Emmis (EMMS) 10-K 14 May 20 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2020	May 08, 2020	Aug. 30, 2019
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Feb. 29, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	EMMIS COMMUNICATIONS CORP
Entity Central Index Key	0000783005
Current Fiscal Year End Date	--02-29
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 53,254
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Incorporation, State or Country Code	IN
Entity File Number	0-23264
Entity Tax Identification Number	35-1542018
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	IN
Entity Address, Postal Zip Code	46204
City Area Code	317
Local Phone Number	266-0100
Document Annual Report	true
Document Transition Report	false
Title of each class	Class A common stock, $0.01 par value
Trading Symbol	EMMS
Name of each exchange on which registered	NASDAQ
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Documents Form 10-K Reference Proxy Statement for 2020 Annual Meeting of Shareholders expected to be filed within 120 days Part III
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,156,766
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,242,366
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Income Statement [Abstract]
NET REVENUES	$ 39,710	$ 39,891
OPERATING EXPENSES:
Station operating expenses excluding depreciation expense	33,001	38,859
Corporate expenses excluding depreciation expense	18,841	10,313
Impairment losses	6,479	852
Depreciation	1,133	1,391
Gain on sale of radio and publishing assets, net of disposition costs		(31,817)
Gain on legal matter	(2,153)
Loss on sale of assets	31	1
Total operating expenses	57,332	19,599
OPERATING INCOME (LOSS)	(17,622)	20,292
OTHER EXPENSE:
Interest expense	(3,821)	(7,152)
Loss on debt extinguishment	(512)	(779)
Loss on deconsolidation of entity	(12,112)
Equity in loss of unconsolidated affiliate	(780)
Other income	730	139
Total other expense	(16,495)	(7,792)
INCOME (LOSS) BEFORE INCOME TAXES	(34,117)	12,500
PROVISION (BENEFIT) FOR INCOME TAXES	(9,079)	3,552
INCOME (LOSS) FROM CONTINUING OPERATIONS	(25,038)	8,948
DISCONTINUED OPERATIONS, NET OF TAX	76,957	17,131
CONSOLIDATED NET INCOME	51,919	26,079
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,434	2,727
NET INCOME ATTRIBUTABLE TO THE COMPANY	50,485	23,352
AMOUNTS ATTRIBUTABLE TO COMMON SHAREHOLDERS:
Net income (loss) attributable to common shareholders - continuing operations	(23,425)	11,197
Net income attributable to common shareholders - discontinued operations	73,910	12,155
Net income attributable to common shareholders	$ 50,485	$ 23,352
BASIC NET INCOME (LOSS) PER SHARE
Continuing operations	$ (1.82)	$ 0.89
Discontinued operations	5.73	0.96
Basic net income per share	$ 3.91	$ 1.85
Basic weighted average shares outstanding	12,898	12,606
DILUTED NET INCOME (LOSS) PER SHARE:
Continuing operations	$ (1.82)	$ 0.83
Discontinued operations	5.73	0.91
Diluted net income per share	$ 3.91	$ 1.74
Diluted weighted average shares outstanding	12,898	13,448

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Statement Of Income And Comprehensive Income [Abstract]
CONSOLIDATED NET INCOME (LOSS)	$ 51,919	$ 26,079
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,434	2,727
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 50,485	$ 23,352

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Feb. 29, 2020	Feb. 28, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 93,036	$ 4,343
Restricted cash	1,692	2,504
Accounts receivable, net of allowance for doubtful accounts of $326 and $151, respectively	4,627	11,919
Prepaid expenses	1,727	3,374
Other	10,454	1,225
Assets held for sale		6,629
Total current assets	111,536	29,994
PROPERTY AND EQUIPMENT:
Land and buildings	25,666	25,514
Leasehold improvements	128	172
Broadcasting equipment	19,262	19,205
Office equipment, computer equipment, software and automobiles	14,119	17,251
Construction in progress		19
Total property and equipment	59,175	62,161
Less-accumulated depreciation and amortization	43,961	46,100
Total property and equipment, net	15,214	16,061
INDEFINITE LIVED INTANGIBLE ASSETS	66,463	72,562
OPERATING LEASE RIGHT-OF-USE ASSETS	8,416
OTHER ASSETS:
Investments	420	800
Restricted cash, noncurrent	8,015
Deposits and other	11,928	7,662
Total other assets	20,363	8,462
LONG TERM ASSETS HELD FOR SALE		110,667
Total assets	221,992	237,746
CURRENT LIABILITIES:
Accounts payable and accrued expenses	2,393	4,160
Current maturities of long-term debt	8,008	32,150
Accrued salaries and commissions	1,048	1,919
Deferred revenue	2,605	3,464
Income taxes payable	3,796	11,200
Operating lease liabilities	812
Other	1,752	2,401
Current liabilities held for sale		2,072
Total current liabilities	20,414	57,366
LONG-TERM DEBT, NET OF CURRENT PORTION	47,474	48,757
OPERATING LEASE LIABILITIES, NET OF CURRENT	9,170
OTHER NONCURRENT LIABILITIES	48	3,914
DEFERRED INCOME TAXES	24,979	25,232
NONCURRENT LIABILITIES HELD FOR SALE		2,110
Total liabilities	102,085	137,379
COMMITMENTS AND CONTINGENCIES (NOTE 11)
SHAREHOLDERS’ EQUITY:
Additional paid-in capital	597,895	595,984
Accumulated deficit	(478,104)	(523,900)
Total shareholders’ equity	119,924	72,214
NONCONTROLLING INTERESTS	(17)	28,153
Total equity	119,907	100,367
Total liabilities and equity	221,992	237,746
Class A Common Stock
SHAREHOLDERS’ EQUITY:
Common Stock	121	118
Class B Common Stock
SHAREHOLDERS’ EQUITY:
Common Stock	$ 12	$ 12

