Emmis (EMMS) 10-Q 9 Jan 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Nov. 30, 2019	Jan. 02, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Trading Symbol	EMMS
Entity Registrant Name	EMMIS COMMUNICATIONS CORP
Entity Central Index Key	0000783005
Current Fiscal Year End Date	--02-28
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	0-23264
Entity Tax Identification Number	351542018
Entity Address, Address Line One	40 MONUMENT CIRCLE
Entity Address, Address Line Two	SUITE 700
Entity Address, City or Town	INDIANAPOLIS
Entity Address, State or Province	INDIANA
Entity Address, Postal Zip Code	46204
City Area Code	317
Local Phone Number	266-0100
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,060,388
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,242,366

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Income Statement [Abstract]
NET REVENUES	$ 10,737	$ 10,797	$ 29,266	$ 30,883
OPERATING EXPENSES:
Station operating expenses excluding depreciation and amortization expense	8,199	10,809	23,667	30,494
Corporate expenses excluding depreciation and amortization expense	10,437	2,297	15,211	7,607
Impairment loss		304	4,022	509
Depreciation and amortization	263	345	866	1,068
Loss (gain) on sale of assets, net of disposition costs		235	31	(31,817)
Gain on legal matter	(2,153)		(2,153)
Total operating expenses	16,746	13,990	41,644	7,861
OPERATING (LOSS) INCOME	(6,009)	(3,193)	(12,378)	23,022
OTHER EXPENSE:
Interest expense	(869)	(1,307)	(3,040)	(5,206)
Loss on debt extinguishment	(510)		(510)	(771)
Other income, net	121	40	147	92
Total other expense	(1,258)	(1,267)	(3,403)	(5,885)
(LOSS) INCOME BEFORE INCOME TAXES	(7,267)	(4,460)	(15,781)	17,137
(BENEFIT) PROVISION FOR INCOME TAXES	(950)	(2,747)	(1,533)	6,213
(LOSS) INCOME FROM CONTINUING OPERATIONS	(6,317)	(1,713)	(14,248)	10,924
DISCONTINUED OPERATIONS, NET OF TAX	58,921	3,262	77,213	15,296
CONSOLIDATED NET INCOME	52,604	1,549	62,965	26,220
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(121)	837	1,557	2,396
NET INCOME ATTRIBUTABLE TO THE COMPANY	52,725	712	61,408	23,824
AMOUNTS ATTRIBUTABLE TO COMMON SHAREHOLDERS:
Net (loss) income attributable to common shareholders - continuing operations	(5,828)	(1,161)	(12,758)	12,660
Net income attributable to common shareholders - discontinued operations	58,553	1,873	74,166	11,164
Net income attributable to common shareholders	$ 52,725	$ 712	$ 61,408	$ 23,824
BASIC NET (LOSS) INCOME PER SHARE:
Continuing operations	$ (0.45)	$ (0.09)	$ (0.99)	$ 1.01
Discontinued operations	4.53	0.15	5.77	0.89
Basic net income per share	$ 4.08	$ 0.06	$ 4.78	$ 1.90
Basic weighted average shares outstanding	12,937	12,609	12,846	12,565
DILUTED NET (LOSS) INCOME PER SHARE:
Continuing operations	$ (0.45)	$ (0.09)	$ (0.99)	$ 0.94
Discontinued operations	4.53	0.15	5.77	0.83
Diluted net income per share	$ 4.08	$ 0.06	$ 4.78	$ 1.77
Diluted weighted average shares outstanding	12,937	12,609	12,846	13,486

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Income Statement [Abstract]
Depreciation and amortization expense excluded from station operating expenses	$ 90	$ 151	$ 302	$ 477
Depreciation and amortization expenses excluded from corporate expenses	$ 172	$ 194	$ 564	$ 591

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
CONSOLIDATED NET INCOME	$ 52,604	$ 1,549	$ 62,965	$ 26,220
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(121)	837	1,557	2,396
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 52,725	$ 712	$ 61,408	$ 23,824

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Nov. 30, 2019	Feb. 28, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 111,345	$ 4,343
Restricted cash	1,622	2,504
Accounts receivable, net	5,599	11,919
Prepaid expenses	1,845	3,374
Other current assets	10,350	1,225
Current assets held for sale		6,629
Total current assets	130,761	29,994
PROPERTY AND EQUIPMENT, NET	15,265	16,061
INDEFINITE-LIVED INTANGIBLE ASSETS	68,540	72,562
OPERATING LEASE RIGHT-OF-USE ASSETS	8,634
EQUITY METHOD INVESTMENT- MEDIACO CLASS A COMMON STOCK	5,485
OTHER ASSETS, NET	12,822	8,462
LONG-TERM ASSETS HELD FOR SALE		110,667
Total assets	241,507	237,746
CURRENT LIABILITIES:
Accounts payable and accrued expenses	4,637	4,160
Current maturities of long-term debt	7,830	32,150
Accrued salaries and commissions	7,812	1,919
Deferred revenue	2,639	3,464
Income taxes payable	15,657	11,200
Operating lease liabilities	842
Other current liabilities	1,868	2,401
Current liabilities held for sale		2,072
Total current liabilities	41,285	57,366
LONG-TERM DEBT, NET OF CURRENT MATURITIES AND UNAMORTIZED DISCOUNT	55,662	48,757
OPERATING LEASE LIABILITIES, NET OF CURRENT	9,372
OTHER NONCURRENT LIABILITIES	2,328	3,914
DEFERRED INCOME TAXES	18,263	25,232
NONCURRENT LIABILITIES HELD FOR SALE		2,110
Total liabilities	126,910	137,379
COMMITMENTS AND CONTINGENCIES
EQUITY:
Additional paid-in capital	597,439	595,984
Accumulated deficit	(462,492)	(523,900)
Total shareholders’ equity	135,080	72,214
NONCONTROLLING INTERESTS	(20,483)	28,153
Total equity	114,597	100,367
Total liabilities and equity	241,507	237,746
Class A Common Stock
EQUITY:
Common Stock	121	118
Class B Common Stock
EQUITY:
Common Stock	$ 12	$ 12

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Nov. 30, 2019	Feb. 28, 2019
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	12,060,388	11,809,291
Common stock, shares outstanding	12,060,388	11,809,291
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	1,242,366
Common stock, shares outstanding	1,242,366	1,242,366

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests	Class A Common StockCommon Stock	Class B Common StockCommon Stock
Beginning Balance at Feb. 28, 2018	$ 78,263	$ 594,708	$ (547,252)	$ 30,680	$ 116	$ 11
Beginning Balance (in shares) at Feb. 28, 2018					11,649,440	1,142,366
Net (loss) income	24,239		23,485	754
Issuance of common stock to employees and officers, net	390	389				$ 1
Issuance of common stock to employees and officers, net (in shares)					(4,097)	100,000
Exercise of stock options	120	119			$ 1
Exercise of stock options (In shares)					45,834
Distributions to noncontrolling interests	(1,721)			(1,721)
Ending Balance at May. 31, 2018	101,291	595,216	(523,767)	29,713	$ 117	$ 12
Ending Balance (in shares) at May. 31, 2018					11,691,177	1,242,366
Beginning Balance at Feb. 28, 2018	78,263	594,708	(547,252)	30,680	$ 116	$ 11
Beginning Balance (in shares) at Feb. 28, 2018					11,649,440	1,142,366
Net (loss) income	26,220
Distributions to noncontrolling interests	(3,792)
Ending Balance at Nov. 30, 2018	101,886	595,900	(523,428)	29,284	$ 118	$ 12
Ending Balance (in shares) at Nov. 30, 2018					11,777,013	1,242,366
Beginning Balance at May. 31, 2018	101,291	595,216	(523,767)	29,713	$ 117	$ 12
Beginning Balance (in shares) at May. 31, 2018					11,691,177	1,242,366
Net (loss) income	432		(373)	805
Issuance of common stock to employees and officers, net	125	125
Issuance of common stock to employees and officers, net (in shares)					(26,778)
Exercise of stock options	12	12
Exercise of stock options (In shares)					5,000
Distributions to noncontrolling interests	(1,003)			(1,003)
Ending Balance at Aug. 31, 2018	100,857	595,353	(524,140)	29,515	$ 117	$ 12
Ending Balance (in shares) at Aug. 31, 2018					11,669,399	1,242,366
Net (loss) income	1,549		712	837
Issuance of common stock to employees and officers, net	336	335			$ 1
Issuance of common stock to employees and officers, net (in shares)					16,780
Exercise of stock options	212	212
Exercise of stock options (In shares)					90,834
Distributions to noncontrolling interests	(1,068)			(1,068)
Ending Balance at Nov. 30, 2018	101,886	595,900	(523,428)	29,284	$ 118	$ 12
Ending Balance (in shares) at Nov. 30, 2018					11,777,013	1,242,366
Beginning Balance at Feb. 28, 2019	100,367	595,984	(523,900)	28,153	$ 118	$ 12
Beginning Balance (in shares) at Feb. 28, 2019					11,809,291	1,242,366
Net (loss) income	2,516		1,670	846
Issuance of common stock to employees and officers, net	313	312			$ 1
Issuance of common stock to employees and officers, net (in shares)					56,458
Exercise of stock options	23	23
Exercise of stock options (In shares)					16,829
Distributions to noncontrolling interests	(1,121)			(1,121)
Ending Balance at May. 31, 2019	102,098	596,319	(522,230)	27,878	$ 119	$ 12
Ending Balance (in shares) at May. 31, 2019					11,882,578	1,242,366
Beginning Balance at Feb. 28, 2019	100,367	595,984	(523,900)	28,153	$ 118	$ 12
Beginning Balance (in shares) at Feb. 28, 2019					11,809,291	1,242,366
Net (loss) income	$ 62,965
Exercise of stock options (In shares)	199,643
Distributions to noncontrolling interests	$ (2,217)
Ending Balance at Nov. 30, 2019	114,597	597,439	(462,492)	(20,483)	$ 121	$ 12
Ending Balance (in shares) at Nov. 30, 2019					12,060,388	1,242,366
Beginning Balance at May. 31, 2019	102,098	596,319	(522,230)	27,878	$ 119	$ 12
Beginning Balance (in shares) at May. 31, 2019					11,882,578	1,242,366
Net (loss) income	7,845		7,013	832
Issuance of common stock to employees and officers, net	115	115
Issuance of common stock to employees and officers, net (in shares)					(1,724)
Exercise of stock options	78	78
Exercise of stock options (In shares)					32,316
Distributions to noncontrolling interests	(824)			(824)
Ending Balance at Aug. 31, 2019	109,312	596,512	(515,217)	27,886	$ 119	$ 12
Ending Balance (in shares) at Aug. 31, 2019					11,913,170	1,242,366
Net (loss) income	52,604		52,725	(121)
Issuance of common stock to employees and officers, net	339	339
Issuance of common stock to employees and officers, net (in shares)					(3,280)
Exercise of stock options	590	588			$ 2
Exercise of stock options (In shares)					150,498
Distributions to noncontrolling interests	(272)			(272)
Sale of controlling interest in subsidiary	(47,976)			(47,976)
Ending Balance at Nov. 30, 2019	$ 114,597	$ 597,439	$ (462,492)	$ (20,483)	$ 121	$ 12
Ending Balance (in shares) at Nov. 30, 2019					12,060,388	1,242,366

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
CONSOLIDATED NET INCOME	$ 62,965	$ 26,220
Adjustments to reconcile consolidated net income to net cash (used in) provided by operating activities -
Discontinued operations	(77,213)	(15,296)
Loss (gain) on sale of assets, net of disposition costs	31	(31,817)
Depreciation and amortization	866	1,068
Amortization of debt discount	318	1,000
Noncash accretion of debt	62	62
Loss on debt extinguishment	510	771
Impairment of assets	4,022	509
Provision for bad debts	93	602
Deferred income taxes	(17,658)	(3,726)
Noncash compensation	1,107	1,224
Net cash provided by operating activities - discontinued operations	29,369	12,586
Changes in assets and liabilities -
Accounts receivable	(2,412)	1,991
Prepaid expenses and other current assets	(8,284)	1,156
Other assets	(9,158)	(430)
Accounts payable and accrued liabilities	7,231	(3,446)
Deferred revenue	473	119
Income taxes	4,434	10,157
Other liabilities	(1,206)	330
Net cash provided by (used in) operating activities	(4,450)	3,080
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(99)	(67)
Proceeds from the sale of assets		60,171
Net cash (used in) provided by investing activities - discontinued operations	129,754	(88)
Net cash provided by investing activities	129,655	60,016
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt	(44,619)	(57,850)
Proceeds from long-term debt	27,000	2,500
Debt-related costs	(642)
Proceeds from the exercise of stock options	689	343
Settlement of tax withholding obligations on stock issued to employees	(391)	(437)
Net cash used in discontinued operations - financing activities	(2,217)	(3,792)
Net cash used in financing activities	(20,180)	(59,236)
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH INCLUDING CASH CLASSIFIED AS HELD FOR SALE	105,025	3,860
(INCREASE) DECREASE IN CASH CLASSIFIED AS HELD FOR SALE	1,095	(263)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	106,120	3,597
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	6,847	4,491
End of period	112,967	8,088
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest	2,812	4,464
Cash paid for (refund from) income taxes, net	11,987	(467)
Noncash financing transactions-
Stock issued to employees and directors	$ 1,160	$ 1,288

