes was due on August 15, 2018. As of October 11, 2018, NextRadio, LLC has not made any interest payments to the lender. Although there are no penalties for nonpayment of interest, the lender, at its election, may convert the notes and all unpaid interest to senior preferred equity of NextRadio, LLC's parent entity, TagStation, LLC. The notes mature on December 23, 2021 and are to be repaid through revenues generated by enhanced advertisement revenues earned by NextRadio, LLC. If any portion of the notes remains unpaid at maturity, the lender also has the option to exchange the notes for senior preferred equity of TagStation, LLC. These notes are obligations of NextRadio, LLC and TagStation, LLC and are non-recourse to the rest of Emmis' subsidiaries. Based on amounts outstanding at August 31, 2018 , mandatory principal payments of long-term debt for the next five years and thereafter are summarized below: 98.7FM Non-recourse Debt Other Non-recourse Debt Year ended February 28 (29), Term Loan Total Payments Remainder of 2019 $ — $ 3,359 $ — $ 3,359 2020 28,000 7,150 — 35,150 2021 — 7,755 — 7,755 2022 — 8,394 6,239 14,633 2023 — 9,069 4,000 13,069 Thereafter — 14,964 — 14,964 Total $ 28,000 $ 50,691 $ 10,239 $ 88,930

Liquidity and Going Concern

Liquidity and Going Concern	6 Months Ended
	Aug. 31, 2018
Debt Disclosure [Abstract]
Liquidity and Going Concern	Liquidity and Going Concern Pursuant to ASC Topic 205-40, Going Concern , the Company is required to evaluate whether there is substantial doubt about its ability to continue as a going concern each reporting period. In evaluating the Company’s ability to continue as a going concern for this reporting period, management evaluated the conditions and events that could raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date the financial statements were issued (October 11, 2018). Management considered the Company’s current projections of future cash flows, current financial condition, sources of liquidity and debt obligations due on or before October 11, 2019. The Company’s revolver expired on August 31, 2018 and its term loan is due no later than April 18, 2019. As of August 31, 2018, the Company has $28.0 million outstanding under its term loan, and has approximately $7 million of cash on hand. The Company believes it can fund its future operational needs with its cash on hand and cash generated from operations, but will not be able to repay its term loan by April 18, 2019 absent other actions. Management is currently exploring a number of options that would allow the Company to repay its term loan by April 18, 2019. Management believes that it is probable that it will refinance its remaining term loan under the 2014 Credit Agreement prior to April 18, 2019. The Company has successfully refinanced its credit agreement debt many times in the past. Recent asset sales and associated term loan repayments have significantly reduced the Company’s leverage ratio, which management believes has enhanced its ability to refinance the debt. Management is also exploring several alternatives that would further reduce our term loan obligations and enhance our ability to refinance, including securing additional investors in our TagStation business or otherwise reducing our cash burn from that business, and the sale of WLIB-AM in New York City and other assets. Management’s intention and belief that the credit agreement debt will be refinanced prior to April 18, 2019 assumes, among other things, that the Company will continue to be successful in implementing its business strategy and that there will be no material adverse developments in its business, liquidity or capital requirements. If one or more of these factors do not occur as expected, it could cause a default under the Company’s credit agreement.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Aug. 31, 2018
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 28, 2018 and August 31, 2018 . 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 August 31, 2018 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 28, 2018 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. 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 August 31, 2018 , the fair value and carrying value, excluding original issue discount, of the Company's 2014 Credit Agreement debt was $27.6 million and $28.0 million , respectively. The Company's estimate of fair value was based on non-exchange 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 other 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.

Revenue

Revenue	6 Months Ended
	Aug. 31, 2018
Revenue [Abstract]
Revenue	Revenue The Company generates revenue from the sale of services and products including, but not limited to: (i) on-air commercial broadcast time, (ii) magazine-related display advertising, (iii) magazine circulation and newsstand revenues, (iv) non-traditional revenues including event-related revenues and event sponsorship revenues, (v) revenues generated from LMAs and (vi) digital advertising. Payments received from advertisers before the performance obligation is satisfied are recorded as deferred revenue. Substantially all deferred revenue is recognized within twelve months of the payment date. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Advertising On-air broadcast revenue and magazine display revenue are recognized when or as performance obligations under the terms of a contract with a customer are satisfied. This typically occurs over the period of time that advertisements are provided, or as an event occurs. Revenues are reported at the amount the Company expects to be entitled to receive under the contract. Payments received by advertisers before the performance obligation is satisfied are recorded as deferred revenue in the condensed consolidated balance sheet. Substantially all deferred revenue is recognized within twelve months of the payment date. Circulation Circulation revenue includes revenues for Indianapolis Monthly purchased by readers or distributors. Single copy newsstand sales are recognized when the monthly magazine is distributed, net of provisions for related returns. Circulation revenues from digital and home delivery subscriptions are recognized over the subscription period as the performance obligations are delivered. Nontraditional Nontraditional revenues principally consist of ticket sales and sponsorship of events our stations and magazine conduct in their local markets. These revenues are recognized when our performance obligations are fulfilled, which generally coincides with when the related event occurs. LMA Fees LMA fee revenue relates to fees that the Company collects from third parties in exchange for the right to program and sell advertising for a specified portion of a radio station's inventory of broadcast time. These revenues are generally recognized ratably over the duration that the third party programs the radio station. Digital Digital revenue relates to revenue generated from the sale of digital marketing services (including display advertisements and video sponsorships) to advertisers. Digital revenues are generally recognized as the digital advertising is delivered. Disaggregation of revenue The following table presents the Company's revenues disaggregated by revenue source: Three Months Ended August 31, Six Months Ended August 31, 2017 2018 2017 2018 (Dollars in thousands) Revenue by Source: Advertising $ 25,482 $ 19,117 $ 54,439 $ 37,892 Circulation 99 93 209 195 Nontraditional 8,763 6,393 11,251 8,361 LMA Fees 3,004 2,582 5,587 5,884 Digital 2,772 1,291 5,800 2,491 Other 2,728 2,580 5,726 5,239 Total net revenues $ 42,848 $ 32,056 $ 83,012 $ 60,062

Segment Information

Segment Information	6 Months Ended
	Aug. 31, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information The Company’s operations have historically been 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 28, 2018 , and in Note 1 to these condensed consolidated financial statements, are applied consistently across segments. Three Months Ended August 31, 2018 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 30,731 $ 897 $ 428 $ 32,056 Station operating expenses excluding and depreciation and amortization expense 22,660 1,009 2,334 26,003 Corporate expenses excluding depreciation and amortization expense — — 2,802 2,802 Depreciation and amortization 549 5 225 779 Loss on sale of assets, including disposition costs 15 — — 15 Operating income (loss) $ 7,507 $ (117 ) $ (4,933 ) $ 2,457 Three Months Ended August 31, 2017 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 41,764 $ 846 $ 238 $ 42,848 Station operating expenses excluding LMA fees and depreciation and amortization expense 29,881 1,104 2,919 33,904 Corporate expenses excluding depreciation and amortization expense — — 2,538 2,538 Depreciation and amortization 676 5 200 881 (Gain) loss on sale of assets, net of disposition costs (76,745 ) 39 — (76,706 ) Loss on disposal of fixed assets — 12 — 12 Operating income (loss) $ 87,952 $ (314 ) $ (5,419 ) $ 82,219 Six Months Ended August 31, 2018 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 57,115 $ 2,170 $ 777 $ 60,062 Station operating expenses excluding depreciation and amortization expense 40,353 2,208 4,973 47,534 Corporate expenses excluding depreciation and amortization expense — — 5,310 5,310 Depreciation and amortization 1,119 10 449 1,578 (Gain) loss on sale of assets, net of disposition costs (32,383 ) 331 — (32,052 ) Operating income (loss) $ 48,026 $ (379 ) $ (9,955 ) $ 37,692 Six Months Ended August 31, 2017 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 80,470 $ 1,990 $ 552 $ 83,012 Station operating expenses excluding depreciation and amortization expense 56,015 2,459 6,660 65,134 Corporate expenses excluding depreciation and amortization expense — — 5,281 5,281 Depreciation and amortization 1,444 10 405 1,859 (Gain) loss on sale of assets, net of disposition costs (76,745 ) 39 — (76,706 ) Loss on disposal of property and equipment — 12 — 12 Operating income (loss) $ 99,756 $ (530 ) $ (11,794 ) $ 87,432 Total Assets Radio Publishing Corporate & Emerging Technologies Consolidated As of February 28, 2018 $ 249,044 $ 1,293 $ 20,807 $ 271,144 As of August 31, 2018 $ 221,784 $ 616 $ 21,925 $ 244,325