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Feb. 29, 2020	Feb. 28, 2019
Allowance for Doubtful Accounts Receivable	$ 151	$ 326
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	12,113,563	11,809,291
Common stock, shares outstanding	12,113,563	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
Class C Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	7,500,000	7,500,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total		APIC	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 income	26,079			23,352	2,727
Exercise of stock options and related income tax benefits	368		366			$ 2
Exercise of stock options and related income tax benefits (in shares)						157,918
Issuance of common stock to employees and officers and related income tax benefits	911		910				$ 1
Issuance of common Stock to employees and officers and related income tax benefits (in shares)						1,933	100,000
Distributions to noncontrolling interests	(5,254)				(5,254)
Ending Balance at Feb. 28, 2019	100,367		595,984	(523,900)	28,153	$ 118	$ 12
Ending Balance (in shares) at Feb. 28, 2019						11,809,291	1,242,366
Net income	51,919			50,485	1,434
Exercise of stock options and related income tax benefits	$ 807		805			$ 2
Exercise of stock options and related income tax benefits (in shares)	252,818	[1]				252,818
Issuance of common stock to employees and officers and related income tax benefits	$ 1,107		1,106			$ 1
Issuance of common Stock to employees and officers and related income tax benefits (in shares)						51,454
Distribution of MediaCo common stock to Emmis shareholders	(4,689)			(4,689)
Sale of controlling interest in subsidiary	(47,976)				(47,976)
Deconsolidation of Digonex Technologies, Inc.	20,589				20,589
Distributions to noncontrolling interests	(2,217)				(2,217)
Ending Balance at Feb. 29, 2020	$ 119,907		$ 597,895	$ (478,104)	$ (17)	$ 121	$ 12
Ending Balance (in shares) at Feb. 29, 2020						12,113,563	1,242,366
[1]	The Company did not record an income tax benefit related to option exercises in the years ended February 2019 and 2020. Cash received from option exercises during the years ended February 2019 and 2020 was $0.4 million and $0.8 million, respectively.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
OPERATING ACTIVITIES:
Consolidated net income	$ 51,919	$ 26,079
Adjustments to reconcile net income to net cash provided by (used in) operating activities—
Discontinued operations	(76,957)	(17,131)
Gain on sale of radio and publishing assets, net of disposition costs		(31,817)
Impairment losses	6,479	852
Loss on debt extinguishment	512	779
Noncash accretion of debt instruments to interest expense	83	82
Amortization of deferred financing costs, including original issue discount	388	1,198
Depreciation	1,133	1,391
Provision for bad debts	191	246
Benefit for deferred income taxes	(9,432)	(6,619)
Noncash compensation	1,452	1,468
Loss on disposal of assets	31	1
Equity in loss of unconsolidated affiliates	780
Loss on deconsolidation of Digonex Technologies, Inc.	12,112
Net cash provided by operating activities - discontinued operations	29,440	17,325
Changes in assets and liabilities—
Accounts receivable	(1,538)	3,659
Prepaid expenses and other current assets	(8,270)	1,512
Other assets	(8,829)	(261)
Accounts payable and accrued liabilities	(1,776)	(4,203)
Deferred revenue	440	(23)
Income taxes	(9,278)	13,982
Other liabilities	(1,533)	(781)
Net cash provided by (used in) operating activities	(12,653)	7,739
INVESTING ACTIVITIES:
Purchases of property and equipment	(318)	(227)
Proceeds from the sale of assets		60,171
Net cash (used in) provided by investing activities - discontinued operations	129,787	(291)
Net cash provided by investing activities	129,469	59,653
FINANCING ACTIVITIES:
Payments on long-term debt	(46,552)	(62,538)
Proceeds from long-term debt	27,000	2,500
Settlement of tax withholding obligations	(396)	(641)
Proceeds from exercise of stock options and employee stock purchases	805	368
Payments for debt related costs	(655)
Net cash used in financing activities - discontinued operations	(2,217)	(5,254)
Net cash used in financing activities	(22,015)	(65,565)
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	94,801	1,827
NET CHANGE IN CASH CLASSIFIED AS CURRENT ASSETS HELD FOR SALE	1,095	(1,095)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	95,896	732
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	6,847	6,115
End of period	102,743	6,847
Cash paid for (refund from) —
Interest	4,014	5,765
Income taxes	11,478	(467)
Noncash financing transactions —
Value of stock issued to employees under stock compensation program and to satisfy accrued incentives	$ 1,502	$ 1,554