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Nov. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1. 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, 2019. The Company’s results are subject to seasonal fluctuations. Therefore, results shown on an interim basis are not necessarily indicative of results for a full year. In the opinion of Emmis, the accompanying condensed consolidated interim financial statements contain all material adjustments (consisting only of normal recurring adjustments, except as otherwise noted) necessary to present fairly the consolidated financial position of Emmis at November 30, 2019, the results of its operations for the three-month and nine-month periods ended November 30, 2018 and 2019, and cash flows for the nine-month periods ended November 30, 2018 and 2019. 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, 2019 that have had a material impact on our condensed consolidated financial statements and related notes. Basic and Diluted Net Income Per Common Share Basic net income per common share is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Potentially dilutive securities at November 30, 2018 and 2019 consisted of stock options and restricted stock awards. The following table sets forth the calculation of basic and diluted net income per share: For the Three Months Ended November 30, 2018 2019 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 $ 712 12,609 $ 0.06 $ 52,725 12,937 $ 4.08 Impact of equity awards — — — — Diluted net income per common share: Net income available to common shareholders $ 712 12,609 $ 0.06 $ 52,725 12,937 $ 4.08 For the Nine Months Ended November 30, 2018 2019 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 $ 23,824 12,565 $ 1.90 $ 61,408 12,846 $ 4.78 Impact of equity awards — 921 — — — — Diluted net income per common share: Net income available to common shareholders $ 23,824 13,486 $ 1.77 $ 61,408 12,846 $ 4.78 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 November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 (shares in 000’s ) Equity awards 1,975 2,187 913 2,320 Antidilutive common share equivalents 1,975 2,187 913 2,320 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 nine-month period ending November 30, 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 November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 Net revenues $ 2,582 $ 2,582 $ 7,748 $ 7,748 Station operating expenses, excluding depreciation and amortization expense 305 346 901 1,032 Interest expense 574 503 1,775 1,565 Assets and liabilities of 98.7FM as of February 28, 2019 and November 30, 2019 were as follows: As of February 28, 2019 As of November 30, 2019 Current assets: Restricted cash $ 1,504 $ 1,397 Prepaid expenses 394 351 Other current assets 340 620 Total current assets 2,238 2,368 Noncurrent assets: Property and equipment, net 188 237 Indefinite lived intangibles 46,390 46,390 Operating lease right-of-use assets — 7,440 Other assets 6,255 5,736 Total noncurrent assets 52,833 59,803 Total assets $ 55,071 $ 62,171 Current liabilities: Accounts payable and accrued expenses $ 15 $ 15 Current maturities of long-term debt 7,150 7,601 Deferred revenue 864 894 Operating lease liabilities — 367 Other current liabilities 162 144 Total current liabilities 8,191 9,021 Noncurrent liabilities: Long-term debt, net of current portion and unamortized debt discount 38,747 33,177 Operating lease liabilities, net of current — 8,126 Total noncurrent liabilities 38,747 41,303 Total liabilities $ 46,938 $ 50,324 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, 2019 As of November 30, 2019 Cash and cash equivalents, excluding amounts classified as held for sale $ 4,343 $ 111,345 Restricted cash: 98.7FM LMA restricted cash 1,504 1,397 Cash used to secure the Company's purchasing card and travel and expense program 1,000 225 Total cash, cash equivalents and restricted cash $ 6,847 $ 112,967 As of February 28, 2019 and November 30, 2019, 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 and cash held by JPMorgan Chase as collateral to secure the Company’s corporate purchasing card and travel and expense program. Cash held by Emmis Austin Radio Broadcasting Company, L.P. is classified as held for sale as of February 28, 2019. See the discussion of our discontinued operations on the subsequent page for more information related to assets held for sale. Noncontrolling Interests The Company follows Accounting Standards Codification paragraph 810-10-65-1 to report the noncontrolling interests related to the Austin radio partnership and Digonex Technologies Inc., a dynamic pricing business (hereinafter "Digonex"). We owned a 50.1% controlling interest in the Austin radio partnership until its sale on October 1, 2019. As of November 30, 2019, 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. 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 until its sale and Digonex. Noncontrolling interests are adjusted for the noncontrolling interest holders' proportionate share of the earnings or losses of the applicable entity. The noncontrolling interest continues to be attributed its share of losses even if that attribution results in a deficit noncontrolling interest balance. Below is a summary of the noncontrolling interest activity for the nine months ended November 30, 2018 and 2019: Austin Radio Partnership Digonex Total Noncontrolling Interests Balance, February 28, 2018 $ 47,424 $ (16,744 ) $ 30,680 Net income (loss) 4,132 (1,736 ) 2,396 Distributions to noncontrolling interests (3,792 ) — (3,792 ) Balance, November 30, 2018 $ 47,764 $ (18,480 ) $ 29,284 Balance, February 28, 2019 $ 47,146 $ (18,993 ) $ 28,153 Net income (loss) 3,047 (1,490 ) 1,557 Distributions to noncontrolling interests (2,217 ) — (2,217 ) Sale of controlling interest in subsidiary (47,976 ) — (47,976 ) Balance, November 30, 2019 $ — $ (20,483 ) $ (20,483 ) Discontinued Operations During the quarter ended August 31, 2019, the Company entered into agreements to sell its 50.1% ownership interest in Emmis Austin Radio Broadcasting Company, L.P. (the “Austin Partnership”), as well as a controlling interest in WQHT-FM and WBLS-FM in New York. Both sales closed during the three months ended November 30, 2019. The Company concluded that each of these transactions is a disposal of a business that met the criteria to be classified as held for sale during the three months ended August 31, 2019, and each is a strategic shift that will have a significant impact on the Company’s operations and financial results. As such, the assets and liabilities of these businesses included in the disposal transactions have been classified as held for sale in the February 28 2019, balance sheet, and the results of operations and cash flows of these businesses have been classified as discontinued operations for all periods presented in the accompanying condensed consolidated financial statements. See below for more discussion of each of these transactions. Summary of Discontinued Operations Activity: For the Three Months Ended November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 Income from discontinued operations: Austin Radio Partnership $ 2,625 $ 37,908 $ 7,799 $ 42,992 WQHT-FM and WBLS-FM 3,286 37,686 9,132 45,088 Total income before income taxes from discontinued operations 5,911 75,594 16,931 88,080 Less: provision for income taxes 2,649 16,673 1,635 10,867 Income from discontinued operations, net of tax $ 3,262 $ 58,921 $ 15,296 $ 77,213 A discussion of each component of discontinued operations follows. Austin Radio Partnership On October 1, 2019, a subsidiary of Emmis sold its 50.1% ownership interest in the Austin Partnership to our minority partner, Sinclair Telecable, Inc., for $39.3 million (the “Austin Partnership Transaction”). Emmis recognized a gain on sale of $37.3 million. Gross cash proceeds, inclusive of purchase price adjustments, were approximately $40.7 million. Transaction-related expenses were approximately $0.7 million. $9.9 million of these proceeds were used to repay debt outstanding, with the balance held for general corporate purposes, including capital expenditures, working capital, and potential acquisitions and investments. The Austin Partnership has historically been included in our Radio segment. The following table summarizes certain operating results of the Austin Partnership for all periods presented. A portion of Emmis’ mortgage debt was required to be repaid with proceeds of this transaction. In accordance with ASC 205-20-45-6, Emmis has allocated interest on the debt required to be repaid as a result of this disposal transaction to the results of the Austin Radio Partnership. For the Three Months Ended November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 Net revenues $ 7,991 $ 2,660 $ 24,456 $ 19,539 Station operating expenses, excluding depreciation and amortization 5,106 2,012 15,848 13,428 Gain on sale of assets, net of disposition costs — 37,292 — 37,292 Depreciation and amortization 115 — 386 120 Interest expense 145 32 423 291 Income before taxes $ 2,625 $ 37,908 $ 7,799 $ 42,992 Major classes of assets and liabilities of the Austin Partnership that were classified as held for sale in the accompanying condensed consolidated balance sheet as of February 28, 2019 are as follows: As of February 28, 2019 Current assets: Cash and cash equivalents $ 1,095 Accounts receivable, net 4,856 Prepaid expenses 357 Other current assets 121 Total current assets 6,429 Noncurrent assets: Property and equipment, net 5,060 Indefinite lived intangibles 34,720 Goodwill 4,338 Other assets 25 Total noncurrent assets 44,143 Total assets $ 50,572 Current liabilities: Accounts payable and accrued expenses $ 291 Accrued salaries and commissions 651 Deferred revenue 591 Income taxes payable 18 Other current liabilities 23 Total current liabilities 1,574 Noncurrent liabilities: Other noncurrent liabilities 332 Total noncurrent liabilities 332 Total liabilities $ 1,906 Equity: Noncontrolling interests $ 47,146 WQHT-FM and WBLS-FM On November 25, 2019, Emmis contributed the assets and liabilities of WBLS-FM and WQHT-FM (the “Stations”) to MediaCo Holding Inc., an Indiana corporation (“MediaCo”) and in return, Emmis received $91.5 million in cash, a convertible promissory note payable to Emmis in the amount of $5.0 million and 1,666,667 shares of MediaCo Class A common stock (the “MediaCo Transaction”). These shares constitute all of the issued and outstanding MediaCo Class A common stock and represent in the aggregate an approximately 23.72% equity ownership interest and 3.02% of the outstanding voting interests of MediaCo immediately following the transaction. We expect that, on January 17, 2020, we will make a taxable pro rata distribution of 0.1265 shares of MediaCo Class A common stock for each outstanding share of Emmis’ Class A and Class B common stock at the close of business of January 3, 2020. The $5.0 million convertible promissory note carries interest at a base rate equal to the interest on MediaCo’s senior credit facility (London Interbank Offered Rate with a 2.0% floor plus 7.5%), or if no senior credit facility is outstanding, 6.00%, plus an additional 1.00% on any payment of interest in kind and, without regard to whether MediaCo pays such interest in kind, an additional increase of 1.00% following the second anniversary of the date of issuance and additional increases of 1.00% following each successive anniversary thereafter. The note is convertible, in whole or in part, into MediaCo Class A common stock at the option of Emmis beginning six months after issuance at a strike price equal to the thirty day volume weighted average price of the MediaCo Class A common stock on the date of conversion. The note matures on November 25, 2024. In addition, MediaCo’s net working capital as of the closing date must be reimbursed to Emmis within nine months of the MediaCo Transaction. Emmis has recorded an $8.5 million receivable from MediaCo related to this net working capital. SG Broadcasting LLC, an affiliate of Standard General L.P., a New York-based investment firm that manages event-driven opportunity funds (“Standard General”), purchased all of MediaCo’s Class B common stock, representing a 76.28% equity ownership interest. The common stock of MediaCo acquired by Standard General will be entitled to ten votes per share and the common stock acquired by Emmis and distributed to Emmis’ shareholders will be entitled to one vote per share. Emmis will continue to provide management services to the Stations under a Management Agreement, subject to the direction of the MediaCo board of directors which initially consists of four directors appointed by Standard General and three directors appointed by Emmis. Emmis will receive an annual management fee of $1.25 million, plus reimbursement of certain expenses directly related to the operation of MediaCo’s business. The shares held by Emmis at November 30, 2019, which will be distributed to Emmis’ shareholders in January 2020, constitute an equity investment as discussed in Note 12. Gross cash proceeds at closing, inclusive of purchase price adjustments, were $91.8 million, $3.5 million of which was used by Emmis to repay debt outstanding. Transaction-related expenses were approximately $2.2 million. The remaining cash will be used for general corporate purposes, including capital expenditures, working capital, and potential acquisitions and investments. Upon the closing of the transaction, Emmis deconsolidated these stations, recorded the retained investment at fair value, and recognized a gain on sale of $35.6 million. The Stations have historically been included in our Radio segment. The following table summarizes certain operating results of the Stations for all periods presented. In accordance with ASC 205-20-45-6, Emmis has allocated interest on the debt that was required to be repaid as a result of this disposal transaction to the results of the Stations. For the Three Months Ended November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 Net revenues $ 11,535 $ 9,795 $ 35,046 $ 35,947 Station operating expenses, excluding depreciation and amortization 7,809 7,678 24,711 25,844 Gain on sale of assets, net of disposition costs — 35,616 — 35,616 Depreciation and amortization 346 — 930 417 Interest expense 94 47 273 214 Income before taxes $ 3,286 $ 37,686 $ 9,132 $ 45,088 Major classes of assets and liabilities of the Stations that are classified as held for sale in the accompanying condensed consolidated balance sheet as of February 28, 2019 are as follows: As of February 28, 2019 Current assets: Prepaid expenses $ 100 Other current assets 100 Total current assets 200 Noncurrent assets: Property and equipment, net 2,356 Indefinite lived intangibles 63,265 Other intangibles, net 758 Other assets 145 Total noncurrent assets 66,524 Total assets $ 66,724 Current liabilities: Other current liabilities 498 Total current liabilities 498 Noncurrent liabilities: Other noncurrent liabilities 1,778 Total noncurrent liabilities 1,778 Total liabilities $ 2,276 Implementation of Recent Accounting Pronouncements On March 1, 2019, we adopted Accounting Standard Update 2016-02, Leases Recent Accounting Pronouncements Not Yet Implemented In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-13, Financial Instruments – Credit Losses