Regulatory, Legal and Other Mat

Regulatory, Legal and Other Matters	6 Months Ended
	Aug. 31, 2018
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. During the quarter ended August 31, 2017, Emmis filed suit against Hour Media Group, LLC ("Hour") for breach of the asset purchase agreement related to the February 28, 2017 sale of Los Angeles Magazine , Atlanta Magazine , Cincinnati Magazine and Orange Coast Magazine . Hour filed a counterclaim against Emmis alleging that Emmis engaged in a series of actions that constitute a breach of the asset purchase agreement. The parties agreed to settle this dispute in May 2018. As part of the mutual settlement, all claims and counterclaims were dismissed with Emmis and Hour receiving $0.45 million and $0.2 million of the cash held in escrow, respectively. The Company recognized a loss of $0.2 million related to this settlement during the six months ended August 31, 2018, which is included in gain on sale of assets, net of disposition costs in the accompanying condensed consolidated financial statements. Emmis filed suit against Illinois National Insurance Company (“INIC”) in 2015 related to INIC’s decision to not cover Emmis’ defense costs under Emmis’ directors and officers insurance policy in a lawsuit related to the Company’s preferred stock in which Emmis was the defendant (the “Prior Litigation”). On March 21, 2018, Emmis was granted summary judgment entitling it to coverage of its defense costs in the Prior Litigation. On October 10, 2018, Emmis and INIC agreed that the amount of Emmis' damages are $3.5 million . While we expect the District Court to enter a final judgment in this matter in the near term, INIC has stated its intention to appeal the District Court's summary judgment determination that the insurance policy covers Emmis' defense costs. Accordingly, Emmis cannot estimate the amount or timing of a recovery, if any.

Income Taxes

Income Taxes	6 Months Ended
	Aug. 31, 2018
Income Taxes [Abstract]
Income Taxes	Income Taxes Our effective income tax rate was 6% and 24% for the six -month periods ended August 31, 2017 and 2018 , respectively. The Company estimates its effective tax rate for the year, which incorporates the reversal of a portion of the valuation allowance, and applies that rate to pre-tax income for the applicable period. This methodology is primarily responsible for the difference between the effective rate and statutory rate, particularly in the prior year, which included the sale of KPWR in Los Angeles and the related reversal of a significant portion of our valuation allowance. Our current year rate is also impacted by the reduction in the Federal Statutory rate from 35% to 21% upon passage of the Tax Cuts and Jobs Act (the "Tax Act"). Any further technical corrections or other forms of guidance addressing the Tax Act, as well as regulatory or governmental actions, could result in adjustments to our accounting for the effects of the Tax Act.

Significant Events

Significant Events	6 Months Ended
	Aug. 31, 2018
Significant Events [Abstract]
Other Significant Events	Other Significant Events Sale of St. Louis radio stations On April 30, 2018, Emmis closed on its sale of substantially all of the assets of its radio stations in St. Louis in two separate transactions. In one transaction, Emmis sold the assets of KSHE-FM and KPNT-FM to affiliates of Hubbard Radio. In the other transaction, Emmis sold the assets of KFTK-FM and KNOU-FM to affiliates of Entercom Communications Corp. At closing, Emmis received aggregate gross proceeds of $60.0 million . After deducting estimated taxes payable and transaction-related expenses, net proceeds totaled approximately $40.5 million and were used to repay term loan indebtedness under Emmis’ senior credit facility. The taxes payable as a result of the transactions are not required to be remitted to the applicable taxing authority until May 2019, so we repaid amounts outstanding under our revolver and we plan to hold excess cash on our balance sheet to enhance our liquidity position until we remit the taxes in May 2019. Emmis recorded a $32.4 million gain on the sale of its St. Louis radio stations . The St. Louis radio stations were operated pursuant to LMAs from March 1, 2018 through the closing of the transactions. Entercom and Hubbard paid LMA fees to Emmis totaling $0.7 million during the period. These fees are included in our results of operations as net revenues for the six-month period ended August 31, 2018. In connection with the sale of our St. Louis stations, the Company recorded $1.2 million of restructuring charges related to the involuntary termination of employees and estimated cease-use costs related to our leased St. Louis office facility, net of estimated sublease rentals. These charges are included in the gain on sale of assets, net of disposition costs in the accompanying condensed consolidated financial statements. The table below summarizes the activity related to our restructuring charge for the three-month and six-month periods ended August 31, 2018. Three months ended Six months ended August 31, 2018 August 31, 2018 Restructuring charges and estimated lease cease-use costs, beginning balance $ 1,131 $ — Restructuring charges and estimated lease cease-use costs- St. Louis radio stations sale — 1,178 Payments, net of accretion (79 ) (126 ) Restructuring charges and estimated lease cease-use costs unpaid and outstanding 1,052 1,052 The St. Louis radio stations had historically been included in our Radio segment. This disposal did not qualify for reporting as a discontinued operation as it did not represent a strategic shift for the Company as described in Accounting Standards Codification 205-20-45-1C. The following table summarizes certain operating results of the our St. Louis radio stations 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 the St. Louis radio stations is included in the stations’ results below. For the three months ended August 31, For the six months ended August 31, 2017 2018 2017 2018 Net revenues $ 6,269 $ — $ 12,756 $ 725 Station operating expenses (recoveries), excluding depreciation and amortization expense 4,841 (310 ) 9,739 693 Depreciation and amortization 140 — 279 — Gain on sale of assets, net of disposition costs — — — (32,383 ) Operating income 1,288 310 2,738 32,415 Interest expense 849 — 1,633 592 Income before income taxes 439 310 1,105 31,823 Unaudited pro forma summary information is presented below for the three-month and six-month periods ended August 31, 2017 and 2018, assuming the August 1, 2017 sale of KPWR-FM, the April 30, 2018 sale of our St. Louis radio stations and the related mandatory debt repayments of these sales had occurred on the first day of the pro forma periods presented below. See Note 7 of our 10-K for the year ending February 28, 2018 for more discussion of the sale of KPWR-FM. For the three months ended August 31, (unaudited) For the six months ended August 31, (unaudited) 2017 2018 2017 2018 Net revenues $ 34,182 $ 32,056 $ 62,445 $ 59,337 Station operating expenses, excluding depreciation and amortization expense 26,434 26,304 48,374 46,834 Consolidated net income 1,076 590 1,283 1,389 Net income (loss) attributable to the Company 268 (215 ) (364 ) (170 ) Net income (loss) per share - basic $ 0.02 $ (0.02 ) $ (0.03 ) $ (0.01 ) Net income (loss) per share - diluted $ 0.02 $ (0.02 ) $ (0.03 ) $ (0.01 ) Emmis retained ownership of two radio transmission towers in St. Louis subsequent to the sale of our radio stations and expects to sell these towers within twelve months. These towers are classified as held for sale as of August 31, 2018. The Company measures assets held for sale at the lower of their carrying amount or fair value less cost to sell. During the quarter ended August 31, 2018, Emmis determined that the carrying value of these assets exceeded their fair value less cost to sell. As such, the Company recorded a loss of $0.2 million to reduce the carrying value of these assets, which is included in station operating expenses excluding depreciation and amortization expense in the accompanying condensed consolidated statements of operations. This is considered a Level 3 measurement. The carrying amounts of major classes of assets classified as held for sale related to our St. Louis radio stations as of February 28, 2018 and August 31, 2018 were as follows: As of February 28, 2018 As of August 31, 2018 Property and equipment, net 1,340 160 Indefinite-lived intangibles 24,758 — Other intangibles, net 72 —