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Feb. 29, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The following discussion pertains to Emmis Communications Corporation (“ECC”) and its subsidiaries (collectively, “Emmis,” the “Company,” or “we”). All significant intercompany balances and transactions have been eliminated. Organization We are a diversified media company, formed in 1980, principally focused on radio broadcasting. Emmis owns 4 FM and 2 AM radio stations in New York and Indianapolis. One of the FM radio stations that Emmis currently owns in New York is operated pursuant to a Local Marketing Agreement (“LMA”) whereby a third party provides the programming for the station and sells all advertising within that programming. In addition to our radio properties, we also publish Indianapolis Monthly Substantially all of ECC’s business is conducted through its subsidiaries. From time to time, our long-term debt agreements may contain certain provisions that may restrict the ability of ECC’s subsidiaries to transfer funds to ECC in the form of cash dividends, loans or advances. Revenue Recognition The Company generates revenue from the sale of services and products including, but not limited to: (i) on-air commercial broadcast time, (ii) magazine-related display advertising, (iii) magazine circulation and newsstand revenues, (iv) non-traditional revenues including event-related revenues and event sponsorship revenues, (v) revenues generated from LMAs, (vi) digital advertising and (vii) dynamic pricing consulting services. 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 revenues presented in the financial statements are reflected on a net basis, after the deduction of advertising agency fees, usually at a rate of 15% of gross revenues. Allowance for Doubtful Accounts An allowance for doubtful accounts is recorded based on management’s judgment of the collectability of receivables. When assessing the collectability of receivables, management considers, among other things, historical loss experience and existing economic conditions. Amounts are written off after all normal collection efforts have been exhausted. The activity in the allowance for doubtful accounts for the two years ended February 29, 2020 was as follows: Balance At Beginning Of Year Provision Write-Offs Balance At End Of Year Year ended February 28, 2019 $ 471 $ 246 $ (391 ) $ 326 Year ended February 29, 2020 326 191 (366 ) 151 Local Programming and Marketing Agreement Fees The Company from time to time enters into LMAs in connection with acquisitions and dispositions of radio stations, pending regulatory approval of transfer of the FCC licenses. 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 is included in net revenues in our accompanying consolidated statements of operations during the year ended February 28, 2019. See Note 7 for more discussion of our sale of our St. Louis radio stations. On April 26, 2012, the Company entered into an LMA with New York AM Radio, LLC (“98.7FM Programmer”) pursuant to which, commencing April 30, 2012, 98.7FM Programmer purchased from Emmis the right to provide programming on 98.7FM until August 31, 2024. Disney Enterprises, Inc., the parent company of 98.7FM Programmer, has guaranteed the obligations of 98.7FM Programmer under the LMA. The Company retains ownership and control of the station, including the related FCC license during the term of the LMA and received an annual fee from 98.7FM Programmer of $8.4 million for the first year of the term under the LMA, which fee increases by 3.5% each year thereafter until the LMA’s termination. This LMA fee revenue is recorded on a straight-line basis over the term of the LMA. Emmis retains the FCC license of 98.7FM after the term of the LMA expires. The following table summarizes Emmis’ operating results of 98.7FM for all periods presented. Emmis programmed 98.7FM until the LMA commenced on April 26, 2012. 98.7FM is a part of our Radio segment. Results of operations of 98.7FM for the years ended February 2019 and 2020 were as follows: For the year ended February 28 (29), 2019 2020 Net revenues $ 10,331 $ 10,331 Station operating expenses, excluding depreciation and amortization expense 1,198 1,377 Depreciation and amortization 20 36 Impairment loss — 2,077 Interest expense 2,331 2,049 Assets and liabilities of 98.7FM as of February 28, 2019 and 2020 were as follows: As of February 28 (29), 2019 2020 Current assets: Restricted cash $ 1,504 $ 1,467 Prepaid expenses 394 338 Other 340 714 Total current assets 2,238 2,519 Noncurrent assets: Property and equipment 188 227 Indefinite lived intangibles 46,390 44,313 Deposits and other 6,255 5,542 Operating lease right-of-use assets — 7,337 Total noncurrent assets 52,833 57,419 Total assets $ 55,071 $ 59,938 Current liabilities: Accounts payable and accrued expenses $ 15 $ 15 Operating lease liabilities — 378 Current maturities of long-term debt 7,150 7,755 Deferred revenue 864 894 Other current liabilities 162 137 Total current liabilities 8,191 9,179 Noncurrent liabilities: Long-term debt, net of current portion 38,747 31,257 Operating lease liabilities, net of current — 8,028 Total noncurrent liabilities 38,747 39,285 Total liabilities $ 46,938 $ 48,464 Share-based Compensation The Company determines the fair value of its employee stock options at the date of grant using a Black-Scholes option-pricing model. The Black-Scholes option pricing model was developed for use in estimating the value of exchange-traded options that have no vesting restrictions and are fully transferable. The Company’s employee stock options have characteristics significantly different than these traded options. In addition, option pricing models require the input of highly subjective assumptions, including the expected stock price volatility and expected term of the options granted. The Company relies heavily upon historical data of its stock price when determining expected volatility, but each year the Company reassesses whether or not historical data is representative of expected results. See Note 3 for more discussion of share-based compensation. Cash and Cash Equivalents Emmis considers time deposits, money market fund shares and all highly liquid debt investment instruments with original maturities of three months or less to be cash equivalents. At times, such deposits may be in excess of FDIC insurance limits. Restricted Cash As of February 29, 2020, 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, cash held by JPMorgan Chase as collateral to secure the Company’s corporate purchasing card and travel and expense programs, and cash associated with a compensating balance arrangement related to the Star Financial mortgage described in Note 5. The cash related to the compensating balance arrangement with Star Financial is classified as noncurrent as the Company expects this cash to be restricted in excess of one year. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the same amounts shown in the consolidated statements of cash flows: As of February 28 (29), 2019 2020 Cash and cash equivalents $ 4,343 $ 93,036 Restricted cash: 98.7FM LMA restricted cash 1,504 1,467 Cash used to secure the Company's purchasing card and travel and expense programs 1,000 225 Cash pledged as additional collateral for mortgage — 8,015 Total cash, cash equivalents and restricted cash $ 6,847 $ 102,743 Property and Equipment Property and equipment are recorded at cost. Depreciation is generally computed using the straight-line method over the estimated useful lives of the related assets, which are 39 years for buildings, the shorter of economic life or expected lease term for leasehold improvements, five to seven years for broadcasting equipment, five years for automobiles, office equipment and computer equipment, and three to five years for software. Maintenance, repairs and minor renewals are expensed as incurred; improvements are capitalized. On a continuing basis, the Company reviews the carrying value of property and equipment for impairment. If events or changes in circumstances were to indicate that an asset carrying value may not be recoverable, a write-down of the asset would be recorded through a charge to operations. See below for more discussion of impairment policies related to our property and equipment. Depreciation expense for the years ended February 2019 and 2020 was $1.4 million and $1.1 million, respectively. Intangible Assets and Goodwill Indefinite-lived Intangibles and Goodwill In connection with past acquisitions, a significant amount of the purchase price was allocated to radio broadcasting licenses, goodwill and other intangible assets. Goodwill consists of the excess of the purchase price over the fair value of tangible and identifiable intangible net assets acquired. In accordance with ASC Topic 350, “ Intangibles—Goodwill and Other,” Advertising and Subscription Acquisition Costs Advertising and subscription acquisition costs are expensed when incurred. Advertising expense and subscription acquisition costs for the years ended February 2019 and 2020 were $0.9 million and $0.4 million, respectively. Investments For those investments in common stock or in-substance common stock in which the Company has the ability to exercise significant influence over the operating and financial policies of the investee, the investment is accounted for under the equity method. For those investments in which the Company does not have such significant influence, the Company applies the accounting guidance for certain investments in debt and equity securities. Equity method investment 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 constituted all of the issued and outstanding MediaCo Class A common stock and represented in the aggregate an approximately 23.72% equity ownership interest and 3.02% of the outstanding voting interests of MediaCo immediately following the transaction. Emmis therefore recorded an equity investment on our November 30, 2019 consolidated balance sheet. On January 17, 2020, we made 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. This distribution comprised our entire equity interest held in MediaCo at November 30, 2019 and therefore Emmis does not hold an equity investment in MediaCo as of February 29, 2020. Other investment Emmis holds an equity investment without a readily determinable fair value in the form of preferred shares of a non-public company. Emmis has elected the measurement alternative under ASU 2016-01 to account for this investment. Historically, the investment had been carried at cost, which the Company previously concluded approximated fair value. During the year ended February 29, 2020, we concluded that this investment was impaired based on a February 2020 round of financing and a recapitalization of the investee. As a result of this observable transaction by the investee, we recorded an impairment charge of $0.4 million in the year ended February 29, 2020. Deferred Revenue and Barter Transactions Deferred revenue includes deferred barter, other transactions in which payments are received prior to the performance of services (i.e. cash-in-advance advertising and prepaid LMA payments), and deferred magazine subscription revenue. Barter transactions are recorded at the estimated fair value of the product or service received. Revenue from barter transactions is recognized when commercials are broadcast or a publication is delivered. The appropriate expense or asset is recognized when merchandise or services are used or received. Magazine subscription revenue is recognized when the publication is shipped. Barter revenues for the years ended February 2019 and 2020 were $1.8 million and $2.0 million, respectively, and barter expenses were $2.1 million, and $2.1 million, respectively. Earnings Per Share ASC Topic 260, “Earnings Per Share,” The following table sets forth the calculation of basic and diluted net income per share: For the year ended February 28, 2019 February 29, 2020 Net Income Shares Net Income Per Share Net Income Shares Net Income Per Share (in 000’s, except per share data) Basic net income per common share: Net income available to common shareholders $ 23,352 12,606 $ 1.85 $ 50,485 12,898 $ 3.91 Impact of equity awards — 842 — — Diluted net income per common share: Net income available to common shareholders $ 23,352 13,448 $ 1.74 $ 50,485 12,898 $ 3.91 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 year ended February 28 (29), 2019 2020 Stock options and restricted stock awards 1,089 2,444 Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Company’s financial statements or income tax returns. Income taxes are recognized during the year in which the underlying transactions are reflected in the consolidated statements of operations. Deferred taxes are provided for temporary differences between amounts of assets and liabilities as recorded for financial reporting purposes and amounts recorded for income tax purposes. After determining the total amount of deferred tax assets, the Company determines whether it is more likely than not that some portion of the deferred tax assets will not be realized. If the Company determines that a deferred tax asset is not likely to be realized, a valuation allowance will be established against that asset to record it at its expected realizable value. Long-Lived Tangible Assets The Company periodically considers whether indicators of impairment of long-lived tangible assets are present. If such indicators are present, the Company determines whether the sum of the estimated undiscounted cash flows attributable to the assets in question are less than their carrying value. If less, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their respective fair values. Fair value is determined by discounted future cash flows, appraisals and other methods. If the assets determined to be impaired are to be held and used, the Company recognizes an impairment charge to the extent the asset’s carrying value is greater than the fair value. The fair value of the asset then becomes the asset’s new carrying value, which, if applicable, the Company depreciates or amortizes over the remaining estimated useful life of the asset. During the year ended February 28, 2019, the Company dramatically scaled back the operations of its TagStation business in Chicago. In connection with this decision, the Company recorded an impairment charge of $0.3 million related to the long-lived tangible assets of TagStation. Also during the year ended February 28, 2019, the Company determined the carrying value of two radio transmission towers in St. Louis classified as held for sale exceeded the Company’s estimate of their fair value less cost to sell by $0.2 million, so the Company recorded an impairment charge in this amount. Noncontrolling Interests The Company follows Accounting Standards Codification paragraph 810-10-65-1 to report the noncontrolling interests related to our Austin Partnership and our Digonex dynamic pricing business (“Digonex”). We owned a controlling interest in the Austin Partnership until its sale on October 1, 2019 Emmis Operating Company, as collateral agent for secured creditors, notified Digonex Technologies, Inc. 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 Technologies, Inc. on December 31, 2019, taking possession of substantially all of its assets. On January 1, 2020, Emmis Operating Company conveyed the foreclosed assets to a new legal entity, Emmis Dynamic Pricing, LLC, that is owned by the holders of the Digonex Technologies, Inc. secured debt pro rata to their share of the Digonex Technologies, Inc. secured debt. Emmis Operating Company owns approximately 90% of Emmis Dynamic Pricing, LLC and therefore controls the entity. The transfer of assets from Digonex Technologies, Inc. to Emmis Dynamic Pricing, LLC was a transfer between entities under common control and so the assets were transferred at carryover basis. Emmis Dynamic Pricing, LLC does business as Digonex and continues to operate the underlying business of Digonex, but with a simpler capital structure. Noncontrolling interests represents the noncontrolling interest holders’ proportionate share of the equity of the Austin Partnership and the Digonex dynamic pricing business. 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 years ended February 2019 and 2020: Austin Partnership Digonex Technologies, Inc. Emmis Dynamic Pricing, LLC Total Noncontrolling Interests Balance, February 28, 2018 $ 47,424 $ (16,744 ) $ — $ 30,680 Net income (loss) 4,976 (2,249 ) — 2,727 Payments of dividends and distributions to noncontrolling interests (5,254 ) — — (5,254 ) Balance, February 28, 2019 $ 47,146 $ (18,993 ) $ — $ 28,153 Net income (loss) 3,047 (1,596 ) (17 ) 1,434 Payments of dividends and distributions to noncontrolling interests (2,217 ) — — (2,217 ) Sale of controlling interest in subsidiary (47,976 ) — — (47,976 ) Deconsolidation of entity — 20,589 — 20,589 Balance, February 29, 2020 $ — $ — $ (17 ) $ (17 ) Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses in the financial statements and in disclosures of contingent assets and liabilities. Actual results could differ from those estimates. Liquidity and Going Concern In accordance with Accounting Standards Update 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, the Company is required to evaluate whether there is substantial doubt about its ability to continue as a going concern each reporting period, including interim periods. In evaluating the Company’s ability to continue as a going concern, management evaluated the conditions and events that could raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements were issued (May 14, 2020). Management considered the Company’s current projections of future cash flows, current financial condition, sources of liquidity and debt obligations due on or before May 14, 2021 and believes it has the ability to meet its obligations for at least one year from the date of issuance of this Form 10-K. 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 consolidated financial statements. Recent Accounting Standards Updates In January 2017, the FASB issued Accounting Standards Update 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU was issued to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted this guidance on March 1, 2018 with no material impact on its consolidated financial statements. In November 2016, the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this guidance on March 1, 2018 with no material impact on its consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326), which introduces new guidance for an approach based on using expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. This standard will be effective for us as of March 1, 2023. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842). This update requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. On March 1, 2019, we adopted this standard using the modified retrospective approach, applied at the beginning of the period of adoption, and we elected the package of transitional practical expedients. The adoption of this standard resulted in recording operating lease liabilities of approximately $28.8 million as of March 1, 2019 along with a corresponding right-of-use asset. A significant portion of these amounts have been sold as part of the Austin Partnership Transaction and the MediaCo Transaction. The implementation of this standard did not have an impact on our consolidated statements of operations. See Note 9 for more discussion of the Company’s leases. In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), to clarify the principles used to recognize revenue for all entities. The FASB deferred implementation of this guidance by one year with the issuance of Accounting Standards Update 2015-14. The Company adopted this guidance on March 1, 2018 using the modified retrospective method with no impact on its consolidated financial statements for the three years ending February 28, 2018. The cumulative effect of initially applying the new guidance had no impact on the opening balance of retained earnings as of March 1, 2018 and the Company does not expect this guidance will have a material impact on its consolidated financial statements in future periods.