Share Based Payments

Share Based Payments	9 Months Ended
	Nov. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share Based Payments	Note 2. Share Based Payments The amounts recorded as share based compensation expense consist of stock option grants, restricted stock grants, and common stock issued to employees and directors in lieu of cash payments. Stock Option Awards The Company has granted options to purchase its common stock to employees and directors of the Company under various stock option plans at no less than the fair market value of the underlying stock on the date of grant. These options are granted for a term not exceeding 10 years and are forfeited, except in certain circumstances, in the event the employee or director terminates his or her employment or relationship with the Company. Generally, these options either vest annually over 3 years (one-third each year for 3 years), or cliff vest at the end of 3 years. The Company issues new shares upon the exercise of stock options. The fair value of each option awarded is estimated on the date of grant using a Black-Scholes option-pricing model and expensed on a straight-line basis over the vesting period. Expected volatilities are based on historical volatility of the Company’s stock. The Company uses historical data to estimate option exercises and employee terminations within the valuation model. The Company includes estimated forfeitures in its compensation cost and updates the estimated forfeiture rate through the final vesting date of awards. The risk-free interest rate for periods within the life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The following assumptions were used to calculate the fair value of the Company’s options on the date of grant during the nine months ended November 30, 2018 and 2019: Nine Months Ended November 30, 2018 2019 Risk-Free Interest Rate: 2.6% - 2.8% 1.7% - 2.6% Expected Dividend Yield: 0% 0% Expected Life (Years): 4.9 4.6 Expected Volatility: 51.3% - 53.2% 50.3% - 51.3% The following table presents a summary of the Company’s stock options outstanding at November 30, 2019, and stock option activity during the nine months ended November 30, 2019 (“Price” reflects the weighted average exercise price per share; "Aggregate Intrinsic Value" dollars in thousands): Options Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, beginning of period 2,738,087 $ 4.72 Granted 604,500 4.94 Exercised 199,643 3.49 Forfeited — — Expired 70,860 6.32 Outstanding, end of period 3,072,084 4.81 6.2 $ 2,756 Exercisable, end of period 2,201,843 4.89 5.2 $ 2,344 Cash received from option exercises for the nine months ended November 30, 2018 and 2019 was $0.3 million and $0.7 million, respectively. The Company did not record an income tax benefit relating to the options exercised during the nine months ended November 30, 2018 or 2019. The weighted average per share grant date fair value of options granted during the nine months ended November 30, 2018 and 2019, was $2.27 and $2.19, respectively. A summary of the Company’s nonvested options at November 30, 2019, and changes during the nine months ended November 30, 2019, is presented below: Options Weighted Average Grant Date Fair Value Nonvested, beginning of period 608,175 $ 1.64 Granted 604,500 2.19 Vested 342,434 1.50 Forfeited — — Nonvested, end of period 870,241 2.08 There were 1.4 million shares available for future grants under the Company’s various equity plans (1.1 million shares under the 2017 Equity Compensation Plan and 0.3 million shares under other plans) at November 30, 2019, not including shares that may become available for future grants upon forfeiture, lapse or surrender for taxes. The vesting dates of outstanding options at November 30, 2019 range from March 2020 to July 2022, and expiration dates range from December 2020 to August 2029. 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 awards 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 November 30, 2019, and restricted stock activity during the nine months ended November 30, 2019 (“Price” reflects the weighted average share price at the date of grant): Awards Price Grants outstanding, beginning of period 265,107 $ 3.43 Granted 170,849 4.25 Vested (restriction lapsed) 174,246 3.42 Grants outstanding, end of period 261,710 3.98 The total grant date fair value of shares vested during the nine months ended November 30, 2018 and 2019, was $0.7 million and $0.6 million, respectively. Recognized Non-Cash Compensation Expense The following table summarizes stock-based compensation expense recognized by the Company during the three and nine months ended November 30, 2018 and 2019. The Company did not recognize any tax benefits related to stock-based compensation during the periods presented below. Three Months Ended November 30, Nine Months Ended November 30, 2018 2019 2018 2019 Station operating expenses $ 48 $ 21 $ 148 $ 77 Corporate expenses 318 320 1,076 1,030 Stock-based compensation expense included in operating expenses 366 341 1,224 1,107 Stock-based compensation expense included in discontinued operations 21 (8 ) 64 53 Stock-based compensation expense $ 387 $ 333 $ 1,288 $ 1,160 As of November 30, 2019, there was $1.8 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 1.5 years.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Nov. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Note 3. Intangible Assets and Goodwill Valuation of Indefinite-lived Broadcasting Licenses In accordance with ASC Topic 350, Intangibles—Goodwill and Other, The carrying amounts of the Company’s FCC licenses were $170.5 million and $68.5 million as of February 28, 2019 and November 30, 2019, respectively. The FCC licenses of the Austin radio partnership, WQHT-FM and WBLS-FM totaling $98.0 million were sold during the nine months ended November 30, 2019. These licenses were classified as held for sale as of February 28, 2019. See Note 1 for more discussion of the sale of these radio stations. 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 and are not classified as held for sale. 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 three months ended August 31, 2019, the Company completed an interim impairment test of its Indianapolis market FCC Licenses and the license of WLIB-AM, the Company’s sole station in New York that was not classified as held for sale or being operated pursuant to an LMA. Continued declines in Indianapolis market radio revenues during Fiscal 2020 indicated that an interim impairment test was required for our FCC Licenses in that market. During the three months ended August 31, 2019, the Company classified the FCC Licenses of WQHT-FM and WBLS-FM as held for sale, leaving the license of WLIB-AM as the sole license in our New York unit of accounting not being operated pursuant to an LMA. The Company performed an interim assessment of this remaining station as it had previously been evaluated as part of a larger unit of accounting. These interim impairment tests resulted in an impairment charge of $4.0 million. Future annual and interim impairment tests may result in additional impairment charges in subsequent 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. Goodwill and definite-lived intangible assets The company has no goodwill or definite-lived intangible assets as of November 30, 2019. Goodwill and definite-lived intangible assets, all of which were attributable to our radio division, were $4.3 million and $0.8 million, respectively as of February 28, 2019. The carrying amounts of the Company's goodwill and definite-lived intangibles have been classified as noncurrent assets held for sale in the accompanying condensed consolidated balance sheet as of February 28, 2019 as they relate to assets held by the Austin partnership and WBLS-FM, both of which were sold during the nine months ended November 30, 2019. The Company ceased recording amortization expense on its definite-lived intangible assets when they were classified as noncurrent assets held for sale during the three months ended August 31, 2019. Total amortization expense from definite-lived intangibles during the nine months ended November 30, 2018 and 2019 was $0.2 million and $0.1 million, respectively, all of which is included in discontinued operations, net of tax in the accompanying condensed consolidated statements of operations.

Long-term Debt

Long-term Debt	9 Months Ended
	Nov. 30, 2019
Debt Disclosure [Abstract]
Long-term Debt	Note 4. Long-term Debt Long-term debt was comprised of the following at February 28, 2019 and November 30, 2019: February 28, 2019 November 30, 2019 2014 Credit Agreement Term Loan $ 25,000 $ — Mortgage — 12,699 Term Loan — — 98.7FM non-recourse debt 47,332 42,014 Other non-recourse debt (1) 10,074 10,136 Less: Current maturities (32,150 ) (7,830 ) Less: Unamortized original issue discount (1,499 ) (1,357 ) Total long-term debt, net of current portion and debt discount $ 48,757 $ 55,662 (1) The face value of other non-recourse debt was $10.2 million at February 28, 2019 and November 30, 2019 On April 12, 2019, we entered into a $23 million mortgage between Emmis Operating Company and Emmis Indiana Broadcasting, L.P., as borrowers, and Star Financial as lender (the “Mortgage”). The Mortgage expires April 12, 2029, and was originally secured by a perfected first priority security interest in the Company’s headquarters building in Indianapolis, Indiana, and approximately 70 acres of land owned by the Company in Whitestown, Indiana, which currently is used as a tower site for one of the Company’s radio stations. The Mortgage requires monthly principal and interest payments using a 25 year amortization period, with a balloon payment due at expiration and the original annual interest rate was 5.48%. Pursuant to the terms of the Mortgage, $10 million of combined proceeds from the Austin Partnership Transaction and the MediaCo Transaction were required to be used to repay Mortgage indebtedness. Accordingly, $6.5 million of the proceeds from the Austin Partnership Transaction were used to make a payment on October 4, 2019 and $3.5 million of the proceeds from the MediaCo Transaction were used to make a payment on November 29, 2019. As a result of these repayments, a loss on extinguishment of debt of $0.1 million was recognized in the quarter ended November 30, 2019, and the security interest in the 70 acres of land in Whitestown, Indiana was released by Star Financial. The Mortgage is carried net of an unamortized original issue discount of $0.1 million as of November 30, 2019. The original issue discount is being amortized as additional interest expense over the life of the Mortgage using the effective interest method. See Note 13 for discussion of the January 8, 2020 amendment to the Mortgage. On April 12, 2019, Emmis entered into a $4 million term loan, by and between Emmis Operating Company, as borrower, and Barrett Investment Partners, LLC, as lender (the “Term Loan”). The Term Loan was due to expire on April 12, 2022 and was secured by a pledge of the Company’s controlling ownership interest in the Austin radio partnership. Proceeds from the Austin Partnership Transaction were required to be used to pay all amounts outstanding under the Term Loan before the proceeds could be used for any other purpose. Emmis paid all debts outstanding under the Term Loan on October 1, 2019 and recognized a loss on extinguishment of debt that was less than $0.1 million in the quarter ended November 30, 2019. During the three months ended November 30, 2019, Emmis terminated its $12 million revolving credit agreement with Wells Fargo Bank, National Association (the “Revolving Credit Agreement”). The Credit Agreement had been in place since April 12, 2019. There were no drawings on the Revolving Credit Agreement during the time it was outstanding. In connection with this termination, Emmis recognized a loss on extinguishment of debt of $0.4 million in the quarter ended November 30, 2019. In connection with the execution of the Mortgage, Term Loan, and Revolving Credit Agreement, the 2014 Credit Agreement, by and among the Company, Emmis Operating Company, as borrower, and certain other subsidiaries and the lenders party thereto, was terminated effective April 12, 2019 and all amounts outstanding under that agreement were paid in full. 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 ECC and the rest of Emmis’ 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 $1.4 million as of February 28, 2019 and $1.2 million as of November 30, 2019, 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 ECC and the rest of Emmis’ 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. Emmis Operating Company, as collateral agent for secured creditors, notified Digonex of a default under its notes payable on October 1, 2019, which was not cured by the October 6, 2019 deadline. The debt was accelerated on December 6, 2019, and Emmis Operating Company, as collateral agent for the secured creditors, foreclosed on Digonex on December 31, 2019, taking possession of substantially all of Digonex’s assets. On January 1, 2020, Emmis Operating Company conveyed the foreclosed assets to a new legal entity that is expected to ultimately be owned by the holders of the Digonex secured debt pro rata to their share of the Digonex secured debt. This new legal entity will be controlled by Emmis Operating Company and is expected to continue to operate the underlying business of Digonex, but with a more rational capital structure. The remaining Digonex debt and related accrued interest is expected to be extinguished in connection with a future dissolution of Dignoex Technologies Inc. NextRadio, LLC has issued $4.0 million of notes payable. As of November 30, 2019, the notes accrue interest at 2.0%. The first interest payment on these notes was due on August 15, 2018. As of January 9, 2019, NextRadio, LLC has not made any interest payments to the lender. Although there are no penalties for nonpayment of interest or principal, 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, a wholly-owned subsidiary of ECC. The lender has given notice of its intent to convert the notes to senior preferred equity of TagStation, LLC, but the steps required to effect this conversion as defined in the loan agreement have not yet been completed. These notes are obligations of NextRadio, LLC and TagStation, LLC and are non-recourse to ECC and the rest of Emmis' subsidiaries. TagStation, LLC and Next Radio, LLC have never achieved profitability, with their losses having expanded in recent years as a result of investments in data attribution capabilities. During the year ended February 28, 2019, Emmis decided to cease further investments in TagStation, LLC and NextRadio, LLC. As a result, these businesses have reduced the scale of their operations to absolute minimum functionality, terminated the employment of all of their employees and are exploring strategic alternatives. Based on amounts outstanding at November 30, 2019, mandatory principal payments of long-term debt for the next five years and thereafter are summarized below: 98.7FM Non-recourse Other Non-recourse Year ended February 28 (29), Mortgage Debt Debt Total Payments Remainder of 2020 $ 39 $ 1,832 $ — $ 1,871 2021 254 7,755 6,239 (1) 14,248 2022 271 8,394 4,000 (2) 12,665 2023 286 9,069 — 9,355 2024 303 9,783 — 10,086 Thereafter 11,546 5,181 — 16,727 Total $ 12,699 $ 42,014 $ 10,239 $ 64,952 (1) This date represents the contractual maturity date of the notes issued by Digonex Technologies Inc., however this debt is expected to be extinguished in connection with a future dissolution of that entity. (2) This date represents the contractual maturity date of the notes issued by NextRadio, LLC, but as discussed above, the failure to make payments under these notes results only in the lender’s ability to convert the notes to senior preferred equity of TagStation, LLC.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Nov. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 5. 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, 2019 and November 30, 2019. 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 February 28, 2019 and November 30, 2019 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). During the quarter ended August 31, 2019, the During the quarter ended November 30, 2019, the Company completed the MediaCo Transaction, as described in Note 1. As a result of this, Emmis retained an approximately 23.72% equity ownership interest in MediaCo. This equity investment was measured at fair value and is included in Equity Method Investment in the accompanying condensed consolidated balance sheet as of November 30, 2019. The Company expects that, on January 17, 2020, we will make a taxable pro rata distribution of 0.1265 shares of MediaCo Class A common stock for each outstanding share of Emmis’ Class A and Class B common stock at the close of business on January 3, 2020. See Note 12 for more discussion on our equity investment. 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 - Long-term debt

Revenue

Revenue	9 Months Ended
	Nov. 30, 2019
Revenue [Abstract]
Revenue	Note 6. 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 and magazine advertising revenues 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 from 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 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 the occurrence of the related event. 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. Other Other revenue includes trade and barter revenues and revenues related to Digonex. The Company provides advertising broadcast time in exchange for certain products and services, including on-air radio programming. These trade and barter arrangements generally allow the Company to preempt such bartered broadcast time in favor of advertisers who purchase time for cash consideration. These trade and barter arrangements are valued based upon the Company’s estimate of the fair value of the products and services received. Revenue is recognized on trade and barter arrangements when the advertising broadcast time has aired. Digonex revenues are recognized when or as performance obligations under the terms of a contract with a customer are satisfied. Disaggregation of revenue The following table presents the Company's revenues disaggregated by revenue source: For the Three Months Ended November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 Revenue by Source: Advertising $ 5,356 $ 5,229 $ 14,665 $ 13,776 Circulation 93 91 288 280 Nontraditional 1,234 1,037 3,249 2,390 LMA Fees 2,583 2,582 8,467 7,748 Digital 330 675 745 1,915 Other 1,201 1,123 3,469 3,157 Total net revenues $ 10,797 $ 10,737 $ 30,883 $ 29,266