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Aug. 31, 2018
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 28, 2018 . 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 August 31, 2018 , the results of its operations for the three-month and six -month periods ended August 31, 2017 and 2018 , and cash flows for the six -month periods ended August 31, 2017 and 2018 . 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 28, 2018 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 (Loss) Per Common Share Basic net income (loss) 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 (loss) 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 August 31, 2017 and 2018 consisted of stock options and restricted stock awards.
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 30, 2018, Emmis closed on the sale of substantially all of its radio station assets in St. Louis. The St. Louis stations were operated pursuant to LMAs from March 1, 2018 through April 30, 2018. The buyers of the stations paid LMA fees totaling $0.7 million during the period, which was recognized as a component of net revenues in the accompanying condensed consolidated statements of operations for the six -month period ending August 31, 2018 . 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.
Restricted Cash	Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the same amounts shown in the condensed consolidated statements of cash flows.
Valuation of Indefinite-lived Broadcasting Licenses	Valuation of Indefinite-lived Broadcasting Licenses In accordance with Accounting Standards Codification ("ASC") Topic 350, Intangibles—Goodwill and Other, the Company’s 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. Excluding amounts classified as held for sale as of February 28, 2018, the carrying amounts of the Company’s FCC licenses were $170.9 million as of February 28, 2018 and August 31, 2018 . 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 six months ended August 31, 2018 , no new or additional impairment indicators emerged; hence, no interim impairment testing was warranted. These impairment tests may result in additional 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 The carrying amounts of the Company's goodwill, all of which were attributable to our radio division, were $4.3 million as of February 28, 2018 and August 31, 2018 . ASC Topic 350-20-35 requires the Company to test goodwill for impairment at least annually. The Company conducts its impairment test on December 1 of each fiscal year, unless indications of impairment exist during an interim period. When assessing its goodwill for impairment, the Company generally uses an enterprise valuation approach to determine the fair value of each of the Company’s reporting units, with radio stations grouped by market. 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. Management believes this methodology for valuing radio 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 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. If the carrying value of a reporting unit's goodwill exceeds its fair value, the Company recognizes an impairment charge equal to the difference in the statement of operations.
Definite-lived intangibles	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.
Fair Value Measurements and Disclosure	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 28, 2018 and August 31, 2018 . 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. 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 August 31, 2018 , the fair value and carrying value, excluding original issue discount, of the Company's 2014 Credit Agreement debt was $27.6 million and $28.0 million , respectively. The Company's estimate of fair value was based on non-exchange 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 other 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.
New Accounting Pronouncements	Recent Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU was issued to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted this guidance on March 1, 2018 with no material impact on its consolidated financial statements. In November 2016, the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 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. The Company adopted this guidance on March 1, 2018 with no material impact on its consolidated financial statements. In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU was issued to reduce diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company adopted this guidance on March 1, 2018 with no material impact on its consolidated financial statements. 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 May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), 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. The Company adopted the new guidance on March 1, 2018, using the modified retrospective method, with no impact on its consolidated financial statements. The cumulative effect of initially applying the new guidance had no impact on the opening balance of retained earnings as of March 1, 2018. The comparative information has not been restated and continues to be reported under the accounting guidance in effect for that period. The Company does not expect the new guidance will have a material impact on its consolidated financial statements in future periods. See Note 7 for more discussion.
Revenue Recognition	The Company generates revenue from the sale of services and products including, but not limited to: (i) on-air commercial broadcast time, (ii) magazine-related display advertising, (iii) magazine circulation and newsstand revenues, (iv) non-traditional revenues including event-related revenues and event sponsorship revenues, (v) revenues generated from LMAs and (vi) digital advertising. Payments received from advertisers before the performance obligation is satisfied are recorded as deferred revenue. Substantially all deferred revenue is recognized within twelve months of the payment date. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Advertising On-air broadcast revenue and magazine display revenue are recognized when or as performance obligations under the terms of a contract with a customer are satisfied. This typically occurs over the period of time that advertisements are provided, or as an event occurs. Revenues are reported at the amount the Company expects to be entitled to receive under the contract. Payments received by advertisers before the performance obligation is satisfied are recorded as deferred revenue in the condensed consolidated balance sheet. Substantially all deferred revenue is recognized within twelve months of the payment date. Circulation Circulation revenue includes revenues for Indianapolis Monthly purchased by readers or distributors. Single copy newsstand sales are recognized when the monthly magazine is distributed, net of provisions for related returns. Circulation revenues from digital and home delivery subscriptions are recognized over the subscription period as the performance obligations are delivered. Nontraditional Nontraditional revenues principally consist of ticket sales and sponsorship of events our stations and magazine conduct in their local markets. These revenues are recognized when our performance obligations are fulfilled, which generally coincides with when the related event occurs. LMA Fees LMA fee revenue relates to fees that the Company collects from third parties in exchange for the right to program and sell advertising for a specified portion of a radio station's inventory of broadcast time. These revenues are generally recognized ratably over the duration that the third party programs the radio station. Digital Digital revenue relates to revenue generated from the sale of digital marketing services (including display advertisements and video sponsorships) to advertisers. Digital revenues are generally recognized as the digital advertising is delivered. The Company generates revenue from the sale of services and products including, but not limited to: (i) on-air commercial broadcast time, (ii) magazine-related display advertising, (iii) magazine circulation and newsstand revenues, (iv) non-traditional revenues including event-related revenues and event sponsorship revenues, (v) revenues generated from LMAs and (vi) digital advertising. Payments received from advertisers before the performance obligation is satisfied are recorded as deferred revenue. Substantially all deferred revenue is recognized within twelve months of the payment date. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Advertising On-air broadcast revenue and magazine display revenue are recognized when or as performance obligations under the terms of a contract with a customer are satisfied. This typically occurs over the period of time that advertisements are provided, or as an event occurs. Revenues are reported at the amount the Company expects to be entitled to receive under the contract. Payments received by advertisers before the performance obligation is satisfied are recorded as deferred revenue in the condensed consolidated balance sheet. Substantially all deferred revenue is recognized within twelve months of the payment date. Circulation Circulation revenue includes revenues for Indianapolis Monthly purchased by readers or distributors. Single copy newsstand sales are recognized when the monthly magazine is distributed, net of provisions for related returns. Circulation revenues from digital and home delivery subscriptions are recognized over the subscription period as the performance obligations are delivered. Nontraditional Nontraditional revenues principally consist of ticket sales and sponsorship of events our stations and magazine conduct in their local markets. These revenues are recognized when our performance obligations are fulfilled, which generally coincides with when the related event occurs. LMA Fees LMA fee revenue relates to fees that the Company collects from third parties in exchange for the right to program and sell advertising for a specified portion of a radio station's inventory of broadcast time. These revenues are generally recognized ratably over the duration that the third party programs the radio station. Digital Digital revenue relates to revenue generated from the sale of digital marketing services (including display advertisements and video sponsorships) to advertisers. Digital revenues are generally recognized as the digital advertising is delivered.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Aug. 31, 2018
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 (loss) per share: For the three months ended August 31, 2017 August 31, 2018 Net Income Shares Net Income Per Share Net Loss Shares Net Loss Per Share (amounts in 000’s, except per share data) Basic net income (loss) per common share: Net income (loss) available to common shareholders $ 69,957 12,292 $ 5.69 $ (373 ) 12,522 $ (0.03 ) Impact of equity awards — 221 — — Diluted net income (loss) per common share: Net income (loss) available to common shareholders $ 69,957 12,513 $ 5.59 $ (373 ) 12,522 $ (0.03 ) For the six months ended August 31, 2017 August 31, 2018 Net Income Shares Net Income Per Share Net Income Shares Net Income Per Share (amounts in 000’s, except per share data) Basic net income per common share: Net income available to common shareholders $ 69,690 12,287 $ 5.67 $ 23,112 12,521 $ 1.85 Impact of equity awards — 176 — — 974 — Diluted net income per common share: Net income available to common shareholders $ 69,690 12,463 $ 5.59 $ 23,112 13,495 $ 1.71
Shares Excluded from Calculation as Effect of Conversion into Shares of Common Stock would be Antidilutive	Shares excluded from the calculation as the effect of their conversion into shares of our common stock would be antidilutive were as follows: For the three months ended August 31, For the six months ended August 31, 2017 2018 2017 2018 (shares in 000’s ) Equity awards 1,960 1,929 2,276 876 Antidilutive common share equivalents 1,960 1,929 2,276 876
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 August 31, For the six months ended August 31, 2017 2018 2017 2018 Net revenues $ 2,583 $ 2,583 $ 5,166 $ 5,166 Station operating expenses, excluding depreciation and amortization expense 296 299 589 596 Interest expense 656 592 1,328 1,201
Schedule Of Assets And Liabilities Of Local Programming and Marketing Agreements	Assets and liabilities of 98.7FM as of February 28, 2018 and August 31, 2018 were as follows: As of February 28, As of August 31, 2018 2018 Current assets: Restricted cash $ 1,358 $ 1,239 Prepaid expenses 448 419 Other current assets 31 159 Total current assets 1,837 1,817 Noncurrent assets: Property and equipment, net 208 198 Indefinite lived intangibles 46,390 46,390 Deposits and other 6,543 6,456 Total noncurrent assets 53,141 53,044 Total assets $ 54,978 $ 54,861 Current liabilities: Accounts payable and accrued expenses $ 18 $ 19 Current maturities of long-term debt 6,587 6,864 Deferred revenue 835 864 Other current liabilities 184 173 Total current liabilities 7,624 7,920 Noncurrent liabilities: Long-term debt, net of current portion and unamortized debt discount 45,632 42,259 Total noncurrent liabilities 45,632 42,259 Total liabilities $ 53,256 $ 50,179
Restrictions on Cash and Cash Equivalents	As of February 28, As of August 31, 2018 2018 Cash and cash equivalents $ 4,107 $ 7,150 Restricted cash: 98.7FM LMA restricted cash 1,358 1,239 Cash held in escrow from sale of magazines restricted cash 650 — Total cash, cash equivalents and restricted cash $ 6,115 $ 8,389
Schedule of Noncontrolling Interests	Below is a summary of the noncontrolling interest activity for the six months ended August 31, 2017 and 2018 : Austin radio partnership Digonex Total noncontrolling interests Balance, February 28, 2017 $ 46,830 $ (13,909 ) $ 32,921 Net income (loss) 3,151 (1,504 ) 1,647 Distributions to noncontrolling interests (2,254 ) — (2,254 ) Balance, August 31, 2017 $ 47,727 $ (15,413 ) $ 32,314 Balance, February 28, 2018 $ 47,424 $ (16,744 ) $ 30,680 Net income (loss) 2,743 (1,184 ) 1,559 Distributions to noncontrolling interests (2,724 ) — (2,724 ) Balance, August 31, 2018 $ 47,443 $ (17,928 ) $ 29,515