Common Stock

Common Stock	12 Months Ended
	Feb. 29, 2020
Equity [Abstract]
Common Stock	2. COMMON STOCK Emmis has authorized Class A common stock, Class B common stock, and Class C common stock. The rights of these three classes are essentially identical except that each share of Class A common stock has one vote with respect to substantially all matters, each share of Class B common stock has 10 votes with respect to substantially all matters, and each share of Class C common stock has no voting rights with respect to substantially all matters. All Class B common stock is owned by our Chairman, CEO and President, Jeffrey H. Smulyan, and automatically converts to Class A common stock upon sale or other transfer to a party unaffiliated with Mr. Smulyan. At February 28 (29), 2019 and 2020, no shares of Class C common stock were issued or outstanding.

Share Based Payments

Share Based Payments	12 Months Ended
	Feb. 29, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share Based Payments	3. SHARE BASED PAYMENTS The amounts recorded as share based compensation expense consist of stock option and 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. On January 17, 2020, Emmis made 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. These shares of MediaCo Class A common stock had been received by Emmis in connection with the MediaCo Transaction that closed on November 25, 2019. While outstanding restricted stock awards received their pro rata share of this distribution, outstanding stock option awards did not. Since all of the Company’s outstanding stock option awards contain anti-dilution provisions, an equitable adjustment to these stock options awards was required to reflect the change in Emmis’ share price as a result of this distribution. The equitable adjustment approved by the Compensation Committee of the Company’s Board of Directors was consistent with the requirements of the Internal Revenue Code and resulted in no incremental share based compensation expense. 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 years ended February For the Years Ended February 28 (29), 2019 2020 Risk-Free Interest Rate: 2.6% - 2.8% 1.7% - 2.6% Expected Dividend Yield: 0% 0% Expected Life (Years): 4.8 - 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 February 29, 2020, and stock option activity during the year ended February 29, 2020 (“Price” reflects the weighted average exercise price per share): Options Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, beginning of period 2,963,659 $ 4.42 Granted 642,519 4.66 Exercised (1) 252,818 3.22 Forfeited 12,499 2.66 Expired 122,628 4.62 Outstanding, end of period 3,218,233 4.56 6.0 $ 1,555 Exercisable, end of period 2,296,039 4.65 4.9 $ 1,395 (1) The Company did not record an income tax benefit related to option exercises in the years ended February 2019 and 2020. Cash received from option exercises during the years ended February 2019 and 2020 was $0.4 million and $0.8 million, respectively. The weighted average grant date fair value of options granted during the years ended February 2019 and 2020, was $2.27 and $2.07, respectively. A summary of the Company’s nonvested options at February 29, 2020, and changes during the year ended February 29, 2020, is presented below: Options Weighted Average Grant Date Fair Value Nonvested, beginning of period 702,916 $ 1.51 Granted 642,519 2.07 Vested 410,742 1.38 Forfeited 12,499 1.18 Nonvested, end of period 922,194 1.96 There were 1.4 million shares available for future grants under the Company’s various equity plans at February 29, 2020 (1.1 million shares under the 2017 Equity Compensation Plan and 0.3 million shares under other plans). The vesting dates of outstanding options at February 29, 2020 range from March 2020 to July 2022, and expiration dates range from March 2020 to August 2029. Restricted Stock Awards The Company periodically grants restricted stock awards to employees. Awards to employees are typically made pursuant to employment agreements. Restricted stock award grants are granted out of the Company’s 2017 Equity Compensation Plan. The Company also awards, out of the Company’s 2017 Equity Compensation Plan, stock to settle certain bonuses and other compensation that otherwise would be paid in cash. Any restrictions on these shares may be immediately lapsed on the grant date. The following table presents a summary of the Company’s restricted stock grants outstanding at February 29, 2020, and restricted stock activity during the year ended February 29, 2020 (“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) 177,996 3.40 Grants outstanding, end of period 257,960 4.00 The total grant date fair value of shares vested during the years ended February 2019 and 2020, was $1.1 million and $0.6 million, respectively. Recognized Non-Cash Compensation Expense The following table summarizes stock-based compensation expense and related tax benefits recognized by the Company in the years ended February 2019 and 2020: Year Ended February 28 (29), 2019 2020 Station operating expenses $ 205 $ 105 Corporate expenses 1,263 1,347 Stock-based compensation expense included in operating expenses 1,468 1,452 Tax benefit — — Recognized stock-based compensation expense, net of tax $ 1,468 $ 1,452 As of February 29, 2020, there was $1.5 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 1.4 years.