Segment Information

Segment Information	9 Months Ended
	Nov. 30, 2019
Segment Reporting [Abstract]
Segment Information	Note 7. Segment Information The Company’s operations are currently aligned into two business segments, Radio and Publishing. The Company combines the results of all other immaterial business activities in the “all other” category. Revenues of the “all other” category generally consist of revenues associated with dynamic pricing consulting services provided by Digonex. Our determination of reportable segments is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, and planning and forecasting future periods. Corporate expenses are not allocated to reportable segments and are included in the “all other” category. 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, 2019, and in Note 1 to these condensed consolidated financial statements, are applied consistently across segments. Three Months Ended November 30, 2019 Radio Publishing All Other Consolidated Net revenues $ 9,215 $ 1,187 $ 335 $ 10,737 Station operating expenses excluding depreciation and amortization expense 5,941 1,502 756 8,199 Corporate expenses excluding depreciation and amortization expense — — 10,437 10,437 Depreciation and amortization 87 3 173 263 Gain on legal matter — — (2,153 ) (2,153 ) Operating income (loss) $ 3,187 $ (318 ) $ (8,878 ) $ (6,009 ) Three Months Ended November 30, 2018 Radio Publishing All Other Consolidated Net revenues $ 9,202 $ 1,177 $ 418 $ 10,797 Station operating expenses excluding depreciation and amortization expense 6,157 1,176 3,476 10,809 Corporate expenses excluding depreciation and amortization expense — — 2,297 2,297 Impairment loss — — 304 304 Depreciation and amortization 129 4 212 345 Loss on sale of assets, net of disposition costs 235 — — 235 Operating income (loss) $ 2,681 $ (3 ) $ (5,871 ) $ (3,193 ) Nine Months Ended November 30, 2019 Radio Publishing All Other Consolidated Net revenues $ 25,321 $ 3,083 $ 862 $ 29,266 Station operating expenses excluding depreciation and amortization expense 18,258 3,582 1,827 23,667 Corporate expenses excluding depreciation and amortization expense — — 15,211 15,211 Impairment loss 4,022 — — 4,022 Depreciation and amortization 288 10 568 866 Loss on sale of assets, net of disposition costs — — 31 31 Gain on legal matter — — (2,153 ) (2,153 ) Operating income (loss) $ 2,753 $ (509 ) $ (14,622 ) $ (12,378 ) Nine Months Ended November 30, 2018 Radio Publishing All Other Consolidated Net revenues $ 26,341 $ 3,347 $ 1,195 $ 30,883 Station operating expenses excluding depreciation and amortization expense 18,661 3,384 8,449 30,494 Corporate expenses excluding depreciation and amortization expense — — 7,607 7,607 Impairment loss 205 — 304 509 Depreciation and amortization 393 14 661 1,068 (Gain) loss on sale of assets, net of disposition costs (32,148 ) 331 — (31,817 ) Operating income (loss) $ 39,230 $ (382 ) $ (15,826 ) $ 23,022 Total Assets Radio Publishing All Other Consolidated As of February 28, 2019 $ 216,473 $ 728 $ 20,545 $ 237,746 As of November 30, 2019 $ 95,387 $ 834 $ 145,286 $ 241,507 The decrease in radio assets is mostly due to the Austin Partnership Transaction and the MediaCo Transaction that occurred during the three months ended November 30, 2019. This is partially offset by an increase in operating lease right-of-use assets recorded in connection with the implementation of Accounting Standard Update 2016-02, Leases.

Regulatory, Legal and Other Mat

Regulatory, Legal and Other Matters	9 Months Ended
	Nov. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Regulatory, Legal and Other Matters	Note 8. 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. 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 Emmis' damages were $3.5 million. On November 7, 2018, INIC appealed the District Court's summary judgment determination that the insurance policy covers Emmis' defense costs. On July 2, 2019, the United States Court of Appeals for the Seventh Circuit reversed the District Court’s decision. On July 16, 2019, Emmis filed to seek a panel rehearing on the matter. On August 21, 2019, after considering Emmis’ petition for rehearing, the United States Court of Appeals for the Seventh Circuit withdrew its opinion issued on July 2, 2019 and affirmed the District Court’s decision. INIC filed to seek a panel rehearing on the decision, which the Seventh Circuit denied on September 13, 2019. INIC paid the agreed-upon damages plus accrued interest on October 7, 2019 and INIC’s right to seek a review of the decision by the Supreme Court of the United States has expired. We recognized a $2.2 million gain related to this matter during the quarter ended November 30, 2019, which is net of $1.4 million of legal fees.

Income Taxes

Income Taxes	9 Months Ended
	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 9. Income Taxes Our effective income tax rate was 36% and (10)% for the nine months ended November 30, 2018 and 2019, 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, along with the effect of permanent differences, such as nondeductible meals and entertainment expenses and nondeductible compensation expense, is responsible for the difference between the effective rate and statutory rate. An allocation of this provision or benefit is applied to continuing operations and discontinued operations using the with and without methodology.

Restructuring Reserve

Restructuring Reserve	9 Months Ended
	Nov. 30, 2019
Restructuring Reserve [Abstract]
Restructuring Reserve	Note 10. Restructuring Reserve In connection with the sale of our St. Louis stations in April 2018, the Company originally 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. This charge is included in the gain on sale of assets, net of disposition costs in the accompanying condensed consolidated financial statements for the nine months ended November 30, 2018. During the three months ended November 30, 2018, the Company revised its estimate of cease-use costs related to our leased St. Louis office facility, which resulted in an additional charge of $0.2 million. The table below summarizes the activity related to our restructuring charge for the three-month and nine-month periods ended November 30, 2018 and 2019. For the Three Months Ended November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 Restructuring charges and estimated lease cease-use costs, beginning balance $ 1,052 $ 949 $ — $ 1,099 Restructuring charges and estimated lease cease-use costs- St. Louis radio stations sale 245 — 1,423 — Payments, net of accretion (103 ) (60 ) (229 ) (210 ) Restructuring charges and estimated lease cease-use costs unpaid and outstanding $ 1,194 $ 889 $ 1,194 $ 889 .

Leases

Leases	9 Months Ended
	Nov. 30, 2019
Leases [Abstract]
Leases	Note 11. Leases We determine if an arrangement is a lease at inception. We have operating leases for office space, tower space, equipment and automobiles expiring at various dates through August 2032. Some leases have options to extend and some have options to terminate. Beginning March 1, 2019 operating leases are included in operating lease right-of-use assets, current operating lease liabilities, and noncurrent operating lease liabilities in our condensed consolidated balance sheet. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate if it is readily determinable. Our lease terms may include options to extend or terminate the lease when it is reasonably certain and there is a significant economic incentive to exercise that option. Operating lease expense for operating lease assets is recognized on a straight-line basis over the lease term. Variable lease payments, which represent lease payments that vary due to changes in facts or circumstances occurring after the commencement date other than the passage of time, are expensed in the period in which the obligation for these payments was incurred. Variable lease expense recognized in the nine months ended November 30, 2019, was not material. We elected not to apply the recognition requirements of Accounting Standards Codification 842, Leases The impact of operating leases, including leases of our discontinued operations, to our condensed consolidated financial statements was as follows: Nine Months Ended November 30, 2019 Lease Cost Operating lease cost $ 3,451 Other Information Operating cash flows from operating leases 3,862 Right-of-use assets obtained in exchange for new operating lease liabilities 28,821 Weighted average remaining lease term - operating leases (in years) 10.7 Weighted average discount rate - operating leases 5.9 % As of November 30, 2019, the annual minimum lease payments of our operating lease liabilities were as follows: Year ending February 28 (29), Remainder of 2020 $ 380 2021 1,376 2022 1,365 2023 1,372 2024 1,246 After 2024 8,367 Total lease payments 14,106 Less imputed interest 3,892 Total recorded lease liabilities $ 10,214

Equity Investment

Equity Investment	9 Months Ended
	Nov. 30, 2019
Equity Method Investments And Joint Ventures [Abstract]
Equity Investment	Note 12: Equity Investment As discussed in Note 1, on November 25, 2019, Emmis contributed the assets and liabilities of WBLS-FM and WQHT-FM to MediaCo, and in return, Emmis received $91.5 million in cash, a convertible promissory note payable to Emmis in the amount of $5.0 million and 1,666,667 shares of MediaCo Class A common stock. These shares constitute all of the issued and outstanding MediaCo Class A common stock and represent in the aggregate an approximately 23.72% equity ownership interest and 3.02% of the outstanding voting interests of MediaCo immediately following the transaction. We expect that, on January 17, 2020, we will make a taxable pro rata distribution of 0.1265 shares of MediaCo Class A common stock for each outstanding share of Emmis’ Class A and Class B common stock at the close of business of January 3, 2020. This distribution will comprise our entire equity interest held in MediaCo at November 30, 2019. The fair value per share of the MediaCo Class A common stock held by Emmis on November 30, 2019, was $3.29; therefore, an investment of $5.5 million has been recorded on our November 30, 2019 balance sheet. The investment is recorded at fair value, which was generally estimated using significant unobservable market parameters, resulting in a Level 3 categorization. The fair value was primarily established using the median EBITDA multiple for nine publicly traded radio companies to arrive at the business enterprise valuation. This was then further adjusted for the assets and liabilities of MediaCo. Additionally, a discount was taken to reflect the lack of control given that the shares account for only a 23.72% ownership interest and 3.05% voting interest. The fair value per share of MediaCo Class A common stock recorded as of November 30, 2019, may differ from the taxable fair value of these shares when distributed to Emmis shareholders on January 17, 2020. The income attributable to Emmis for the period November 25, 2019, to November 30 2019, was immaterial.