Share Based Payments (Tables)

Share Based Payments (Tables)	6 Months Ended
	Aug. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Assumptions used to Calculate Fair Value of Options on Date of Grant	The following assumptions were used to calculate the fair value of the Company’s options on the date of grant during the six months ended August 31, 2017 and 2018 : Six Months Ended August 31, 2017 2018 Risk-Free Interest Rate: 1.7% - 1.9% 2.6% - 2.8% Expected Dividend Yield: 0% 0% Expected Life (Years): 4.4 4.9 Expected Volatility: 52.9% - 53.6% 51.3% - 53.2%
Summary of Stock Options Outstanding and Activity	The following table presents a summary of the Company’s stock options outstanding at August 31, 2018 , and stock option activity during the six months ended August 31, 2018 (“Price” reflects the weighted average exercise price per share; "Aggregate Intrinsic Value" dollars in thousands): Options Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, beginning of period 2,691,329 $ 4.66 Granted 259,000 4.64 Exercised 50,835 2.58 Forfeited — — Expired 39,495 8.98 Outstanding, end of period 2,859,999 4.64 6.4 $ 4,161 Exercisable, end of period 2,190,495 4.98 5.6 $ 3,099
Summary of Nonvested Options and Changes	A summary of the Company’s nonvested options at August 31, 2018 , and changes during the six months ended August 31, 2018 , is presented below: Options Weighted Average Grant Date Fair Value Nonvested, beginning of period 691,114 $ 2.10 Granted 259,000 2.27 Vested 280,610 3.30 Forfeited — — Nonvested, end of period 669,504 1.67
Summary of Restricted Stock Grants Outstanding and Activity	The following table presents a summary of the Company’s restricted stock grants outstanding at August 31, 2018 , and restricted stock activity during the six months ended August 31, 2018 (“Price” reflects the weighted average share price at the date of grant): Awards Price Grants outstanding, beginning of period 353,394 $ 3.05 Granted 160,114 4.56 Vested (restriction lapsed) 173,401 3.52 Grants outstanding, end of period 340,107 3.52
Stock-Based Compensation Expense and Related Tax Benefits Recognized	The following table summarizes stock-based compensation expense recognized by the Company during the three and six months ended August 31, 2017 and 2018 . The Company did not recognize any tax benefits related to stock-based compensation during the periods presented below. Three Months Ended August 31, Six Months Ended August 31, 2017 2018 2017 2018 Station operating expenses $ 177 $ 72 $ 326 $ 143 Corporate expenses 530 366 1,070 758 Stock-based compensation expense included in operating expenses $ 707 $ 438 $ 1,396 $ 901

Definite-lived Intangibles (Tab

Definite-lived Intangibles (Tables)	6 Months Ended
	Aug. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following table presents the weighted-average useful life at August 31, 2018 , and the gross carrying amount and accumulated amortization for our sole definite-lived intangible asset at February 28, 2018 and August 31, 2018 : As of February 28, 2018 As of August 31, 2018 (in 000's, except years) Weighted Average Remaining Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Programming agreement 3.1 2,154 1,101 1,053 2,154 1,248 906
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table presents the Company's estimate of future amortization expense for definite-lived intangibles: Year ended February 28 (29), Expected Amortization Expense Remainder of 2019 $ 147 2020 294 2021 294 2022 171