Revenue

Revenue	12 Months Ended
	Feb. 29, 2020
Revenue [Abstract]
Revenue	4. 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, (vi) digital advertising and (vii) dynamic pricing consulting services. 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 purchased by readers or distributors. Single copy newsstand sales are recognized when the monthly magazine is distributed, net of provisions for related returns. Circulation revenues from digital and home delivery subscriptions are recognized over the subscription period as the performance obligations are delivered. Nontraditional Nontraditional revenues principally consist of ticket sales and sponsorship of events our stations and magazine conduct in their local markets. These revenues are recognized when our performance obligations are fulfilled, which generally coincides with 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. Other revenue also includes the management fee received from MediaCo. Disaggregation of revenue The following table presents the Company's revenues disaggregated by revenue source: For the years ended February 28 (29), 2019 % of Total 2020 % of Total Net revenues: Advertising $ 18,611 46.7 % $ 18,196 45.8 % Circulation 384 1.0 % 368 0.9 % Non Traditional 3,255 8.2 % 3,329 8.4 % Digital 2,087 5.2 % 2,449 6.2 % LMA Fees 11,050 27.7 % 10,331 26.0 % Other 4,504 11.2 % 5,037 12.7 % Total net revenues $ 39,891 $ 39,710

Long-term Debt

Long-term Debt	12 Months Ended
	Feb. 29, 2020
Debt Disclosure [Abstract]
Long-term Debt	5. LONG-TERM DEBT Long-term debt was comprised of the following at February 28(29), 2019 and 2020: As of February As of February Revolver $ — $ — Term Loan 25,000 — Total 2014 Credit Agreement debt 25,000 — Star mortgage — 12,598 Other nonrecourse debt (1) 10,074 4,000 98.7FM nonrecourse debt 47,332 40,182 Current maturities (32,150 ) (8,008 ) Unamortized original issue discount (1,499 ) (1,298 ) Total long-term debt $ 48,757 $ 47,474 (1) The face value of other nonrecourse debt was $10.2 million at February 28, 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 February 29, 2020. The original issue discount is being amortized as additional interest expense over the life of the Mortgage using the effective interest method. 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 and the interest rate was lowered to 4.82%. The fees incurred in connection with this amendment were immaterial. 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 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 repaid 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 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 February 29, 2020, is being amortized as additional interest expense over the life of the notes. Other Non-recourse Debt Other nonrecourse debt as of February 29, 2020 consisted of $4.0 million of notes payable issued by NextRadio, LLC. As of February 29, 2020, the notes accrue interest at 2.0%. The first interest payment on these notes was due on August 15, 2018, but as of February 29, 2020, 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 never achieved profitability, and during the year ended February 28, 2019, Emmis decided to cease further investments in TagStation, LLC and NextRadio, LLC. As a result, these businesses terminated the employment of all of their employees and have ceased all business activity. Other nonrecourse debt as of February 28, 2019 consisted of the $4.0 million of notes payable issued by NextRadio, LLC and $6.2 million of notes payable issued by Digonex Technologies, Inc., which were recorded at fair value on June 16, 2014, the date that Emmis acquired a controlling interest in the company. During the year ended February 29, 2020, Emmis deconsolidated Digonex Technologies, Inc., removing this nonrecourse third-party debt from its consolidated balance sheet. See Note 15 for further discussion of the deconsolidation of Digonex Technologies, Inc. Based on amounts outstanding at February 29, 2020, mandatory principal payments of long-term debt for the next five years and thereafter are summarized below: Year ended February 28 (29), Star Mortgage 98.7FM Nonrecourse Debt Other Nonrecourse Debt Total 2021 $ 254 $ 7,755 $ — $ 8,009 2022 295 8,394 4,000 12,689 2023 310 9,069 — 9,379 2024 325 9,783 — 10,108 2025 340 5,181 — 5,521 Thereafter 11,074 — — 11,074 Total $ 12,598 $ 40,182 $ 4,000 $ 56,780

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Feb. 29, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. FAIR VALUE MEASUREMENTS As defined in ASC Topic 820, “Fair Value Measurement,” Recurring Fair Value Measurements The Company has no financial assets and liabilities that were accounted for at fair value on a recurring basis as of February 28 (29), 2019 and 2020. 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 8, 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 8 for more discussion). During the quarter ended November 30, 2019, the Company completed the MediaCo Transaction, as described in Note 7. As a result of this, Emmis retained an approximately 23.72% equity ownership interest in MediaCo. This equity investment was measured at fair value of $5.5 million on the transaction date. On January 17, 2020, the Company made 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. The distribution comprised our entire equity interest held in MediaCo. 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. 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

Acquisitions And Dispositions

Acquisitions And Dispositions	12 Months Ended
	Feb. 29, 2020
Discontinued Operations And Disposal Groups [Abstract]
ACQUISITIONS AND DISPOSITIONS	7. ACQUISITIONS AND DISPOSITIONS For the year ended February 29, 2020 Sale of Austin 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 Partnership. For the year ended February 28 (29), 2019 2020 Net revenues $ 31,149 $ 19,539 Station operating expenses, excluding depreciation and amortization 20,772 13,428 Gain on sale of assets, net of disposition costs — (37,275 ) Depreciation and amortization 504 120 Operating income 9,873 43,266 Interest expense 622 311 Income before taxes $ 9,251 $ 42,955 Major classes of assets and liabilities of the Austin Partnership that were classified as held for sale in the accompanying 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 Sale of 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 constituted all of the issued and outstanding MediaCo Class A common stock and represented in the aggregate an approximately 23.72% equity ownership interest and 3.02% of the outstanding voting interests of MediaCo immediately following the transaction. On January 17, 2020, we made 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. In addition, MediaCo’s net working capital as of the closing date must be reimbursed to Emmis within nine months of the MediaCo Transaction. As of February 29, 2020 Emmis has recorded a $6.5 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 The employees of the Stations remain employees of Emmis, and are being leased to MediaCo. 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 acquisitions and investments including the acquisition of a sound masking business in March 2020, as discussed in Note 18. 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 year ended February 28 (29), 2019 2020 Net revenues $ 43,091 $ 35,828 Station operating expenses, excluding depreciation and amortization 30,949 25,831 Gain on sale of assets, net of disposition costs — (35,665 ) Depreciation and amortization 1,318 417 Operating income 10,824 45,245 Interest expense 329 194 Income before taxes $ 10,495 $ 45,051 Major classes of assets and liabilities of the Stations that are classified as held for sale in the accompanying 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 For the year ended February 28, 2019 Sale of St. Louis radio stations On April 30, 2018, Emmis closed on its sale of substantially all of the assets of its radio stations in St. Louis in two separate transactions. In one transaction, Emmis sold the assets of KSHE-FM and KPNT-FM to affiliates of Hubbard Radio. In the other transaction, Emmis sold the assets of KFTK-FM and KNOU-FM to affiliates of Entercom Communications Corp. At closing, Emmis received aggregate proceeds of $60.0 million. After deducting estimated taxes payable and transaction-related expenses, net proceeds totaled approximately $40.5 million and were used to repay term loan indebtedness under Emmis’ senior credit facility. The taxes payable as a result of the transactions were not immediately due, so we repaid amounts outstanding under our revolver and we held excess cash on our balance sheet to enhance our liquidity position. Emmis recorded a $32.1 million gain on the sale of its St. Louis radio stations. The St. Louis radio stations were operated pursuant to an LMA from March 1, 2018 through the closing of the transactions on April 30, 2018. Affiliates of Hubbard Radio and Entercom Communications Corp. paid an LMA fee to Emmis totaling $0.7 million during this period, which is included in net revenues in the accompanying consolidated statements of operations and in the summary of our St. Louis radio station results included below. In connection with the sale of our St. Louis stations, 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. During the three months ended November 30, 2018, the Company revised its estimate of cease-use costs related to the St. Louis office facility, which resulted in an additional charge of $0.2 million. These charges are included in the gain on sale of radio and publishing assets, net of disposition costs in the accompanying consolidated statements of operations. The table below summarizes the activity related to our restructuring charge for the years ended February 28 (29), 2019 and 2020. For the year ended February 28 (29), 2019 2020 Restructuring charges and estimated lease cease-use costs, beginning balance $ — $ 1,099 Restructuring charges and estimated lease cease-use costs, St. Louis radio stations sale 1,424 - Payments, net of accretion (325 ) (293 ) Restructuring charges and estimated lease cease-use costs unpaid and outstanding $ 1,099 $ 806 The St. Louis stations had historically been included in our Radio segment. The following table summarizes certain operating results of the St. Louis stations for all periods presented. Pursuant to Accounting Standards Codification 205-20-45-6, interest expense associated with the required term loan repayment associated with the sale of the St. Louis stations is included in the results below. The sale of the St. Louis stations did not qualify for reporting as a discontinued operation as it did not represent a strategic shift for the Company as described in Accounting Standards Codification 205-20-45. The following table summarizes certain operating results of the St. Louis stations for all periods presented. For the year ended February 28 (29), 2019 2020 Net revenues $ 711 $ — Station operating expenses, excluding depreciation and amortization expense 505 — Gain on sale of radio assets, net of disposition costs (32,148 ) — Operating income 32,354 — Interest expense 592 — Income before income taxes $ 31,762 $ — Unaudited pro forma summary information is presented below for the years ended February 28 (29), 2019 and 2020, assuming the dispositions discussed above and related mandatory debt repayments had occurred on the first day of the pro forma periods presented below. For the year ended February 28 (29), 2019 2020 (unaudited) (unaudited) Net revenues $ 39,180 $ 39,377 Station operating expenses, excluding depreciation and amortization 38,354 33,001 Consolidated net loss (6,661 ) (25,038 ) Net loss attributable to the Company (9,388 ) (26,472 ) Net income per share - basic $ (0.74 ) $ (2.05 ) Net income per share - diluted $ (0.74 ) $ (2.05 )