Subsequent Event

Subsequent Event	9 Months Ended
	Nov. 30, 2019
Subsequent Events [Abstract]
Subsequent Event	Note 13. Subsequent Event Emmis Operating Company, as collateral agent for secured creditors, notified Digonex of a default under its notes payable on October 1, 2019, which was not cured by the October 6, 2019 deadline. The debt was accelerated on December 6, 2019, and Emmis Operating Company, as collateral agent for the secured creditors, foreclosed on Digonex on December 31, 2019, taking possession of substantially all of Digonex’s assets. On January 1, 2020, Emmis Operating Company conveyed the foreclosed assets to a new legal entity that is expected to ultimately be owned by the holders of the Digonex secured debt pro rata to their share of the Digonex secured debt. This new legal entity will be controlled by Emmis Operating Company and is expected to continue to operate the underlying business of Digonex, but with a more rational capital structure. The remaining Digonex debt and related accrued interest is expected to be extinguished in connection with a future dissolution of Dignoex Technologies Inc. On January 8, 2020, Emmis Operating Company and Star Financial entered into an amendment to the Mortgage, whereby Emmis placed $8 million into a restricted cash account with Star to serve as additional collateral for the Mortgage, and Star agreed to remove certain operating covenants included in the Mortgage, including no longer requiring that the Company maintain a fixed charge coverage ratio of at least 1.10:1.00. Additionally, Emmis Indiana Broadcasting, L.P. was removed as a borrower under the Mortgage. The fees incurred in connection with this amendment were immaterial.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Nov. 30, 2019
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, 2019. The Company’s results are subject to seasonal fluctuations. Therefore, results shown on an interim basis are not necessarily indicative of results for a full year. In the opinion of Emmis, the accompanying condensed consolidated interim financial statements contain all material adjustments (consisting only of normal recurring adjustments, except as otherwise noted) necessary to present fairly the consolidated financial position of Emmis at November 30, 2019, the results of its operations for the three-month and nine-month periods ended November 30, 2018 and 2019, and cash flows for the nine-month periods ended November 30, 2018 and 2019. 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, 2019 that have had a material impact on our condensed consolidated financial statements and related notes.
Basic and Diluted Net Income Per Common Share	Basic and Diluted Net Income Per Common Share Basic net income per common share is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Potentially dilutive securities at November 30, 2018 and 2019 consisted of stock options and restricted stock awards. The following table sets forth the calculation of basic and diluted net income per share: For the Three Months Ended November 30, 2018 2019 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 $ 712 12,609 $ 0.06 $ 52,725 12,937 $ 4.08 Impact of equity awards — — — — Diluted net income per common share: Net income available to common shareholders $ 712 12,609 $ 0.06 $ 52,725 12,937 $ 4.08 For the Nine Months Ended November 30, 2018 2019 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 $ 23,824 12,565 $ 1.90 $ 61,408 12,846 $ 4.78 Impact of equity awards — 921 — — — — Diluted net income per common share: Net income available to common shareholders $ 23,824 13,486 $ 1.77 $ 61,408 12,846 $ 4.78 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 November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 (shares in 000’s ) Equity awards 1,975 2,187 913 2,320 Antidilutive common share equivalents 1,975 2,187 913 2,320
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 nine-month period ending November 30, 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 November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 Net revenues $ 2,582 $ 2,582 $ 7,748 $ 7,748 Station operating expenses, excluding depreciation and amortization expense 305 346 901 1,032 Interest expense 574 503 1,775 1,565 Assets and liabilities of 98.7FM as of February 28, 2019 and November 30, 2019 were as follows: As of February 28, 2019 As of November 30, 2019 Current assets: Restricted cash $ 1,504 $ 1,397 Prepaid expenses 394 351 Other current assets 340 620 Total current assets 2,238 2,368 Noncurrent assets: Property and equipment, net 188 237 Indefinite lived intangibles 46,390 46,390 Operating lease right-of-use assets — 7,440 Other assets 6,255 5,736 Total noncurrent assets 52,833 59,803 Total assets $ 55,071 $ 62,171 Current liabilities: Accounts payable and accrued expenses $ 15 $ 15 Current maturities of long-term debt 7,150 7,601 Deferred revenue 864 894 Operating lease liabilities — 367 Other current liabilities 162 144 Total current liabilities 8,191 9,021 Noncurrent liabilities: Long-term debt, net of current portion and unamortized debt discount 38,747 33,177 Operating lease liabilities, net of current — 8,126 Total noncurrent liabilities 38,747 41,303 Total liabilities $ 46,938 $ 50,324
Cash, Cash Equivalents and Restricted Cash	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, 2019 As of November 30, 2019 Cash and cash equivalents, excluding amounts classified as held for sale $ 4,343 $ 111,345 Restricted cash: 98.7FM LMA restricted cash 1,504 1,397 Cash used to secure the Company's purchasing card and travel and expense program 1,000 225 Total cash, cash equivalents and restricted cash $ 6,847 $ 112,967 As of February 28, 2019 and November 30, 2019, 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 and cash held by JPMorgan Chase as collateral to secure the Company’s corporate purchasing card and travel and expense program. Cash held by Emmis Austin Radio Broadcasting Company, L.P. is classified as held for sale as of February 28, 2019. See the discussion of our discontinued operations on the subsequent page for more information related to assets held for sale.
Noncontrolling Interests	Noncontrolling Interests The Company follows Accounting Standards Codification paragraph 810-10-65-1 to report the noncontrolling interests related to the Austin radio partnership and Digonex Technologies Inc., a dynamic pricing business (hereinafter "Digonex"). We owned a 50.1% controlling interest in the Austin radio partnership until its sale on October 1, 2019. As of November 30, 2019, 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. 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 until its sale and Digonex. Noncontrolling interests are adjusted for the noncontrolling interest holders' proportionate share of the earnings or losses of the applicable entity. The noncontrolling interest continues to be attributed its share of losses even if that attribution results in a deficit noncontrolling interest balance. Below is a summary of the noncontrolling interest activity for the nine months ended November 30, 2018 and 2019: Austin Radio Partnership Digonex Total Noncontrolling Interests Balance, February 28, 2018 $ 47,424 $ (16,744 ) $ 30,680 Net income (loss) 4,132 (1,736 ) 2,396 Distributions to noncontrolling interests (3,792 ) — (3,792 ) Balance, November 30, 2018 $ 47,764 $ (18,480 ) $ 29,284 Balance, February 28, 2019 $ 47,146 $ (18,993 ) $ 28,153 Net income (loss) 3,047 (1,490 ) 1,557 Distributions to noncontrolling interests (2,217 ) — (2,217 ) Sale of controlling interest in subsidiary (47,976 ) — (47,976 ) Balance, November 30, 2019 $ — $ (20,483 ) $ (20,483 )
Discontinued Operations	Discontinued Operations During the quarter ended August 31, 2019, the Company entered into agreements to sell its 50.1% ownership interest in Emmis Austin Radio Broadcasting Company, L.P. (the “Austin Partnership”), as well as a controlling interest in WQHT-FM and WBLS-FM in New York. Both sales closed during the three months ended November 30, 2019. The Company concluded that each of these transactions is a disposal of a business that met the criteria to be classified as held for sale during the three months ended August 31, 2019, and each is a strategic shift that will have a significant impact on the Company’s operations and financial results. As such, the assets and liabilities of these businesses included in the disposal transactions have been classified as held for sale in the February 28 2019, balance sheet, and the results of operations and cash flows of these businesses have been classified as discontinued operations for all periods presented in the accompanying condensed consolidated financial statements. See below for more discussion of each of these transactions. Summary of Discontinued Operations Activity: For the Three Months Ended November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 Income from discontinued operations: Austin Radio Partnership $ 2,625 $ 37,908 $ 7,799 $ 42,992 WQHT-FM and WBLS-FM 3,286 37,686 9,132 45,088 Total income before income taxes from discontinued operations 5,911 75,594 16,931 88,080 Less: provision for income taxes 2,649 16,673 1,635 10,867 Income from discontinued operations, net of tax $ 3,262 $ 58,921 $ 15,296 $ 77,213 A discussion of each component of discontinued operations follows. Austin Radio Partnership On October 1, 2019, a subsidiary of Emmis sold its 50.1% ownership interest in the Austin Partnership to our minority partner, Sinclair Telecable, Inc., for $39.3 million (the “Austin Partnership Transaction”). Emmis recognized a gain on sale of $37.3 million. Gross cash proceeds, inclusive of purchase price adjustments, were approximately $40.7 million. Transaction-related expenses were approximately $0.7 million. $9.9 million of these proceeds were used to repay debt outstanding, with the balance held for general corporate purposes, including capital expenditures, working capital, and potential acquisitions and investments. The Austin Partnership has historically been included in our Radio segment. The following table summarizes certain operating results of the Austin Partnership for all periods presented. A portion of Emmis’ mortgage debt was required to be repaid with proceeds of this transaction. In accordance with ASC 205-20-45-6, Emmis has allocated interest on the debt required to be repaid as a result of this disposal transaction to the results of the Austin Radio Partnership. For the Three Months Ended November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 Net revenues $ 7,991 $ 2,660 $ 24,456 $ 19,539 Station operating expenses, excluding depreciation and amortization 5,106 2,012 15,848 13,428 Gain on sale of assets, net of disposition costs — 37,292 — 37,292 Depreciation and amortization 115 — 386 120 Interest expense 145 32 423 291 Income before taxes $ 2,625 $ 37,908 $ 7,799 $ 42,992 Major classes of assets and liabilities of the Austin Partnership that were classified as held for sale in the accompanying condensed consolidated balance sheet as of February 28, 2019 are as follows: As of February 28, 2019 Current assets: Cash and cash equivalents $ 1,095 Accounts receivable, net 4,856 Prepaid expenses 357 Other current assets 121 Total current assets 6,429 Noncurrent assets: Property and equipment, net 5,060 Indefinite lived intangibles 34,720 Goodwill 4,338 Other assets 25 Total noncurrent assets 44,143 Total assets $ 50,572 Current liabilities: Accounts payable and accrued expenses $ 291 Accrued salaries and commissions 651 Deferred revenue 591 Income taxes payable 18 Other current liabilities 23 Total current liabilities 1,574 Noncurrent liabilities: Other noncurrent liabilities 332 Total noncurrent liabilities 332 Total liabilities $ 1,906 Equity: Noncontrolling interests $ 47,146 WQHT-FM and WBLS-FM On November 25, 2019, Emmis contributed the assets and liabilities of WBLS-FM and WQHT-FM (the “Stations”) to MediaCo Holding Inc., an Indiana corporation (“MediaCo”) and in return, Emmis received $91.5 million in cash, a convertible promissory note payable to Emmis in the amount of $5.0 million and 1,666,667 shares of MediaCo Class A common stock (the “MediaCo Transaction”). These shares constitute all of the issued and outstanding MediaCo Class A common stock and represent in the aggregate an approximately 23.72% equity ownership interest and 3.02% of the outstanding voting interests of MediaCo immediately following the transaction. We expect that, on January 17, 2020, we will make a taxable pro rata distribution of 0.1265 shares of MediaCo Class A common stock for each outstanding share of Emmis’ Class A and Class B common stock at the close of business of January 3, 2020. The $5.0 million convertible promissory note carries interest at a base rate equal to the interest on MediaCo’s senior credit facility (London Interbank Offered Rate with a 2.0% floor plus 7.5%), or if no senior credit facility is outstanding, 6.00%, plus an additional 1.00% on any payment of interest in kind and, without regard to whether MediaCo pays such interest in kind, an additional increase of 1.00% following the second anniversary of the date of issuance and additional increases of 1.00% following each successive anniversary thereafter. The note is convertible, in whole or in part, into MediaCo Class A common stock at the option of Emmis beginning six months after issuance at a strike price equal to the thirty day volume weighted average price of the MediaCo Class A common stock on the date of conversion. The note matures on November 25, 2024. In addition, MediaCo’s net working capital as of the closing date must be reimbursed to Emmis within nine months of the MediaCo Transaction. Emmis has recorded an $8.5 million receivable from MediaCo related to this net working capital. SG Broadcasting LLC, an affiliate of Standard General L.P., a New York-based investment firm that manages event-driven opportunity funds (“Standard General”), purchased all of MediaCo’s Class B common stock, representing a 76.28% equity ownership interest. The common stock of MediaCo acquired by Standard General will be entitled to ten votes per share and the common stock acquired by Emmis and distributed to Emmis’ shareholders will be entitled to one vote per share. Emmis will continue to provide management services to the Stations under a Management Agreement, subject to the direction of the MediaCo board of directors which initially consists of four directors appointed by Standard General and three directors appointed by Emmis. Emmis will receive an annual management fee of $1.25 million, plus reimbursement of certain expenses directly related to the operation of MediaCo’s business. The shares held by Emmis at November 30, 2019, which will be distributed to Emmis’ shareholders in January 2020, constitute an equity investment as discussed in Note 12. Gross cash proceeds at closing, inclusive of purchase price adjustments, were $91.8 million, $3.5 million of which was used by Emmis to repay debt outstanding. Transaction-related expenses were approximately $2.2 million. The remaining cash will be used for general corporate purposes, including capital expenditures, working capital, and potential acquisitions and investments. Upon the closing of the transaction, Emmis deconsolidated these stations, recorded the retained investment at fair value, and recognized a gain on sale of $35.6 million. The Stations have historically been included in our Radio segment. The following table summarizes certain operating results of the Stations for all periods presented. In accordance with ASC 205-20-45-6, Emmis has allocated interest on the debt that was required to be repaid as a result of this disposal transaction to the results of the Stations. For the Three Months Ended November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 Net revenues $ 11,535 $ 9,795 $ 35,046 $ 35,947 Station operating expenses, excluding depreciation and amortization 7,809 7,678 24,711 25,844 Gain on sale of assets, net of disposition costs — 35,616 — 35,616 Depreciation and amortization 346 — 930 417 Interest expense 94 47 273 214 Income before taxes $ 3,286 $ 37,686 $ 9,132 $ 45,088 Major classes of assets and liabilities of the Stations that are classified as held for sale in the accompanying condensed consolidated balance sheet as of February 28, 2019 are as follows: As of February 28, 2019 Current assets: Prepaid expenses $ 100 Other current assets 100 Total current assets 200 Noncurrent assets: Property and equipment, net 2,356 Indefinite lived intangibles 63,265 Other intangibles, net 758 Other assets 145 Total noncurrent assets 66,524 Total assets $ 66,724 Current liabilities: Other current liabilities 498 Total current liabilities 498 Noncurrent liabilities: Other noncurrent liabilities 1,778 Total noncurrent liabilities 1,778 Total liabilities $ 2,276
Implementation of Recent Accounting Pronouncements	Implementation of Recent Accounting Pronouncements On March 1, 2019, we adopted Accounting Standard Update 2016-02, Leases
Recent Accounting Pronouncements Not Yet Implemented	Recent Accounting Pronouncements Not Yet Implemented In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-13, Financial Instruments – Credit Losses