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Aug. 31, 2018
Debt Instrument
Schedule of Long-term Debt Instruments	Long-term debt was comprised of the following at February 28, 2018 and August 31, 2018 : February 28, August 31, 2014 Credit Agreement debt : Revolver $ 9,000 $ — Term Loan 69,451 28,000 Total 2014 Credit Agreement debt 78,451 28,000 98.7FM non-recourse debt 53,919 50,691 Other non-recourse debt (1) 9,992 10,033 Less: Current maturities (16,037 ) (34,864 ) Less: Unamortized original issue discount (3,476 ) (1,907 ) Total long-term debt $ 122,849 $ 51,953 (1) The face value of other non-recourse debt was $10.2 million at February 28, 2018 and August 31, 2018
Schedule Of Financial Covenants	As of August 31, 2018 Covenant Requirement Actual Results Total Leverage Ratio 4.00 : 1.00 2.79 : 1.00
Schedule of Maturities of Long-term Debt	Based on amounts outstanding at August 31, 2018 , mandatory principal payments of long-term debt for the next five years and thereafter are summarized below: 98.7FM Non-recourse Debt Other Non-recourse Debt Year ended February 28 (29), Term Loan Total Payments Remainder of 2019 $ — $ 3,359 $ — $ 3,359 2020 28,000 7,150 — 35,150 2021 — 7,755 — 7,755 2022 — 8,394 6,239 14,633 2023 — 9,069 4,000 13,069 Thereafter — 14,964 — 14,964 Total $ 28,000 $ 50,691 $ 10,239 $ 88,930

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Aug. 31, 2018
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 August 31, 2018 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 28, 2018 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

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Aug. 31, 2018
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue	The following table presents the Company's revenues disaggregated by revenue source: Three Months Ended August 31, Six Months Ended August 31, 2017 2018 2017 2018 (Dollars in thousands) Revenue by Source: Advertising $ 25,482 $ 19,117 $ 54,439 $ 37,892 Circulation 99 93 209 195 Nontraditional 8,763 6,393 11,251 8,361 LMA Fees 3,004 2,582 5,587 5,884 Digital 2,772 1,291 5,800 2,491 Other 2,728 2,580 5,726 5,239 Total net revenues $ 42,848 $ 32,056 $ 83,012 $ 60,062

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Aug. 31, 2018
Segment Reporting [Abstract]
Results of Operations of Business Segments	Three Months Ended August 31, 2018 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 30,731 $ 897 $ 428 $ 32,056 Station operating expenses excluding and depreciation and amortization expense 22,660 1,009 2,334 26,003 Corporate expenses excluding depreciation and amortization expense — — 2,802 2,802 Depreciation and amortization 549 5 225 779 Loss on sale of assets, including disposition costs 15 — — 15 Operating income (loss) $ 7,507 $ (117 ) $ (4,933 ) $ 2,457 Three Months Ended August 31, 2017 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 41,764 $ 846 $ 238 $ 42,848 Station operating expenses excluding LMA fees and depreciation and amortization expense 29,881 1,104 2,919 33,904 Corporate expenses excluding depreciation and amortization expense — — 2,538 2,538 Depreciation and amortization 676 5 200 881 (Gain) loss on sale of assets, net of disposition costs (76,745 ) 39 — (76,706 ) Loss on disposal of fixed assets — 12 — 12 Operating income (loss) $ 87,952 $ (314 ) $ (5,419 ) $ 82,219 Six Months Ended August 31, 2018 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 57,115 $ 2,170 $ 777 $ 60,062 Station operating expenses excluding depreciation and amortization expense 40,353 2,208 4,973 47,534 Corporate expenses excluding depreciation and amortization expense — — 5,310 5,310 Depreciation and amortization 1,119 10 449 1,578 (Gain) loss on sale of assets, net of disposition costs (32,383 ) 331 — (32,052 ) Operating income (loss) $ 48,026 $ (379 ) $ (9,955 ) $ 37,692 Six Months Ended August 31, 2017 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 80,470 $ 1,990 $ 552 $ 83,012 Station operating expenses excluding depreciation and amortization expense 56,015 2,459 6,660 65,134 Corporate expenses excluding depreciation and amortization expense — — 5,281 5,281 Depreciation and amortization 1,444 10 405 1,859 (Gain) loss on sale of assets, net of disposition costs (76,745 ) 39 — (76,706 ) Loss on disposal of property and equipment — 12 — 12 Operating income (loss) $ 99,756 $ (530 ) $ (11,794 ) $ 87,432 Total Assets Radio Publishing Corporate & Emerging Technologies Consolidated As of February 28, 2018 $ 249,044 $ 1,293 $ 20,807 $ 271,144 As of August 31, 2018 $ 221,784 $ 616 $ 21,925 $ 244,325

Significant Events (Tables)

Significant Events (Tables)	6 Months Ended
	Aug. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Schedule of Restructuring Reserve by Type of Cost	The table below summarizes the activity related to our restructuring charge for the three-month and six-month periods ended August 31, 2018. Three months ended Six months ended August 31, 2018 August 31, 2018 Restructuring charges and estimated lease cease-use costs, beginning balance $ 1,131 $ — Restructuring charges and estimated lease cease-use costs- St. Louis radio stations sale — 1,178 Payments, net of accretion (79 ) (126 ) Restructuring charges and estimated lease cease-use costs unpaid and outstanding 1,052 1,052
Business Disposition, Pro Forma Results	For the three months ended August 31, (unaudited) For the six months ended August 31, (unaudited) 2017 2018 2017 2018 Net revenues $ 34,182 $ 32,056 $ 62,445 $ 59,337 Station operating expenses, excluding depreciation and amortization expense 26,434 26,304 48,374 46,834 Consolidated net income 1,076 590 1,283 1,389 Net income (loss) attributable to the Company 268 (215 ) (364 ) (170 ) Net income (loss) per share - basic $ 0.02 $ (0.02 ) $ (0.03 ) $ (0.01 ) Net income (loss) per share - diluted $ 0.02 $ (0.02 ) $ (0.03 ) $ (0.01 )
Disclosure of Long Lived Assets Held-for-sale	The carrying amounts of major classes of assets classified as held for sale related to our St. Louis radio stations as of February 28, 2018 and August 31, 2018 were as follows: As of February 28, 2018 As of August 31, 2018 Property and equipment, net 1,340 160 Indefinite-lived intangibles 24,758 — Other intangibles, net 72 —
St Louis [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Results of Operations of Disposal Groups	For the three months ended August 31, For the six months ended August 31, 2017 2018 2017 2018 Net revenues $ 6,269 $ — $ 12,756 $ 725 Station operating expenses (recoveries), excluding depreciation and amortization expense 4,841 (310 ) 9,739 693 Depreciation and amortization 140 — 279 — Gain on sale of assets, net of disposition costs — — — (32,383 ) Operating income 1,288 310 2,738 32,415 Interest expense 849 — 1,633 592 Income before income taxes 439 310 1,105 31,823