Intangible Assets and Goodwill

Intangible Assets and Goodwill	12 Months Ended
	Feb. 29, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND GOODWILL	8. INTANGIBLE ASSETS AND GOODWILL In accordance with ASC Topic 350, “ Intangibles—Goodwill and Other,” Impairment testing The Company generally performs its annual impairment review of indefinite-lived intangibles as of December 1 each year. At the time of each impairment review, if the fair value of the indefinite-lived intangible is less than its carrying value a charge is recorded to results of operations. When indicators of impairment are present, the Company will perform an interim impairment test. Impairment recorded as a result of our interim and annual impairment testing is summarized in the table below. We will perform additional interim impairment assessments whenever triggering events suggest such testing for the recoverability of these assets is warranted. The table below summarizes the results of our interim and annual impairment testing for the two years ending February 29, 2020. There was no impairment to recorded goodwill in either the year ended February 2019 or 2020. Interim Assessment Annual Assessment Total Year Ended February 28, 2019 $ — $ 343 $ 343 Year Ended February 29, 2020 4,022 2,077 6,099 Valuation of Indefinite-lived Broadcasting Licenses Fair value of our FCC licenses is estimated to be 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. To determine the fair value of our FCC licenses, the Company considered both income and market valuation methods when it performed its impairment tests. Under the income 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. The projections incorporated into our license valuations take into consideration then current economic conditions. Under the market method, the Company uses recent sales of comparable radio stations for which the sales value appeared to be concentrated entirely in the value of the license, to arrive at an indication of fair value. Below are some of the key assumptions used in our income method annual impairment assessments. In recent years, we have reduced long-term growth rates in the markets in which we operate based on recent industry trends and our expectations for the markets going forward. December 1, 2018 December 1, 2019 Discount Rate 11.9% - 12.3% 11.9% - 12.4% Long-term Revenue Growth Rate 0.3% - 1.0% (0.6%) Mature Market Share 12.9% - 30.2% 0.5% - 20.6% Operating Profit Margin 26.0% - 38.0% 24.3% - 31.4% As of February 2019 and 2020, excluding amounts classified as held for sale, the carrying amounts of the Company’s FCC licenses were $72.6 million and $66.5 million, respectively. These amounts are entirely attributable to our radio division. The table below presents the changes to the carrying values of the Company’s FCC licenses for the years ended February 2019 and 2020 for each unit of accounting. Change in FCC License Carrying Values Unit of Accounting As of February 28, 2018 Sale of Stations Impairment Reclassifications As of February 28, 2019 Sale of Stations Impairment As of February 29, 2020 New York Cluster $ 71,614 $ — $ — $ (71,614 ) $ — $ — $ — $ — WLIB-AM (New York) — — — 8,349 8,349 — (1,692 ) 6,657 98.7FM (New York) 46,390 — — — 46,390 — (2,077 ) 44,313 Indianapolis Cluster 18,166 — (343 ) — 17,823 — (2,330 ) 15,493 Subtotal 136,170 — (343 ) (63,265 ) 72,562 — (6,099 ) 66,463 Assets held for sale WBLS-FM and WQHT-FM — — — 63,265 63,265 (63,265 ) — — Austin Cluster 34,720 — — — 34,720 (34,720 ) — — St. Louis Cluster 24,758 (24,758 ) — — — — — — Grand Total $ 195,648 $ (24,758 ) $ (343 ) $ — $ 135,827 $ (63,265 ) $ (6,099 ) $ 66,463 The Company recorded impairment charges related to FCC licenses in each of the past two years. Impairment charges recognized as part of our December 1, 2018 and 2019 annual testing were $0.3 million and $2.1 million, respectively. These impairments were mostly related to declining market revenues combined with lowered expectations for future long-term revenue growth rates as noted in the table above. In addition, in connection with an interim impairment review during the year ended February 29, 2020, the Company concluded the carrying value of certain FCC licenses exceeded their fair value by $4.0 million, and recorded an impairment charge in this amount. During the two years ended February 2020, we sold radio stations in New York, Austin and St Louis. See Note 7 for more discussion of these transactions. Goodwill and Definite-lived intangibles The company has no goodwill or definite-lived intangible assets as of February 29, 2020. 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 were classified as noncurrent assets held for sale in the accompanying consolidated balance sheet as of February 28, 2019 as they related to assets held by the Austin Partnership and WBLS-FM, both of which were sold during the year ended February 29, 2020. 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 year ended February 28, 2019 and February 29, 2020 was $0.3 million and $0.1 million, respectively, all of which is included in discontinued operations, net of tax in the accompanying consolidated statements of operations.

Leases

Leases	12 Months Ended
	Feb. 29, 2020
Leases [Abstract]
Leases	9. 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 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 year ended February 29, 2020, was not material. We elected not to apply the recognition requirements of ASC Topic 842, “ Leases” The impact of operating leases to our consolidated financial statements was as follows: Year Ended February 29, 2020 Lease Cost Operating lease cost $ 3,805 Other Information Operating cash flows from operating leases 4,241 Right-of-use assets obtained in exchange for new operating lease liabilities 1 28,821 Weighted average remaining lease term - operating leases (in years) 10.6 Weighted average discount rate - operating leases 5.9 % 1 As of February 29, 2020, the annual minimum lease payments of our operating lease liabilities were as follows: Year ending February 28 (29), 2021 $ 1,376 2022 1,365 2023 1,372 2024 1,246 2025 968 After 2025 7,399 Total lease payments 13,726 Less imputed interest 3,744 Total recorded lease liabilities $ 9,982 The Company subleases a number of properties to third parties. The Company recognized approximately $0.2 million and $0.5 million of sublease income for the years ended February 2019 and 2020, respectively. The total minimum sublease rentals to be received in the future under noncancelable subleases as of February 29, 2020 were as follows: Year ending February 28 (29), Noncancelable Sublease rentals 2021 $ 341 2022 194 2023 191 2024 132 Total $ 858

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Feb. 29, 2020
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	10. EMPLOYEE BENEFIT PLANS a. Equity Incentive Plans The Company has stock options and restricted stock grants outstanding that were issued to employees or non-employee directors under one or more of the following plans: the 2004 Equity Compensation Plan, the 2010 Equity Compensation Plan, the 2012 Equity Compensation Plan, the 2015 Equity Compensation Plan, the 2016 Equity Compensation Plan and the 2017 Equity Compensation Plan. These outstanding grants continue to be governed by the terms of the applicable plan. 2017 Equity Compensation Plan At the 2017 annual meeting, the shareholders approved the 2017 Equity Compensation Plan (the “2017 Plan”). Under the 2017 Plan, awards equivalent to 2.0 million shares of common stock may be granted. Furthermore, any unissued awards from prior equity compensation plans (or shares subject to outstanding awards that would again become available for awards under this plan) increases the number of shares of common stock available for grant under the 2017 Plan. The awards, which have certain restrictions, may be for incentive stock options, nonqualified stock options, shares of restricted stock, restricted stock units, stock appreciation rights or performance units. Under the 2017 Plan, all awards are granted with a purchase price equal to at least the fair market value of the stock except for shares of restricted stock and restricted stock units, which may be granted with any purchase price (including zero). The stock options under the 2017 Plan generally expire not more than 10 years from the date of grant. Under the 2017 Plan, awards equivalent to approximately 1.1 million shares of common stock were available for grant as of February 29, 2020. b. 401(k) Retirement Savings Plan Emmis sponsors a Section 401(k) retirement savings plan that is available to substantially all employees age 18 years and older who have at least 30 days of service. Employees may make pretax contributions to the plan up to 50% of their compensation, not to exceed the annual limit prescribed by the Internal Revenue Service (“IRS”). Although Emmis may make discretionary matching contributions to the plan in the form of cash or shares of the Company’s Class A common stock, none were made during the two years ended February 29, 2020. c. Defined Contribution Health and Retirement Plan Emmis contributes to a multi-employer defined contribution health and retirement plan for employees who are members of a certain labor union. Amounts charged to expense related to the multi-employer plan were approximately $0.3 million and $0.2 million for the years ended February 2019 and 2020, respectively.