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Nov. 30, 2019
Accounting Policies [Abstract]
Calculation of Basic and Diluted Net Income Per Share from Continuing Operations	The following table sets forth the calculation of basic and diluted net income per share: For the Three Months Ended November 30, 2018 2019 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 $ 712 12,609 $ 0.06 $ 52,725 12,937 $ 4.08 Impact of equity awards — — — — Diluted net income per common share: Net income available to common shareholders $ 712 12,609 $ 0.06 $ 52,725 12,937 $ 4.08 For the Nine Months Ended November 30, 2018 2019 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 $ 23,824 12,565 $ 1.90 $ 61,408 12,846 $ 4.78 Impact of equity awards — 921 — — — — Diluted net income per common share: Net income available to common shareholders $ 23,824 13,486 $ 1.77 $ 61,408 12,846 $ 4.78
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 November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 (shares in 000’s ) Equity awards 1,975 2,187 913 2,320 Antidilutive common share equivalents 1,975 2,187 913 2,320
Schedule of Operating Results From Local Programming and Marketing Agreements	The following table summarizes certain operating results of 98.7FM for all periods presented. Net revenues for 98.7FM are solely related to LMA fees. 98.7FM is a part of our radio segment. For the Three Months Ended November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 Net revenues $ 2,582 $ 2,582 $ 7,748 $ 7,748 Station operating expenses, excluding depreciation and amortization expense 305 346 901 1,032 Interest expense 574 503 1,775 1,565
Schedule of Assets and Liabilities of Local Programming and Marketing Agreements	Assets and liabilities of 98.7FM as of February 28, 2019 and November 30, 2019 were as follows: As of February 28, 2019 As of November 30, 2019 Current assets: Restricted cash $ 1,504 $ 1,397 Prepaid expenses 394 351 Other current assets 340 620 Total current assets 2,238 2,368 Noncurrent assets: Property and equipment, net 188 237 Indefinite lived intangibles 46,390 46,390 Operating lease right-of-use assets — 7,440 Other assets 6,255 5,736 Total noncurrent assets 52,833 59,803 Total assets $ 55,071 $ 62,171 Current liabilities: Accounts payable and accrued expenses $ 15 $ 15 Current maturities of long-term debt 7,150 7,601 Deferred revenue 864 894 Operating lease liabilities — 367 Other current liabilities 162 144 Total current liabilities 8,191 9,021 Noncurrent liabilities: Long-term debt, net of current portion and unamortized debt discount 38,747 33,177 Operating lease liabilities, net of current — 8,126 Total noncurrent liabilities 38,747 41,303 Total liabilities $ 46,938 $ 50,324
Summary of 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, 2019 As of November 30, 2019 Cash and cash equivalents, excluding amounts classified as held for sale $ 4,343 $ 111,345 Restricted cash: 98.7FM LMA restricted cash 1,504 1,397 Cash used to secure the Company's purchasing card and travel and expense program 1,000 225 Total cash, cash equivalents and restricted cash $ 6,847 $ 112,967
Summary of Noncontrolling Interest Activity	Below is a summary of the noncontrolling interest activity for the nine months ended November 30, 2018 and 2019: Austin Radio Partnership Digonex Total Noncontrolling Interests Balance, February 28, 2018 $ 47,424 $ (16,744 ) $ 30,680 Net income (loss) 4,132 (1,736 ) 2,396 Distributions to noncontrolling interests (3,792 ) — (3,792 ) Balance, November 30, 2018 $ 47,764 $ (18,480 ) $ 29,284 Balance, February 28, 2019 $ 47,146 $ (18,993 ) $ 28,153 Net income (loss) 3,047 (1,490 ) 1,557 Distributions to noncontrolling interests (2,217 ) — (2,217 ) Sale of controlling interest in subsidiary (47,976 ) — (47,976 ) Balance, November 30, 2019 $ — $ (20,483 ) $ (20,483 )
Results of Operations of Disposal Groups	Summary of Discontinued Operations Activity: For the Three Months Ended November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 Income from discontinued operations: Austin Radio Partnership $ 2,625 $ 37,908 $ 7,799 $ 42,992 WQHT-FM and WBLS-FM 3,286 37,686 9,132 45,088 Total income before income taxes from discontinued operations 5,911 75,594 16,931 88,080 Less: provision for income taxes 2,649 16,673 1,635 10,867 Income from discontinued operations, net of tax $ 3,262 $ 58,921 $ 15,296 $ 77,213
Austin Radio Partnership
Results of Operations of Disposal Groups	. The following table summarizes certain operating results of the Austin Partnership for all periods presented. A portion of Emmis’ mortgage debt was required to be repaid with proceeds of this transaction. In accordance with ASC 205-20-45-6, Emmis has allocated interest on the debt required to be repaid as a result of this disposal transaction to the results of the Austin Radio Partnership. For the Three Months Ended November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 Net revenues $ 7,991 $ 2,660 $ 24,456 $ 19,539 Station operating expenses, excluding depreciation and amortization 5,106 2,012 15,848 13,428 Gain on sale of assets, net of disposition costs — 37,292 — 37,292 Depreciation and amortization 115 — 386 120 Interest expense 145 32 423 291 Income before taxes $ 2,625 $ 37,908 $ 7,799 $ 42,992
Schedule of Major Classes of Assets, Liabilities	Major classes of assets and liabilities of the Austin Partnership that were classified as held for sale in the accompanying condensed consolidated balance sheet as of February 28, 2019 are as follows: As of February 28, 2019 Current assets: Cash and cash equivalents $ 1,095 Accounts receivable, net 4,856 Prepaid expenses 357 Other current assets 121 Total current assets 6,429 Noncurrent assets: Property and equipment, net 5,060 Indefinite lived intangibles 34,720 Goodwill 4,338 Other assets 25 Total noncurrent assets 44,143 Total assets $ 50,572 Current liabilities: Accounts payable and accrued expenses $ 291 Accrued salaries and commissions 651 Deferred revenue 591 Income taxes payable 18 Other current liabilities 23 Total current liabilities 1,574 Noncurrent liabilities: Other noncurrent liabilities 332 Total noncurrent liabilities 332 Total liabilities $ 1,906 Equity: Noncontrolling interests $ 47,146
WQHT-FM and WBLS-FM
Results of Operations of Disposal Groups	The following table summarizes certain operating results of the Stations for all periods presented. In accordance with ASC 205-20-45-6, Emmis has allocated interest on the debt that was required to be repaid as a result of this disposal transaction to the results of the Stations. For the Three Months Ended November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 Net revenues $ 11,535 $ 9,795 $ 35,046 $ 35,947 Station operating expenses, excluding depreciation and amortization 7,809 7,678 24,711 25,844 Gain on sale of assets, net of disposition costs — 35,616 — 35,616 Depreciation and amortization 346 — 930 417 Interest expense 94 47 273 214 Income before taxes $ 3,286 $ 37,686 $ 9,132 $ 45,088
Schedule of Major Classes of Assets, Liabilities	Major classes of assets and liabilities of the Stations that are classified as held for sale in the accompanying condensed consolidated balance sheet as of February 28, 2019 are as follows: As of February 28, 2019 Current assets: Prepaid expenses $ 100 Other current assets 100 Total current assets 200 Noncurrent assets: Property and equipment, net 2,356 Indefinite lived intangibles 63,265 Other intangibles, net 758 Other assets 145 Total noncurrent assets 66,524 Total assets $ 66,724 Current liabilities: Other current liabilities 498 Total current liabilities 498 Noncurrent liabilities: Other noncurrent liabilities 1,778 Total noncurrent liabilities 1,778 Total liabilities $ 2,276

Share Based Payments (Tables)

Share Based Payments (Tables)	9 Months Ended
	Nov. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Assumptions used to Calculate Fair Value of Options on Date of Grant	The following assumptions were used to calculate the fair value of the Company’s options on the date of grant during the nine months ended November 30, 2018 and 2019: Nine Months Ended November 30, 2018 2019 Risk-Free Interest Rate: 2.6% - 2.8% 1.7% - 2.6% Expected Dividend Yield: 0% 0% Expected Life (Years): 4.9 4.6 Expected Volatility: 51.3% - 53.2% 50.3% - 51.3%
Summary of Stock Options Outstanding and Activity	The following table presents a summary of the Company’s stock options outstanding at November 30, 2019, and stock option activity during the nine months ended November 30, 2019 (“Price” reflects the weighted average exercise price per share; "Aggregate Intrinsic Value" dollars in thousands): Options Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, beginning of period 2,738,087 $ 4.72 Granted 604,500 4.94 Exercised 199,643 3.49 Forfeited — — Expired 70,860 6.32 Outstanding, end of period 3,072,084 4.81 6.2 $ 2,756 Exercisable, end of period 2,201,843 4.89 5.2 $ 2,344
Summary of Nonvested Options and Changes	A summary of the Company’s nonvested options at November 30, 2019, and changes during the nine months ended November 30, 2019, is presented below: Options Weighted Average Grant Date Fair Value Nonvested, beginning of period 608,175 $ 1.64 Granted 604,500 2.19 Vested 342,434 1.50 Forfeited — — Nonvested, end of period 870,241 2.08
Summary of Restricted Stock Grants Outstanding and Activity	The following table presents a summary of the Company’s restricted stock grants outstanding at November 30, 2019, and restricted stock activity during the nine months ended November 30, 2019 (“Price” reflects the weighted average share price at the date of grant): Awards Price Grants outstanding, beginning of period 265,107 $ 3.43 Granted 170,849 4.25 Vested (restriction lapsed) 174,246 3.42 Grants outstanding, end of period 261,710 3.98
Stock-Based Compensation Expense and Related Tax Benefits Recognized	The following table summarizes stock-based compensation expense recognized by the Company during the three and nine months ended November 30, 2018 and 2019. The Company did not recognize any tax benefits related to stock-based compensation during the periods presented below. Three Months Ended November 30, Nine Months Ended November 30, 2018 2019 2018 2019 Station operating expenses $ 48 $ 21 $ 148 $ 77 Corporate expenses 318 320 1,076 1,030 Stock-based compensation expense included in operating expenses 366 341 1,224 1,107 Stock-based compensation expense included in discontinued operations 21 (8 ) 64 53 Stock-based compensation expense $ 387 $ 333 $ 1,288 $ 1,160

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Nov. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt was comprised of the following at February 28, 2019 and November 30, 2019: February 28, 2019 November 30, 2019 2014 Credit Agreement Term Loan $ 25,000 $ — Mortgage — 12,699 Term Loan — — 98.7FM non-recourse debt 47,332 42,014 Other non-recourse debt (1) 10,074 10,136 Less: Current maturities (32,150 ) (7,830 ) Less: Unamortized original issue discount (1,499 ) (1,357 ) Total long-term debt, net of current portion and debt discount $ 48,757 $ 55,662 (1) The face value of other non-recourse debt was $10.2 million at February 28, 2019 and November 30, 2019
Schedule of Maturities of Long-term Debt	Based on amounts outstanding at November 30, 2019, mandatory principal payments of long-term debt for the next five years and thereafter are summarized below: 98.7FM Non-recourse Other Non-recourse Year ended February 28 (29), Mortgage Debt Debt Total Payments Remainder of 2020 $ 39 $ 1,832 $ — $ 1,871 2021 254 7,755 6,239 (1) 14,248 2022 271 8,394 4,000 (2) 12,665 2023 286 9,069 — 9,355 2024 303 9,783 — 10,086 Thereafter 11,546 5,181 — 16,727 Total $ 12,699 $ 42,014 $ 10,239 $ 64,952 (1) This date represents the contractual maturity date of the notes issued by Digonex Technologies Inc., however this debt is expected to be extinguished in connection with a future dissolution of that entity. (2) This date represents the contractual maturity date of the notes issued by NextRadio, LLC, but as discussed above, the failure to make payments under these notes results only in the lender’s ability to convert the notes to senior preferred equity of TagStation, LLC.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Nov. 30, 2019
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 February 28, 2019 and November 30, 2019 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

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Nov. 30, 2019
Revenue [Abstract]
Disaggregation of Revenue	The following table presents the Company's revenues disaggregated by revenue source: For the Three Months Ended November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 Revenue by Source: Advertising $ 5,356 $ 5,229 $ 14,665 $ 13,776 Circulation 93 91 288 280 Nontraditional 1,234 1,037 3,249 2,390 LMA Fees 2,583 2,582 8,467 7,748 Digital 330 675 745 1,915 Other 1,201 1,123 3,469 3,157 Total net revenues $ 10,797 $ 10,737 $ 30,883 $ 29,266

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Nov. 30, 2019
Segment Reporting [Abstract]
Schedule of Results of Operations of Business Segments	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, 2019, and in Note 1 to these condensed consolidated financial statements, are applied consistently across segments. Three Months Ended November 30, 2019 Radio Publishing All Other Consolidated Net revenues $ 9,215 $ 1,187 $ 335 $ 10,737 Station operating expenses excluding depreciation and amortization expense 5,941 1,502 756 8,199 Corporate expenses excluding depreciation and amortization expense — — 10,437 10,437 Depreciation and amortization 87 3 173 263 Gain on legal matter — — (2,153 ) (2,153 ) Operating income (loss) $ 3,187 $ (318 ) $ (8,878 ) $ (6,009 ) Three Months Ended November 30, 2018 Radio Publishing All Other Consolidated Net revenues $ 9,202 $ 1,177 $ 418 $ 10,797 Station operating expenses excluding depreciation and amortization expense 6,157 1,176 3,476 10,809 Corporate expenses excluding depreciation and amortization expense — — 2,297 2,297 Impairment loss — — 304 304 Depreciation and amortization 129 4 212 345 Loss on sale of assets, net of disposition costs 235 — — 235 Operating income (loss) $ 2,681 $ (3 ) $ (5,871 ) $ (3,193 ) Nine Months Ended November 30, 2019 Radio Publishing All Other Consolidated Net revenues $ 25,321 $ 3,083 $ 862 $ 29,266 Station operating expenses excluding depreciation and amortization expense 18,258 3,582 1,827 23,667 Corporate expenses excluding depreciation and amortization expense — — 15,211 15,211 Impairment loss 4,022 — — 4,022 Depreciation and amortization 288 10 568 866 Loss on sale of assets, net of disposition costs — — 31 31 Gain on legal matter — — (2,153 ) (2,153 ) Operating income (loss) $ 2,753 $ (509 ) $ (14,622 ) $ (12,378 ) Nine Months Ended November 30, 2018 Radio Publishing All Other Consolidated Net revenues $ 26,341 $ 3,347 $ 1,195 $ 30,883 Station operating expenses excluding depreciation and amortization expense 18,661 3,384 8,449 30,494 Corporate expenses excluding depreciation and amortization expense — — 7,607 7,607 Impairment loss 205 — 304 509 Depreciation and amortization 393 14 661 1,068 (Gain) loss on sale of assets, net of disposition costs (32,148 ) 331 — (31,817 ) Operating income (loss) $ 39,230 $ (382 ) $ (15,826 ) $ 23,022 Total Assets Radio Publishing All Other Consolidated As of February 28, 2019 $ 216,473 $ 728 $ 20,545 $ 237,746 As of November 30, 2019 $ 95,387 $ 834 $ 145,286 $ 241,507

Restructuring Reserve (Tables)

Restructuring Reserve (Tables)	9 Months Ended
	Nov. 30, 2019
Restructuring Reserve [Abstract]
Schedule Of Restructuring Reserve By Type Of Cost	The table below summarizes the activity related to our restructuring charge for the three-month and nine-month periods ended November 30, 2018 and 2019. For the Three Months Ended November 30, For the Nine Months Ended November 30, 2018 2019 2018 2019 Restructuring charges and estimated lease cease-use costs, beginning balance $ 1,052 $ 949 $ — $ 1,099 Restructuring charges and estimated lease cease-use costs- St. Louis radio stations sale 245 — 1,423 — Payments, net of accretion (103 ) (60 ) (229 ) (210 ) Restructuring charges and estimated lease cease-use costs unpaid and outstanding $ 1,194 $ 889 $ 1,194 $ 889

Leases (Tables)

Leases (Tables)	9 Months Ended
	Nov. 30, 2019
Leases [Abstract]
Summary of Impact of Operating Leases Including Leases of Discontinued Operations	The impact of operating leases, including leases of our discontinued operations, to our condensed consolidated financial statements was as follows: Nine Months Ended November 30, 2019 Lease Cost Operating lease cost $ 3,451 Other Information Operating cash flows from operating leases 3,862 Right-of-use assets obtained in exchange for new operating lease liabilities 28,821 Weighted average remaining lease term - operating leases (in years) 10.7 Weighted average discount rate - operating leases 5.9 %
Summary of Annual Minimum Lease Payments of Operating Lease Liabilities	As of November 30, 2019, the annual minimum lease payments of our operating lease liabilities were as follows: Year ending February 28 (29), Remainder of 2020 $ 380 2021 1,376 2022 1,365 2023 1,372 2024 1,246 After 2024 8,367 Total lease payments 14,106 Less imputed interest 3,892 Total recorded lease liabilities $ 10,214