Summary of Significant Accoun_4

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		6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Basic net income (loss) per common share:
Net income (loss) available to common shareholders, basic	$ (373)	$ 69,957	$ 23,112	$ 69,690
Basic shares:
Basic weighted average common shares outstanding (in shares)	12,522	12,292	12,521	12,287
Impact of equity awards (in shares)	0	221	974	176
Diluted shares:
Diluted weighted average common shares outstanding (in shares)	12,522	12,513	13,495	12,463
Net income (loss) available to common shareholders, diluted	$ (373)	$ 69,957	$ 23,112	$ 69,690
Basic net income (loss) per common share:
Net income available to common shareholders from continuing operations, per basic shares (in dollars per share)	$ (0.03)	$ 5.69	$ 1.85	$ 5.67
Diluted net income (loss) per common share:
Net income available to common shareholders from continuing operations, per dilutive shares (in dollars per share)	$ (0.03)	$ 5.59	$ 1.71	$ 5.59

Summary of Significant Accoun_5

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		6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common share equivalents	1,929	1,960	876	2,276
Equity awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common share equivalents	1,929	1,960	876	2,276

Summary of Significant Accoun_6

Summary of Significant Accounting Policies Summary of Restricted Cash (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Feb. 28, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 7,150	$ 4,107
Restricted Cash	8,389	6,115
98.7FM LMA restricted cash [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash	1,239	1,358
Cash held in escrow [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash	$ 0	$ 650

Summary of Significant Accoun_7

Summary of Significant Accounting Policies Operating Results of Local Programming and Marketing Agreement Fees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Segment Reporting Information [Line Items]
NET REVENUES	$ 32,056	$ 42,848	$ 60,062	$ 83,012
Station operating expenses excluding LMA fees and depreciation and amortization expense	26,003	33,904	47,534	65,134
Interest expense	1,715	4,548	4,356	9,214
98.7 FM
Segment Reporting Information [Line Items]
NET REVENUES	2,583	2,583	5,166	5,166
Station operating expenses excluding LMA fees and depreciation and amortization expense	299	296	596	589
Interest expense	$ 592	$ 656	$ 1,201	$ 1,328

Summary of Significant Accoun_8

Summary of Significant Accounting Policies Assets and Liabilities of Local Programming and Marketing Agreement Fees (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Feb. 28, 2018
Segment Reporting Information [Line Items]
Prepaid expenses	$ 4,793	$ 3,234
Other current assets	1,365	3,680
Total current assets	34,222	59,793
Property and equipment, net	24,913	26,601
Indefinite-lived intangibles	170,890	170,890
Total assets	244,325	271,144
Other current liabilities	11,946	2,695
Total current liabilities	57,685	32,697
Long-term debt, net of current portion	51,953	122,849
Other noncurrent liabilities	6,324	5,932
Total liabilities	143,468	192,881
98.7 FM
Segment Reporting Information [Line Items]
Restricted cash	1,239	1,358
Prepaid expenses	419	448
Other current assets	159	31
Total current assets	1,817	1,837
Property and equipment, net	198	208
Indefinite-lived intangibles	46,390	46,390
Deposits and other	6,456	6,543
Total noncurrent assets	53,044	53,141
Total assets	54,861	54,978
Accounts payable and accrued expenses	19	18
Current maturities of long-term debt	6,864	6,587
Deferred revenue	864	835
Other current liabilities	173	184
Total current liabilities	7,920	7,624
Long-term debt, net of current portion	42,259	45,632
Total noncurrent liabilities	42,259	45,632
Total liabilities	$ 50,179	$ 53,256

Summary of Significant Accoun_9

Summary of Significant Accounting Policies Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Noncontrolling Interest [Line Items]
Beginning balance			$ 30,680	$ 32,921
Net Income (Loss) Attributable to Noncontrolling Interest	$ 805	$ 808	1,559	1,647
Distributions to noncontrolling interests			(2,724)	(2,254)
Ending balance	29,515	32,314	29,515	32,314
Austin Radio Partnership [Member]
Noncontrolling Interest [Line Items]
Beginning balance			47,424	46,830
Net Income (Loss) Attributable to Noncontrolling Interest			2,743	(3,151)
Distributions to noncontrolling interests			(2,724)	(2,254)
Ending balance	47,443	47,727	47,443	47,727
Digonex [Member]
Noncontrolling Interest [Line Items]
Beginning balance			(16,744)	(13,909)
Net Income (Loss) Attributable to Noncontrolling Interest			(1,184)	(1,504)
Distributions to noncontrolling interests			0	0
Ending balance	$ (17,928)	$ (15,413)	$ (17,928)	$ (15,413)

Summary of Significant Accou_10

Summary of Significant Accounting Policies Additional Information (Details) $ in Millions	6 Months Ended
	Aug. 31, 2018USD ($)
Noncontrolling Interest [Line Items]
Local programming and marketing agreement fee	$ 0.7
Austin Radio Partnership [Member]
Noncontrolling Interest [Line Items]
Percentage Of Controlling Interest	50.10%
Digonex [Member]
Noncontrolling Interest [Line Items]
Percentage Of Controlling Interest	84.00%

Share Based Payments Assumption

Share Based Payments Assumptions used to Calculate Fair Value of Options on Date of Grant (Details)	6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Dividend Yield:	0.00%	0.00%
Expected Life (Years):	4 years 11 months	4 years 5 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-Free Interest Rate:	2.60%	1.70%
Expected Volatility:	51.30%	52.90%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-Free Interest Rate:	2.80%	1.90%
Expected Volatility:	53.20%	53.60%

Share Based Payments - Addition

Share Based Payments - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended		6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from Stock Options Exercised			$ 100,000	$ 100,000
Stock options granted, term			10 years
Stock options vesting period			3 years
Annual percentage over three years			33.33%
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options			$ 0	$ 0
Stock options weighted average grant date fair value			$ 2.27	$ 1.24
Shares available for future grants	2		2
Restricted stock awards requisite service period			3 years
Grant date fair value of shares vested			$ 600,000	$ 600,000
Compensation expenses	$ 438,000	$ 707,000	901,000	$ 1,396,000
Unrecognized compensation cost	$ 1,400,000		$ 1,400,000
Compensation cost of weighted average period			1 year 8 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	1.7		1.7
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Volatility:			51.30%	52.90%
Risk-Free Interest Rate:			2.60%	1.70%
Vesting dates of outstanding options			2018-07
Expiration dates of options			2018-07
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Volatility:			53.20%	53.60%
Risk-Free Interest Rate:			2.80%	1.90%
Vesting dates of outstanding options			2021-03
Expiration dates of options			2028-03

Share Based Payments Summary of

Share Based Payments Summary of Stock Options Outstanding and Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Aug. 31, 2018USD ($)$ / sharesshares
Options
Outstanding, beginning of period | shares	2,691,329
Granted | shares	259,000
Exercised | shares	2,190,495
Expired | shares	39,495
Outstanding, end of period | shares	2,859,999
Price
Outstanding, beginning of period	$ 4.66
Granted	4.64
Expired or exchanged	8.98
Outstanding, end of period	4.64
Exercisable, end of period	$ 4.98
Outstanding	6 years 5 months
Exercised	$ 2.58	[1]
Forfeited	$ 0
Exercisable, end of period	5 years 7 months
Outstanding, end of period | $	$ 4,161
Exercisable, end of period | $	$ 3,099
[1]	Cash received from option exercises for the six months ended August 31, 2017 and 2018 was $0.1 million. The Company did not record an income tax benefit relating to the options exercised during the six months ended August 31, 2017 or 2018.