Other Commitments and Contingen

Other Commitments and Contingencies	12 Months Ended
	Feb. 29, 2020
Commitments And Contingencies Disclosure [Abstract]
Other Commitments and Contingencies	11. OTHER COMMITMENTS AND CONTINGENCIES a. Commitments The Company has various commitments under the following types of material contracts: (i) employment agreements and (ii) other contracts with annual commitments (mostly contractual services for audience measurement information) at February 29, 2020 as follows: Year ending February 28 (29), Employment Agreements Other Contracts Total 2021 $ 8,462 $ 5,458 $ 13,920 2022 2,682 5,584 8,266 2023 123 1,780 1,903 2024 123 — 123 2025 — — — Thereafter — — — Total $ 11,390 $ 12,822 $ 24,212 b. Litigation The Company is a party to various legal proceedings arising in the ordinary course of business. In the opinion of management of the Company, there are no legal proceedings pending against the Company 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.

Income Taxes

Income Taxes	12 Months Ended
	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Income Taxes	12. INCOME TAXES The provision (benefit) for income taxes for the years ended February 2019, and 2020 consisted of the following: For the year ended February 28 (29), 2019 2020 Current: Federal $ 8,597 $ 212 State 1,574 141 Total current 10,171 353 Deferred: Federal (4,347 ) (6,544 ) State (2,272 ) (2,888 ) Total deferred (6,619 ) (9,432 ) (Benefit) provision for income taxes $ 3,552 $ (9,079 ) The provision (benefit) for income taxes for the years ended February 2019 and 2020 differs from that computed at the Federal statutory corporate tax rate as follows: For the year ended February 28 (29), 2019 2020 Federal statutory income tax rate 21 % 21 % Computed income tax provision at federal statutory rate $ 2,625 $ (7,164 ) State income tax (699 ) (2,747 ) Nondeductible stock compensation 63 (32 ) Entertainment disallowance 180 89 Executive compensation — 1,045 Change in federal valuation allowance 1,467 (888 ) Tax attributed to noncontrolling interest — 4 Federal tax credit (85 ) — Reclassification of AMT credit 82 — Other (81 ) 614 (Benefit) provision for income taxes $ 3,552 $ (9,079 ) The final determination of our income tax liability may be materially different from our income tax provision. Significant judgment is required in determining our provision for income taxes. Our calculation of the provision for income taxes is subject to our interpretation of applicable tax laws in the jurisdictions in which we file. In addition, our income tax returns are subject to periodic examination by the Internal Revenue Service and other taxing authorities. The components of deferred tax assets and deferred tax liabilities at February 28, 2019 and February 29, 2020 were as follows: As of February 28 (29), 2019 2020 Deferred tax assets: Net operating loss carryforwards $ 11,173 $ 4,395 Intangible assets 13,023 — Compensation relating to stock options 1,506 1,559 Operating lease liabilities — 2,795 Accrued rent 974 8 Tax credits 1,165 1,050 Investments in subsidiaries 148 610 Other 298 234 Valuation allowance (26,724 ) (4,227 ) Total deferred tax assets 1,563 6,424 Deferred tax liabilities Indefinite-lived intangible assets (26,005 ) (17,010 ) Property and equipment (698 ) (273 ) Deferred gain under opportunity zone — (11,655 ) Right of use assets — (2,356 ) Other (92 ) (109 ) Total deferred tax liabilities (26,795 ) (31,403 ) Net deferred tax liabilities $ (25,232 ) $ (24,979 ) A valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset (“DTA”) will not be realized. The Company historically recorded a full valuation allowance on all U.S. (federal and state) deferred tax assets. The Company does not benefit its deferred tax assets based on the deferred tax liabilities (“DTLs”) related to indefinite-lived intangibles that are not expected to reverse during the carry-forward period. Because these DTLs would not reverse until some future indefinite period when the intangibles are either sold or impaired, any resulting temporary differences cannot be considered a source of future taxable income to support realization of the DTAs. Due to the current year deferred gain under IRC §1400Z-2, regarding investment in a qualified opportunity fund, the Company is in a net DTL position of $3.7 million at the end of the year before considering indefinite-lived DTLs. The result is that a valuation allowance is only being recorded at the end of the year on state net operating losses and tax credits that the Company does not expect to be able to utilize. The Company decreased its valuation allowance by $22.5 million ($15.6 million federal decrease and $6.9 million state decrease), from $26.7 million as of February 28, 2019 to $4.2 million as of February 29, 2020. The Company has considered future taxable income and ongoing prudent and feasible tax-planning strategies in assessing the need for the valuation allowance. The Company will assess quarterly whether it remains more likely than not that the deferred tax assets will not be realized. In the event the Company determines at a future time that it could realize its deferred tax assets in excess of the net amount recorded, the Company will reduce its deferred tax asset valuation allowance and decrease income tax expense in the period when the Company makes such determination. The Company has state NOLs of $71 million available to offset future taxable income. The state net operating loss carryforwards expire between the years ending February 2021 and February 2036. A valuation allowance has been provided for the net operating loss carryforwards related to states in which the Company no longer has operating results as it is more likely than not that substantially all of these net operating losses will expire unutilized. The Company had $1.3 million of tax credits at February 29, 2020, including tax credits in California, Illinois, New Jersey and Texas, all of which have a full valuation allowance. The Company has adopted FASB Accounting Standards Codification Topic 740-10, “ Accounting for Uncertainty in Income Taxes” The following is a tabular reconciliation of the total amounts of gross unrecognized tax benefits for the years ending February 28, 2019 and February 29, 2020: As of February 28 (29), 2019 2020 Gross unrecognized tax benefit – opening balance $ (38 ) $ (22 ) Gross increases - tax position — $ (1,564 ) Gross decreases – lapse of applicable statute of limitations 16 22 Gross unrecognized tax benefit – ending balance $ (22 ) $ (1,564 ) Included in the balance of unrecognized tax benefits at February 28, 2019 and February 29, 2020 are $0.1 million and $1.2 million of tax benefits that, if recognized, would reduce the Company’s provision for income taxes. Due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of audits may result in liabilities that could be different from this estimate. In such case, the Company will record additional tax expense or tax benefit in the tax provision, or reclassify amounts on the accompanying consolidated balance sheets in the period in which such matter is effectively settled with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. Related to the uncertain tax benefits noted above, the Company accrued an immaterial amount of interest and $0.2 million of penalties during the year ending February 29, 2020 and in total, as of February 29, 2020, has recognized a liability for interest of $4 thousand and penalties of $0.2 million.