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		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Basic net income per common share:
Net income available to common shareholders	$ 52,725	$ 712	$ 61,408	$ 23,824
Diluted net income per common share:
Net income available to common shareholders	$ 52,725	$ 712	$ 61,408	$ 23,824
Basic shares:
Basic weighted average common shares outstanding (in shares)	12,937	12,609	12,846	12,565
Impact of equity awards (in shares)				921
Diluted shares:
Diluted weighted average common shares outstanding (in shares)	12,937	12,609	12,846	13,486
Basic net income per common share:
Basic net income per common share (in dollars per share)	$ 4.08	$ 0.06	$ 4.78	$ 1.90
Diluted net income per common share:
Diluted net income per common share (in dollars per share)	$ 4.08	$ 0.06	$ 4.78	$ 1.77

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Shares Excluded from Calculation as Effect of Conversion into Shares of Common Stock would be Antidilutive (Details) - shares	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common share equivalents	2,187,000	1,975,000	2,320,000	913,000
Equity awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common share equivalents	2,187,000	1,975,000	2,320,000	913,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands	Nov. 30, 2019USD ($)	Nov. 25, 2019USD ($)voteDirector$ / sharesshares	Oct. 01, 2019USD ($)	Nov. 30, 2019USD ($)	Nov. 30, 2018USD ($)	Aug. 31, 2019	Mar. 01, 2019USD ($)
Noncontrolling Interest [Line Items]
LMA fees					$ 700
Repayment of debt			$ 9,900	$ 44,619	$ 57,850
Operating lease right-of-use assets	$ 8,634			8,634
Accounting Standards Update 2016-02
Noncontrolling Interest [Line Items]
Operating lease liabilities							$ 28,800
Operating lease right-of-use assets							$ 28,800
Contribution Agreement
Noncontrolling Interest [Line Items]
Gross cash proceeds, inclusive of purchase price adjustments		$ 91,800
Transaction-related expenses		2,200
Repayment of debt		3,500
Recognize gain		$ 35,600
Contribution Agreement | MediaCo Holding Inc
Noncontrolling Interest [Line Items]
Percentage of outstanding voting interest	3.05%
Board of directors appointed | Director		3
Management fee		$ 1,250
Debt instrument, basis spread on variable rate		7.50%
Senior credit facility amount		$ 0
Debt instrument, interest rate percentage		6.00%
Additional payment of interest in kind		1.00%
Debt instrument increasing interest rate of second anniversary		1.00%
Debt instrument increasing interest rate of each successive anniversary		1.00%
Debt instrument, maturity date		Nov. 25, 2024
Receivable related to net working capital	$ 8,500			$ 8,500
Contribution Agreement | MediaCo Holding Inc | Base Rate
Noncontrolling Interest [Line Items]
Convertible promissory note acquired in disposal of assets		$ 5,000
Contribution Agreement | MediaCo Holding Inc | London Interbank Offered Rate
Noncontrolling Interest [Line Items]
Debt instrument, basis spread on variable rate		2.00%
Contribution Agreement | MediaCo Holding Inc | Class A Common Stock
Noncontrolling Interest [Line Items]
Percentage of common stock acquired in disposal of assets		23.72%
Percentage of outstanding voting interest		3.02%
Common stock taxable pro rate distribution of per share | $ / shares		$ 0.1265
Contribution Agreement | MediaCo Holding Inc | Common Stock
Noncontrolling Interest [Line Items]
Cash received from disposal of assets		$ 91,500
Convertible promissory note acquired in disposal of assets		$ 5,000
Convertible promissory note acquired from issued shares in disposal of assets | shares		1,666,667
Vote per share | vote		1
Contribution Agreement | MediaCo Holding Inc | Standard General L.P
Noncontrolling Interest [Line Items]
Board of directors appointed | Director		4
Contribution Agreement | MediaCo Holding Inc | Standard General L.P | Class B Common Stock
Noncontrolling Interest [Line Items]
Percentage of common stock purchased		76.28%
Vote per share | vote		10
Austin Radio Partnership
Noncontrolling Interest [Line Items]
Gain (loss) on disposition of assets			37,300
Gross cash proceeds, inclusive of purchase price adjustments			40,700
Transaction-related expenses			$ 700
Austin Radio Partnership
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners						50.10%
Sinclair Telecable Inc | Austin Radio Partnership
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			50.10%
Estimated gross proceeds from sale of property plant and intangible assets held for sale			$ 39,300
Austin Radio Partnership
Noncontrolling Interest [Line Items]
Percentage Of Controlling Interest			50.10%
Digonex Technologies Inc
Noncontrolling Interest [Line Items]
Percentage Of Controlling Interest				84.00%

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Operating Results From Local Programming and Marketing Agreements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Segment Reporting Information [Line Items]
NET REVENUES	$ 10,737	$ 10,797	$ 29,266	$ 30,883
Interest expense	869	1,307	3,040	5,206
98.7 FM
Segment Reporting Information [Line Items]
NET REVENUES	2,582	2,582	7,748	7,748
Station operating expenses, excluding depreciation and amortization expense	346	305	1,032	901
Interest expense	$ 503	$ 574	$ 1,565	$ 1,775

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Assets and Liabilities of Local Programming and Marketing Agreement Fees (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Feb. 28, 2019
Segment Reporting Information [Line Items]
Prepaid expenses	$ 1,845	$ 3,374
Other current assets	10,350	1,225
Total current assets	130,761	29,994
Property and equipment, net	15,265	16,061
Indefinite lived intangibles	68,540	72,562
Operating lease right-of-use assets	8,634
Other assets	12,822	8,462
Total assets	241,507	237,746
Operating lease liabilities	842
Other current liabilities	1,868	2,401
Total current liabilities	41,285	57,366
Long-term debt, net of current portion and unamortized debt discount	55,662	48,757
Operating lease liabilities, net of current	9,372
Total liabilities	126,910	137,379
98.7 FM
Segment Reporting Information [Line Items]
Restricted cash	1,397	1,504
Prepaid expenses	351	394
Other current assets	620	340
Total current assets	2,368	2,238
Property and equipment, net	237	188
Indefinite lived intangibles	46,390	46,390
Operating lease right-of-use assets	7,440
Other assets	5,736	6,255
Total noncurrent assets	59,803	52,833
Total assets	62,171	55,071
Accounts payable and accrued expenses	15	15
Current maturities of long-term debt	7,601	7,150
Deferred revenue	894	864
Operating lease liabilities	367
Other current liabilities	144	162
Total current liabilities	9,021	8,191
Long-term debt, net of current portion and unamortized debt discount	33,177	38,747
Operating lease liabilities, net of current	8,126
Total noncurrent liabilities	41,303	38,747
Total liabilities	$ 50,324	$ 46,938

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Summary of Restricted Cash (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Feb. 28, 2019	Nov. 30, 2018	Feb. 28, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents, excluding amounts classified as held for sale	$ 111,345	$ 4,343
Total cash, cash equivalents and restricted cash	112,967	6,847	$ 8,088	$ 4,491
98.7FM LMA Restricted Cash
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	1,397	1,504
Cash Used To Secure The Company's Purchasing Card And Travel And Expense Programs
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 225	$ 1,000

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Nov. 30, 2019	Nov. 30, 2018
Noncontrolling Interest [Line Items]
Beginning balance			$ 28,153			$ 30,680	$ 28,153	$ 30,680
Net Income (Loss) Attributable to Noncontrolling Interest	$ (121)			$ 837			1,557	2,396
Distributions to noncontrolling interests	(272)	$ (824)	(1,121)	(1,068)	$ (1,003)	(1,721)	(2,217)	(3,792)
Sale of controlling interest in subsidiary							(47,976)
Ending balance	(20,483)			29,284			(20,483)	29,284
Austin Radio Partnership
Noncontrolling Interest [Line Items]
Beginning balance			47,146			47,424	47,146	47,424
Net Income (Loss) Attributable to Noncontrolling Interest							3,047	4,132
Distributions to noncontrolling interests							(2,217)	(3,792)
Sale of controlling interest in subsidiary							(47,976)
Ending balance				47,764				47,764
Digonex [Member]
Noncontrolling Interest [Line Items]
Beginning balance			$ (18,993)			$ (16,744)	(18,993)	(16,744)
Net Income (Loss) Attributable to Noncontrolling Interest							(1,490)	(1,736)
Ending balance	$ (20,483)			$ (18,480)			$ (20,483)	$ (18,480)

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Summary of Discontinued Operations Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Income from discontinued operations:
Total income before income taxes from discontinued operations	$ 75,594	$ 5,911	$ 88,080	$ 16,931
Less: provision for income taxes	16,673	2,649	10,867	1,635
Income from discontinued operations, net of tax	58,921	3,262	77,213	15,296
Austin Radio Partnership
Income from discontinued operations:
Total income before income taxes from discontinued operations	37,908	2,625	42,992	7,799
WQHT-FM and WBLS-FM
Income from discontinued operations:
Total income before income taxes from discontinued operations	$ 37,686	$ 3,286	$ 45,088	$ 9,132

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Results of Operations of Disposal Groups (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gain on sale of assets, net of disposition costs		$ (235)	$ (31)	$ 31,817
Income before taxes	$ 75,594	5,911	88,080	16,931
Austin Radio Partnership
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net revenues	2,660	7,991	19,539	24,456
Station operating expenses, excluding depreciation and amortization	2,012	5,106	13,428	15,848
Gain on sale of assets, net of disposition costs	37,292		37,292
Depreciation and amortization		115	120	386
Interest expense	32	145	291	423
Income before taxes	37,908	2,625	42,992	7,799
WQHT-FM and WBLS-FM
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net revenues	9,795	11,535	35,947	35,046
Station operating expenses, excluding depreciation and amortization	7,678	7,809	25,844	24,711
Gain on sale of assets, net of disposition costs	35,616		35,616
Depreciation and amortization		346	417	930
Interest expense	47	94	214	273
Income before taxes	$ 37,686	$ 3,286	$ 45,088	$ 9,132

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Schedule of Major Classes of Assets and Liabilities (Details) $ in Thousands	Feb. 28, 2019USD ($)
Current assets:
Total current assets	$ 6,629
Noncurrent assets:
Total noncurrent assets	110,667
Current liabilities:
Total current liabilities	2,072
Noncurrent liabilities:
Total noncurrent liabilities	2,110
Austin Radio Partnership
Current assets:
Cash and cash equivalents	1,095
Accounts receivable, net	4,856
Prepaid expenses	357
Other current assets	121
Total current assets	6,429
Noncurrent assets:
Property and equipment, net	5,060
Indefinite lived intangibles	34,720
Goodwill	4,338
Other assets	25
Total noncurrent assets	44,143
Total assets	50,572
Current liabilities:
Accounts payable and accrued expenses	291
Accrued salaries and commissions	651
Deferred revenue	591
Income taxes payable	18
Other current liabilities	23
Total current liabilities	1,574
Noncurrent liabilities:
Other noncurrent liabilities	332
Total noncurrent liabilities	332
Total liabilities	1,906
Equity:
Noncontrolling interests	47,146
WQHT-FM and WBLS-FM
Current assets:
Prepaid expenses	100
Other current assets	100
Total current assets	200
Noncurrent assets:
Property and equipment, net	2,356
Indefinite lived intangibles	63,265
Other intangibles, net	758
Other assets	145
Total noncurrent assets	66,524
Total assets	66,724
Current liabilities:
Other current liabilities	498
Total current liabilities	498
Noncurrent liabilities:
Other noncurrent liabilities	1,778
Total noncurrent liabilities	1,778
Total liabilities	$ 2,276

Share Based Payments - Addition

Share Based Payments - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted, term	10 years
Stock options vesting period	3 years
Annual percentage over three years	33.33%
Proceeds from the exercise of stock options	$ 689	$ 343
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options		$ 0
Stock options weighted average grant date fair value	$ 2.19	$ 2.27
Shares available for future grants	1.4
Restricted stock awards requisite service period	3 years
Grant date fair value of shares vested	$ 600	$ 700
Unrecognized compensation cost	$ 1,800
Compensation cost of weighted average period	1 year 6 months
Two Thousand Seventeen Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	1.1
Other Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	0.3
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from the exercise of stock options	$ 700
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options	$ 0
Vesting dates of outstanding options	2022-07
Expiration dates of options	2029-08
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting dates of outstanding options	2020-03
Expiration dates of options	2020-12

Share Based Payments Assumption

Share Based Payments Assumptions Used to Calculate Fair Value of Options on Date of Grant (Details)	9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Dividend Yield:	0.00%	0.00%
Expected Life (Years):	4 years 7 months 6 days	4 years 10 months 24 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-Free Interest Rate:	1.70%	2.60%
Expected Volatility:	50.30%	51.30%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-Free Interest Rate:	2.60%	2.80%
Expected Volatility:	51.30%	53.20%

Share Based Payments Summary of

Share Based Payments Summary of Stock Options Outstanding and Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Nov. 30, 2019
Options
Outstanding, beginning of period	2,738,087
Granted	604,500
Exercised	199,643
Expired	70,860
Outstanding, end of period	3,072,084
Exercisable, end of period	2,201,843
Price
Outstanding, beginning of period	$ 4.72
Granted	4.94
Exercised	3.49
Expired	6.32
Outstanding, end of period	4.81
Exercisable, end of period	$ 4.89
Outstanding, end of period	$ 2,756
Exercisable, end of period	$ 2,344
Outstanding, end of period	6 years 2 months 12 days
Exercisable, end of period	5 years 2 months 12 days