Share Based Payments Summary _2

Share Based Payments Summary of Nonvested Options and Changes (Details)	6 Months Ended
	Aug. 31, 2018$ / 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	$ 0
Options
Nonvested, beginning of period | shares	691,114
Granted | shares	259,000
Vested | shares	280,610
Nonvested, end of period | shares	669,504
Weighted Average Grant Date Fair Value
Nonvested, beginning of period	$ 2.10
Granted	2.27
Vested	3.30
Nonvested, end of period	$ 1.67

Share Based Payments Summary _3

Share Based Payments Summary of Restricted Stock Grants Outstanding and Activity (Details) - Restricted Stock	6 Months Ended
	Aug. 31, 2018$ / sharesshares
Awards
Grants outstanding, beginning of period | shares	353,394
Granted | shares	160,114
Vested (restriction lapsed) | shares	173,401
Grants outstanding, end of period | shares	340,107
Price
Grants outstanding, beginning of period | $ / shares	$ 3.05
Granted | $ / shares	4.56
Vested (restriction lapsed) | $ / shares	3.52
Grants outstanding, end of period | $ / shares	$ 3.52

Share Based Payments Stock-Base

Share Based Payments Stock-Based Compensation Expense and Related Tax Benefits Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 438	$ 707	$ 901	$ 1,396
Station operating expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	72	177	143	326
Corporate expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 366	$ 530	$ 758	$ 1,070

Intangible Assets and Goodwill

Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Feb. 28, 2018
Intangible Assets And Goodwill [Line Items]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	$ 170,890		$ 170,890
Goodwill	4,338		$ 4,338
Amortization of Intangible Assets	$ 100	$ 200

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill Definite-lived Intangibles (Details) - USD ($) $ in Thousands	6 Months Ended
	Aug. 31, 2018	Feb. 28, 2018
Definite-Lived Intangible Assets [Line Items]
Net Carrying Amount	$ 906	$ 1,053
Contract-Based Intangible Assets
Definite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	3 years 1 month
Gross Carrying Amount	$ 2,154	2,154
Accumulated Amortization	1,248	1,101
Net Carrying Amount	$ 906	$ 1,053

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill Amortization Expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 100	$ 200
Estimate of amortization expense related to intangible assets:
Remainder of 2019	147
2,019	294
2,020	294
2,021	$ 171

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail) - USD ($)	Jul. 18, 2018	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017	Feb. 28, 2018	Jun. 16, 2014	May 30, 2012
Debt Instrument
Unamortized discount on issuance of debt		$ 1,907,000		$ 1,907,000		$ 3,476,000
Loss on debt extinguishment		0	$ (2,523,000)	(771,000)	$ (2,523,000)
NextRadio notes payable [Member]
Debt Instrument
Interest rate during period							6.00%
Non-recourse debt							$ 4,000,000
Non-recourse debt
Debt Instrument
Face amount of debt		10,200,000		10,200,000		10,200,000
Non-recourse debt		10,033,000		10,033,000
98.7FM Non-recourse debt
Debt Instrument
Face amount of debt								$ 82,200,000
Interest rate during period								4.10%
Non-recourse debt		50,691,000		50,691,000		53,919,000
Digonex Non-recourse debt
Debt Instrument
Face amount of debt							$ 6,200,000
Interest rate during period							5.00%
Non-recourse debt							$ 3,600,000
98.7FM Non-recourse debt
Debt Instrument
Unamortized discount on issuance of debt		1,600,000		1,600,000		1,700,000
Two Thousand Fourteen Credit Agreement
Debt Instrument
Total Credit Agreement debt		28,000,000		28,000,000		$ 78,451,000
Unamortized discount on issuance of debt		$ 300,000		$ 300,000
Principal redemption premium	2.00%
Principal redemption premium, additional quarterly amount	0.50%
Debt Instrument, Interest Rate, Increase (Decrease)	0.50%
Debt, Weighted Average Interest Rate		9.10%		9.10%		8.70%
Two Thousand Fourteen Credit Agreement | Term Loan
Debt Instrument
Total Credit Agreement debt		$ 28,000,000		$ 28,000,000		$ 69,451,000
Two Thousand Fourteen Credit Agreement | Revolver
Debt Instrument
Total Credit Agreement debt		0		0		$ 9,000,000
Maximum borrowing capacity		20,000,000		20,000,000
Two Thousand Fourteen Credit Agreement | Letter of Credit
Debt Instrument
Maximum borrowing capacity		$ 5,000,000		$ 5,000,000
Base Rate | Two Thousand Fourteen Credit Agreement
Debt Instrument
Debt Instrument, Variable Rate, Floor				2.00%
Basis spread on interest rate				6.00%
London Interbank Offered Rate (LIBOR) | Two Thousand Fourteen Credit Agreement
Debt Instrument
Basis spread on interest rate				7.00%

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Feb. 28, 2018
Debt Instrument
Less: Current maturities	$ 34,864	$ 16,037
Less: Unamortized original issue discount	1,907	3,476
Total long-term debt	51,953	122,849
98.7FM Non-recourse debt
Debt Instrument
Non-recourse debt	50,691	53,919
Other non-recourse debt
Debt Instrument
Non-recourse debt		9,992
Non-recourse debt
Debt Instrument
Non-recourse debt	10,033
Two Thousand Fourteen Credit Agreement
Debt Instrument
Total Credit Agreement debt	28,000	78,451
Less: Unamortized original issue discount	300
Revolver | Two Thousand Fourteen Credit Agreement
Debt Instrument
Total Credit Agreement debt	0	9,000
Term Loan | Two Thousand Fourteen Credit Agreement
Debt Instrument
Total Credit Agreement debt	$ 28,000	$ 69,451

Long-term Debt - Schedule of Ma

Long-term Debt - Schedule of Maximum Leverage Ratio (Details) - Two Thousand Fourteen Credit Agreement	Aug. 31, 2018USD ($)
Covenant Requirement
Line of Credit Facility
Total Leverage Ratio	4
Actual Results
Line of Credit Facility
Total Leverage Ratio	2.79

Long-term Debt - Schedule of _2

Long-term Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Aug. 31, 2018USD ($)
Debt Instrument
2,015	$ 3,359
2,016	35,150
2,017	7,755
2,018	14,633
2,019	13,069
Thereafter	14,964
Total long-term debt	88,930
98.7FM Non-recourse debt
Debt Instrument
2,015	3,359
2,016	7,150
2,017	7,755
2,018	8,394
2,019	9,069
Thereafter	14,964
Total long-term debt	50,691
Digonex Non-recourse debt
Debt Instrument
2,015	0
2,016	0
2,017	0
2,018	6,239
2,019	4,000
Thereafter	0
Total long-term debt	10,239
Term Loan | Two Thousand Fourteen Credit Agreement
Debt Instrument
2,015	0
2,016	28,000
2,017	0
2,018	0
2,019	0
Thereafter	0
Total long-term debt	$ 28,000

Liquidity and Going Concern Add

Liquidity and Going Concern Additional Information (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Feb. 28, 2018
Other Commitments [Line Items]
Cash and cash equivalents	$ 7,150	$ 4,107
Two Thousand Fourteen Credit Agreement
Other Commitments [Line Items]
Total Credit Agreement debt	28,000	78,451
Two Thousand Fourteen Credit Agreement | Revolver
Other Commitments [Line Items]
Total Credit Agreement debt	0	9,000
Two Thousand Fourteen Credit Agreement | Term Loan
Other Commitments [Line Items]
Total Credit Agreement debt	$ 28,000	$ 69,451

Fair Value Measurements Assets

Fair Value Measurements Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Feb. 28, 2018
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 Additio

Fair Value Measurements Additional Information (Details) $ in Millions	Aug. 31, 2018USD ($)
Fair Value Measurements Additional Detail [Abstract]
Long-term Debt, Fair Value	$ 27.6

Disaggregation of Revenues (Det

Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Disaggregation of Revenue [Line Items]
NET REVENUES	$ 32,056	$ 42,848	$ 60,062	$ 83,012
Advertising [Member]
Disaggregation of Revenue [Line Items]
NET REVENUES	19,117	25,482	37,892	54,439
Circulation
Disaggregation of Revenue [Line Items]
NET REVENUES	93	99	195	209
Nontraditional
Disaggregation of Revenue [Line Items]
NET REVENUES	6,393	8,763	8,361	11,251
LMA Fees
Disaggregation of Revenue [Line Items]
NET REVENUES	2,582	3,004	5,884	5,587
Digital
Disaggregation of Revenue [Line Items]
NET REVENUES	1,291	2,772	2,491	5,800
Other
Disaggregation of Revenue [Line Items]
NET REVENUES	$ 2,580	$ 2,728	$ 5,239	$ 5,726

Segment Information Results of

Segment Information Results of Operations of Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017	Feb. 28, 2018
Segment Reporting Information [Line Items]
NET REVENUES	$ 32,056	$ 42,848	$ 60,062	$ 83,012
Station operating expenses excluding LMA fees and depreciation and amortization expense	26,003	33,904	47,534	65,134
Corporate expenses excluding depreciation and amortization expense	2,802	2,538	5,310	5,281
Depreciation and amortization	779	881	1,578	1,859
(Gain) loss on sale of assets, net of disposition costs	15	(76,706)	(32,052)	(76,706)
Loss on disposal of property and equipment	0	12	0	12
Operating income (loss)	2,457	82,219	37,692	87,432
Total Assets	244,325		244,325		$ 271,144
Radio
Segment Reporting Information [Line Items]
NET REVENUES	30,731	41,764	57,115	80,470
Station operating expenses excluding LMA fees and depreciation and amortization expense	22,660	29,881	40,353	56,015
Corporate expenses excluding depreciation and amortization expense	0	0	0	0
Depreciation and amortization	549	676	1,119	1,444
(Gain) loss on sale of assets, net of disposition costs	15	(76,745)	(32,383)	(76,745)
Loss on disposal of property and equipment		0		0
Operating income (loss)	7,507	87,952	48,026	99,756
Total Assets	221,784		221,784		249,044
Publishing
Segment Reporting Information [Line Items]
NET REVENUES	897	846	2,170	1,990
Station operating expenses excluding LMA fees and depreciation and amortization expense	1,009	1,104	2,208	2,459
Corporate expenses excluding depreciation and amortization expense	0	0	0	0
Depreciation and amortization	5	5	10	10
(Gain) loss on sale of assets, net of disposition costs	0	39	331	39
Loss on disposal of property and equipment		12		12
Operating income (loss)	(117)	(314)	(379)	(530)
Total Assets	616		616		1,293
Corporate
Segment Reporting Information [Line Items]
NET REVENUES	428	238	777	552
Station operating expenses excluding LMA fees and depreciation and amortization expense	2,334	2,919	4,973	6,660
Corporate expenses excluding depreciation and amortization expense	2,802	2,538	5,310	5,281
Depreciation and amortization	225	200	449	405
(Gain) loss on sale of assets, net of disposition costs	0	0	0	0
Loss on disposal of property and equipment		0		0
Operating income (loss)	(4,933)	$ (5,419)	(9,955)	$ (11,794)
Total Assets	$ 21,925		$ 21,925		$ 20,807

Regulatory, Legal and Other M_2

Regulatory, Legal and Other Matters Regulatory, Legal and Other Matters (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Contingencies [Line Items]
(Gain) loss on sale of assets, net of disposition costs	$ 15	$ (76,706)	$ (32,052)	$ (76,706)
Hour Magazines [Member]
Contingencies [Line Items]
(Gain) loss on sale of assets, net of disposition costs			200
Proceeds from Legal Settlements			450
Payments for Legal Settlements			200
INIC Suit [Member]
Contingencies [Line Items]
Litigation award subject to appeal			$ 3,500

Income Taxes Additional Informa

Income Taxes Additional Information (Details)	6 Months Ended
	Aug. 31, 2018Rate	Aug. 31, 2017Rate
Income Tax Disclosure [Abstract]
Effective Income Tax Rate	24.00%	6.00%
Federal statutory tax rate	21.00%	35.00%

Significant Events Additional I

Significant Events Additional Information (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Business Acquisition [Line Items]
Impairment of assets held for sale				$ 205	$ 0
(Gain) loss on sale of assets, net of disposition costs		$ 15	$ (76,706)	(32,052)	(76,706)
Local programming and marketing agreement fee				700
Restructuring Charges		0		1,178
St Louis [Member]
Business Acquisition [Line Items]
Gross Proceeds from Divestiture of Business	$ 60,000
Net Proceeds from Divestiture of Businesses	40,500
(Gain) loss on sale of assets, net of disposition costs	$ 32,400	$ 0	$ 0	32,383	$ 0
Local programming and marketing agreement fee				700
Restructuring Charges				$ 1,200

Significant Events Restrucuring

Significant Events Restrucuring Reserve (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Aug. 31, 2018	Aug. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring charges and lease abandonment costs, beginning balance	$ 1,131	$ 0
Restructuring chanrges and lease abandonment costs - St. Louis radio station sale	0	1,178
Payments	(79)	(126)
Restructuring charges and lease abandonment costs unpaid and outstanding	$ 1,052	$ 1,052

Significant Events Results of S

Significant Events Results of St. Louis Radio Stations (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
NET REVENUES		$ 32,056	$ 42,848	$ 60,062	$ 83,012
Station operating expenses excluding LMA fees and depreciation and amortization expense		26,003	33,904	47,534	65,134
Depreciation and amortization		779	881	1,578	1,859
(Gain) loss on sale of assets, net of disposition costs		15	(76,706)	(32,052)	(76,706)
Operating income		2,457	82,219	37,692	87,432
Interest expense		1,715	4,548	4,356	9,214
Income before income taxes		778	75,159	32,617	75,709
St Louis [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
NET REVENUES		0	6,269	725	12,756
Station operating expenses excluding LMA fees and depreciation and amortization expense		(310)	4,841	693	9,739
Depreciation and amortization		0	140	0	279
(Gain) loss on sale of assets, net of disposition costs	$ 32,400	0	0	32,383	0
Operating income		310	1,288	32,415	2,738
Interest expense		0	849	592	1,633
Income before income taxes		$ 310	$ 439	$ 31,823	$ 1,105

Significant Events Proforma Res

Significant Events Proforma Results (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Business Acquisition [Line Items]
Pro Forma Net revenue	$ 32,056	$ 34,182	$ 59,337	$ 62,445
Pro Forma Station operating expenses, excluding depreciation and amortization expense	26,304	26,434	46,834	48,374
Pro Forma Consolidated net income	590	1,076	1,389	1,283
Pro Forma Net income attributable to the Company	$ (215)	$ 268	$ (170)	$ (364)
Pro Forma Net income per share, basic	$ (0.02)	$ 0.02	$ (0.01)	$ (0.03)
Pro Forma Net income per share, diluted	$ (0.02)	$ 0.02	$ (0.01)	$ (0.03)

Significant Events Assets held

Significant Events Assets held for sale (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Feb. 28, 2018
Long Lived Assets Held-for-sale [Line Items]
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	$ 160	$ 1,340
Disposal Group, indefinite-lived intangibles	0	24,758
Disposal Group, other intangibles	$ 0	$ 72