Share Based Payments Summary _2

Share Based Payments Summary of Nonvested Options and Changes (Details) - $ / shares	9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
Options
Nonvested, beginning of period	608,175
Granted	604,500
Vested	342,434
Nonvested, end of period	870,241
Weighted Average Grant Date Fair Value
Nonvested, beginning of period	$ 1.64
Granted	2.19	$ 2.27
Vested	1.50
Nonvested, end of period	$ 2.08

Share Based Payments Summary _3

Share Based Payments Summary of Restricted Stock Grants Outstanding and Activity (Details) - Restricted Stock	9 Months Ended
	Nov. 30, 2019$ / sharesshares
Awards
Grants outstanding, beginning of period | shares	265,107
Granted | shares	170,849
Vested (restriction lapsed) | shares	174,246
Grants outstanding, end of period | shares	261,710
Price
Grants outstanding, beginning of period | $ / shares	$ 3.43
Granted | $ / shares	4.25
Vested (restriction lapsed) | $ / shares	3.42
Grants outstanding, end of period | $ / shares	$ 3.98

Share Based Payments Stock-Base

Share Based Payments Stock-Based Compensation Expense and Related Tax Benefits Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 341	$ 366	$ 1,107	$ 1,224
Stock-based compensation expense included in discontinued operations	(8)	21	53	64
Stock-based compensation expense	333	387	1,160	1,288
Station operating expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	21	48	77	148
Corporate expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 320	$ 318	$ 1,030	$ 1,076

Intangible Assets and Goodwill

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Feb. 28, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Indefinite-lived intangible assets	$ 68,500,000		$ 170,500,000
Intangible assets sold	98,000,000
Impairment of intangible assets	4,000,000
Goodwill	0		4,300,000
Definite-lived intangible assets	0		$ 800,000
Amortization of intangible assets	$ 100,000	$ 200,000

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Feb. 28, 2019
Debt Instrument
Less: Current maturities	$ (7,830)	$ (32,150)
Less: Unamortized original issue discount	(1,357)	(1,499)
Total long-term debt, net of current portion and debt discount	55,662	48,757
Mortgage
Debt Instrument
Secured debt	12,699
2014 Credit Agreement Term Loan
Debt Instrument
Secured debt		25,000
98.7FM Non-recourse Debt
Debt Instrument
Non-recourse debt	42,014	47,332
Other Non-recourse Debt
Debt Instrument
Non-recourse debt	$ 10,136	$ 10,074

Long-term Debt - Schedule of _2

Long-term Debt - Schedule of Long-term Debt Instruments (Parenthetical) (Details) - USD ($)	Nov. 30, 2019	Feb. 28, 2019
Debt Disclosure [Abstract]
Face amount of debt	$ 10,200,000	$ 10,200,000

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details)	Nov. 29, 2019USD ($)	Oct. 04, 2019USD ($)	Apr. 12, 2019USD ($)a	Nov. 30, 2019USD ($)	Nov. 30, 2019USD ($)	Nov. 30, 2018USD ($)	Feb. 28, 2019USD ($)	Jun. 16, 2014USD ($)	May 30, 2012USD ($)
Debt Instrument
Face amount of debt				$ 10,200,000	$ 10,200,000		$ 10,200,000
Loss on debt extinguishment				510,000	510,000	$ 771,000
Unamortized discount on issuance of debt				1,357,000	1,357,000		1,499,000
98.7FM Non-recourse Debt
Debt Instrument
Face amount of debt									$ 82,200,000
Unamortized discount on issuance of debt				$ 1,200,000	$ 1,200,000		$ 1,400,000
Interest rate during period									4.10%
NextRadio Notes Payable
Debt Instrument
Interest rate during period				2.00%	2.00%
Non-recourse debt				$ 4,000,000	$ 4,000,000
Revolving Credit Agreement
Debt Instrument
Loss on debt extinguishment				400,000
Letters of credit outstanding amount				0	0
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
Barrett Investment Partners, LLC | Term Loan
Debt Instrument
Face amount of debt			$ 4,000,000
Debt instrument expiration date			Apr. 12, 2022
Loss on debt extinguishment				100,000
Mortgage
Debt Instrument
Debt instrument expiration date			Apr. 12, 2029
Debt instrument, interest rate, stated percentage			5.48%
Amortization period			25 years
Loss on debt extinguishment				100,000
Unamortized discount on issuance of debt				100,000	100,000
Mortgage | MediaCo Holding Inc
Debt Instrument
Repayments of mortgage indebtedness	$ 3,500,000
Mortgage | Austin Radio Partnership and MediaCo Holding Inc
Debt Instrument
Repayments of mortgage indebtedness			$ 10,000,000
Mortgage | Austin Radio Partnership
Debt Instrument
Repayments of mortgage indebtedness		$ 6,500,000
Mortgage | Whitestown, Indiana
Debt Instrument
Area of land | a			70
Wells Fargo Bank, National Association | Mortgage
Debt Instrument
Face amount of debt			$ 23,000,000
Wells Fargo Bank, National Association | Revolving Credit Agreement
Debt Instrument
Face amount of debt				$ 12,000,000	$ 12,000,000

Long-term Debt - Schedule of Ma

Long-term Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Nov. 30, 2019USD ($)
Debt Instrument
Remainder of 2020	$ 1,871
2021	14,248
2022	12,665
2023	9,355
2024	10,086
Thereafter	16,727
Total	64,952
Mortgage
Debt Instrument
Remainder of 2020	39
2021	254
2022	271
2023	286
2024	303
Thereafter	11,546
Total	12,699
98.7FM Non-recourse Debt
Debt Instrument
Remainder of 2020	1,832
2021	7,755
2022	8,394
2023	9,069
2024	9,783
Thereafter	5,181
Total	42,014
Other Non-recourse Debt
Debt Instrument
Remainder of 2020	0
2021	6,239
2022	4,000
2023	0
2024	0
Thereafter	0
Total	$ 10,239

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Feb. 28, 2019
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 - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 17, 2020	Nov. 30, 2019	Nov. 25, 2019	Nov. 30, 2019	Aug. 31, 2019	Nov. 30, 2019
Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment charge						$ 4
MediaCo Holding Inc | Contribution Agreement
Indefinite Lived Intangible Assets By Major Class [Line Items]
Percentage of equity ownership interest		23.72%		23.72%
MediaCo Holding Inc | Contribution Agreement | Class A Common Stock
Indefinite Lived Intangible Assets By Major Class [Line Items]
Percentage of equity ownership interest			23.72%
Common stock taxable pro rate distribution of per share			$ 0.1265
MediaCo Holding Inc | Contribution Agreement | Class A Common Stock | Scenario Forecast
Indefinite Lived Intangible Assets By Major Class [Line Items]
Common stock taxable pro rate distribution of per share	$ 0.1265
FCC Licenses
Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment charge					$ 4
Fair values of indefinite-lived intangible assets					15.5
WLIB-AM
Indefinite Lived Intangible Assets By Major Class [Line Items]
Fair values of indefinite-lived intangible assets					$ 6.7

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Disaggregation Of Revenue [Line Items]
NET REVENUES	$ 10,737	$ 10,797	$ 29,266	$ 30,883
Advertising
Disaggregation Of Revenue [Line Items]
NET REVENUES	5,229	5,356	13,776	14,665
Circulation
Disaggregation Of Revenue [Line Items]
NET REVENUES	91	93	280	288
Non Traditional
Disaggregation Of Revenue [Line Items]
NET REVENUES	1,037	1,234	2,390	3,249
LMA Fees
Disaggregation Of Revenue [Line Items]
NET REVENUES	2,582	2,583	7,748	8,467
Digital
Disaggregation Of Revenue [Line Items]
NET REVENUES	675	330	1,915	745
Other
Disaggregation Of Revenue [Line Items]
NET REVENUES	$ 1,123	$ 1,201	$ 3,157	$ 3,469

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
	Nov. 30, 2019segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment Information - Schedule

Segment Information - Schedule of Results of Operations of Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018	Feb. 28, 2019
Segment Reporting Information [Line Items]
Net revenues	$ 10,737	$ 10,797	$ 29,266	$ 30,883
Station operating expenses excluding depreciation and amortization expense	8,199	10,809	23,667	30,494
Corporate expenses excluding depreciation and amortization expense	10,437	2,297	15,211	7,607
Impairment loss		304	4,022	509
Depreciation and amortization	263	345	866	1,068
(Gain) loss on sale of assets, net of disposition costs		235	31	(31,817)
Gain on legal matter	(2,153)		(2,153)
OPERATING (LOSS) INCOME	(6,009)	(3,193)	(12,378)	23,022
Total Assets	241,507		241,507		$ 237,746
Radio
Segment Reporting Information [Line Items]
Net revenues	9,215	9,202	25,321	26,341
Station operating expenses excluding depreciation and amortization expense	5,941	6,157	18,258	18,661
Impairment loss			4,022	205
Depreciation and amortization	87	129	288	393
(Gain) loss on sale of assets, net of disposition costs		235		(32,148)
OPERATING (LOSS) INCOME	3,187	2,681	2,753	39,230
Total Assets	95,387		95,387		216,473
Publishing
Segment Reporting Information [Line Items]
Net revenues	1,187	1,177	3,083	3,347
Station operating expenses excluding depreciation and amortization expense	1,502	1,176	3,582	3,384
Depreciation and amortization	3	4	10	14
(Gain) loss on sale of assets, net of disposition costs				331
OPERATING (LOSS) INCOME	(318)	(3)	(509)	(382)
Total Assets	834		834		728
All Other
Segment Reporting Information [Line Items]
Net revenues	335	418	862	1,195
Station operating expenses excluding depreciation and amortization expense	756	3,476	1,827	8,449
Corporate expenses excluding depreciation and amortization expense	10,437	2,297	15,211	7,607
Impairment loss		304		304
Depreciation and amortization	173	212	568	661
(Gain) loss on sale of assets, net of disposition costs			31
Gain on legal matter	(2,153)		(2,153)
OPERATING (LOSS) INCOME	(8,878)	$ (5,871)	(14,622)	$ (15,826)
Total Assets	$ 145,286		$ 145,286		$ 20,545

Regulatory, Legal and Other M_2

Regulatory, Legal and Other Matters - Additional Information (Details) $ in Thousands	Oct. 10, 2018USD ($)	Nov. 30, 2019USD ($)LegalProceeding	Nov. 30, 2019USD ($)LegalProceeding
Loss Contingencies [Line Items]
Number of legal proceedings pending | LegalProceeding		0	0
Gain on litigation		$ 2,153	$ 2,153
INIC Suit
Loss Contingencies [Line Items]
Litigation amount awarded from INIC	$ 3,500
Gain on litigation		2,200
Legal fees related to litigation		$ 1,400

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
Income Tax Disclosure [Abstract]
Effective Income Tax Rate	(10.00%)	36.00%

Restructuring Reserve - Additio

Restructuring Reserve - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 30, 2018	Nov. 30, 2018	Nov. 30, 2018
Restructuring Reserve [Line Items]
Restructuring Charges		$ 245	$ 1,423
St Louis
Restructuring Reserve [Line Items]
Restructuring Charges	$ 1,200	$ 200

Restructuring Reserve (Details)

Restructuring Reserve (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Restructuring Reserve [Abstract]
Restructuring charges and estimated lease cease-use costs, beginning balance	$ 949	$ 1,052	$ 1,099
Restructuring charges and estimated lease cease-use costs- St. Louis radio stations sale		245		1,423
Payments, net of accretion	(60)	(103)	(210)	(229)
Restructuring charges and estimated lease cease-use costs unpaid and outstanding	$ 889	$ 1,194	$ 889	$ 1,194

Leases - Summary of Impact of O

Leases - Summary of Impact of Operating Leases Including Leases of Discontinued Operations (Details) $ in Thousands	9 Months Ended
	Nov. 30, 2019USD ($)
Lease Cost
Operating lease cost	$ 3,451
Other Information
Operating cash flows from operating leases	3,862
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 28,821
Weighted average remaining lease term - operating leases (in years)	10 years 8 months 12 days
Weighted average discount rate - operating leases	5.90%

Leases - Summary of Annual Mini

Leases - Summary of Annual Minimum Lease Payments of Operating Lease Liabilities (Details) $ in Thousands	Nov. 30, 2019USD ($)
Year ending February 28 (29),
Remainder of 2020	$ 380
2021	1,376
2022	1,365
2023	1,372
2024	1,246
After 2024	8,367
Total lease payments	14,106
Less imputed interest	3,892
Total recorded lease liabilities	$ 10,214

Equity Investment - Additional

Equity Investment - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 30, 2019	Nov. 25, 2019	Nov. 30, 2019
Schedule Of Equity Method Investments [Line Items]
Equity investment	$ 5,485		$ 5,485
MediaCo Holding Inc | Contribution Agreement
Schedule Of Equity Method Investments [Line Items]
Percentage of equity ownership interest	23.72%		23.72%
Percentage of outstanding voting interest	3.05%
Equity investment	$ 5,500		$ 5,500
MediaCo Holding Inc | Contribution Agreement | Common Stock
Schedule Of Equity Method Investments [Line Items]
Cash acquired in exchange of assets		$ 91,500
Note acquired in exchange of assets		$ 5,000
MediaCo Holding Inc | Contribution Agreement | Class A Common Stock
Schedule Of Equity Method Investments [Line Items]
Shares acquired in return of assets		1,666,667
Percentage of equity ownership interest		23.72%
Percentage of outstanding voting interest		3.02%
Common stock taxable pro rate distribution of per share		$ 0.1265
Fair value of common stock price per share	$ 3.29		$ 3.29

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details) - Mortgage - Subsequent Event $ in Millions	Jan. 08, 2020USD ($)
Subsequent Event [Line Items]
Fixed charge coverage ratio	1.10
Star Financial
Subsequent Event [Line Items]
Total restricted cash	$ 8