Segment Information

Segment Information	12 Months Ended
	Feb. 29, 2020
Segment Reporting [Abstract]
SEGMENT INFORMATION	13. SEGMENT INFORMATION The Company’s operations are currently aligned into two 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 operation decision maker for purposes of evaluating performance, allocation 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 Note 1 to these consolidated financial statements, are applied consistently across segments. Year Ended February 29, 2020 Radio Publishing All Other Consolidated Net revenues $ 33,462 $ 4,407 $ 1,841 $ 39,710 Station operating expenses excluding depreciation expense 25,202 5,031 2,768 33,001 Corporate expenses excluding depreciation expense — — 18,841 18,841 Impairment losses 6,099 — 380 6,479 Depreciation 360 13 760 1,133 Gain on legal matter — — (2,153 ) (2,153 ) Loss on sale of fixed assets — — 31 31 Operating income (loss) $ 1,801 $ (637 ) $ (18,786 ) $ (17,622 ) Year Ended February 28, 2019 Radio Publishing All Other Consolidated Net revenues $ 33,778 $ 4,678 $ 1,435 $ 39,891 Station operating expenses excluding depreciation expense 24,258 4,822 9,779 38,859 Corporate expenses excluding depreciation expense — — 10,313 10,313 Impairment losses 548 — 304 852 Depreciation 516 18 857 1,391 (Gain) loss on sale of radio and publishing assets, net of disposition costs (32,148 ) 331 — (31,817 ) Loss on sale of fixed assets 1 — — 1 Operating income (loss) $ 40,603 $ (493 ) $ (19,818 ) $ 20,292 Total Assets Radio Publishing All Other Consolidated As of February 28, 2019 $ 216,473 $ 728 $ 20,545 $ 237,746 As of February 29, 2020 91,865 694 129,433 221,992

Equity in Loss of Unconsolidate

Equity in Loss of Unconsolidated Affiliate	12 Months Ended
	Feb. 29, 2020
Equity Method Investments And Joint Ventures [Abstract]
Equity in Loss of Unconsolidated Affiliate	14. EQUITY IN LOSS OF UNCONSOLIDATED AFFILIATE As discussed in Note 7, 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 constituted all of the issued and outstanding MediaCo Class A common stock and represented in the aggregate an approximately 23.72% equity ownership interest and 3.02% of the outstanding voting interests of MediaCo immediately following the transaction. On January 17, 2020, we made 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 comprised our entire equity interest held in MediaCo. Equity in earnings (loss) of unconsolidated affiliate reflected in our consolidated statement of operations for the year ended February 29, 2020 represents our share of MediaCo’s net losses during this period associated with these shares.

Deconsolidation of Entity

Deconsolidation of Entity	12 Months Ended
	Feb. 29, 2020
Deconsolidation Of Entity [Abstract]
Deconsolidation of Entity	15. DECONSOLIDATION OF ENTITY During the quarter ended February 29, 2020, Emmis Operating Company, as collateral agent for secured creditors, accelerated the secured debt of Digonex Technologies, Inc. pursuant to a continuing default under Digonex’s secured notes payable and foreclosed on Digonex Technologies, Inc., taking possession of substantially all of Digonex Technologies, Inc.’s assets. These assets were then conveyed to a newly-formed entity, Emmis Dynamic Pricing, LLC, which is owned by the holders of the Digonex Technologies, Inc. secured debt pro rata to their share of the Digonex Technologies, Inc. secured debt. The transfer of assets from Digonex Technologies, Inc. to Emmis Dynamic Pricing, LLC was a transfer between entities under common control and so the assets were transferred at carryover basis. As a result of these actions, Digonex Technologies, Inc. no longer owns any assets, has any employees, or conducts any operating activity. Prior to these actions, Emmis owned the following financial instruments of Digonex Technologies, Inc. that were eliminated in consolidation: • $11.1 million of convertible secured notes payable, which was convertible into Series A preferred stock of Digonex, and; • 5,980,886 shares of Series A preferred stock. Through its majority ownership of the Series A preferred stock, Emmis elected 4 of the 7 members of the board of directors of Digonex Technologies, Inc., appointed the CEO, and was deemed to control the entity. Accordingly, from the time of its initial investment in Digonex Technologies, Inc. in June 2014 through foreclosure in December 2019, Emmis consolidated the financial statements of Digonex Technologies, Inc. in its consolidated financial statements. In December 2019, all four of the directors elected by Emmis resigned from the board of Digonex Technologies, Inc. (as well as the three independent directors). Furthermore, on February 3, 2020, Emmis informed the registered agent of Digonex Technologies, Inc. that it was surrendering for no consideration its entire interest in the Series A preferred stock. In addition, Emmis informed the registered agent that it was unconditionally and irrevocably waiving, on behalf of itself and any successors or assigns, its right to convert the convertible secured notes payable into Series A preferred stock under the terms of the convertible secured notes payable. As a result of these actions, as of February 3, 2020, Emmis held no variable interests in Digonex Technologies, Inc. and had no ability to control the entity going forward. Thus, Emmis deconsolidated Digonex Technologies, Inc. from its consolidated financial statements in the quarter and year ended February 29, 2020. The loss on deconsolidation stems from the removal of noncontrolling interests, which reflects the accumulated losses of Digonex Technologies, Inc. previously allocated to the holders of Digonex Technologies, Inc.’s common stock, partially offset by the deconsolidation of third party debt.

Other Income

Other Income	12 Months Ended
	Feb. 29, 2020
Other Income And Expenses [Abstract]
Other Income	16. OTHER INCOME Components of other income for the years ended February 2019 and 2020, were as follows: For the year ended February 28 (29), 2019 2020 Interest income $ 132 $ 730 Other 7 — Total other income $ 139 $ 730

Related Party Transactions

Related Party Transactions	12 Months Ended
	Feb. 29, 2020
Related Party Transactions [Abstract]
Related Party Transactions	17. RELATED PARTY TRANSACTIONS Prior to 2002, the Company made certain life insurance premium payments for the benefit of Mr. Smulyan. The Company discontinued making such payments in 2001; however, pursuant to a Split Dollar Life Insurance Agreement and Limited Collateral Assignment dated November 2, 1997, the Company retains the right, upon Mr. Smulyan’s death, resignation or termination of employment, to recover all of the premium payments it has made, which total $1.1 million. As a result of the MediaCo Transaction described in Note 7, Emmis continues to provide management services to MediaCo under a Management Agreement, subject to the direction of the MediaCo board of directors which consists of four directors appointed by Standard General and three directors appointed by Emmis. Emmis receives an annual management fee of $1.25 million, plus reimbursement of certain expenses directly related to the operation of MediaCo’s business. $0.3 million of income was recognized in the year ended February 29, 2020 in relation to the Management Agreement, $0.1 million of which has not been received from MediaCo as of February 29, 2020. Additionally, under the Employee Leasing Agreement, the employees of WBLS-FM and WQHT-FM remain employees of Emmis and MediaCo reimburses Emmis for the cost of these employees, including health and benefit costs. The initial term of the Employee Leasing Agreement lasts through December 31, 2020, and automatically renews for successive six-month periods, unless otherwise terminated upon the occurrence of certain events. $2.7 million of reimbursement was recognized in the year ended February 29, 2020, $0.2 million of which has not yet been received from MediaCo as of February 29, 2020. As a result of the transaction described above, on November 25, 2019, we received a convertible promissory note from MediaCo in the amount of $5.0 million. The terms of this note are described in Note 7.

Subsequent Events

Subsequent Events	12 Months Ended
	Feb. 29, 2020
Subsequent Events [Abstract]
Subsequent Events	18. SUBSEQUENT EVENTS On March 10, 2020, through wholly-owned subsidiaries, Emmis acquired substantially all of the assets used and useful in the sound masking business of Lencore Acoustics Corporation for $75.1 million in cash. The purchased assets include approximately $5.3 million of working capital. The purchase price is subject to customary working capital adjustments. In connection with this acquisition, Emmis incurred approximately $3.1 million of transaction fees and expenses. Transaction costs are expensed as incurred. Approximately $0.8 million of the transaction fees and expenses are included in corporate expenses excluding depreciation expense for the year ended February 29, 2020. The remaining $2.3 million of transaction fees and expenses were incurred in March 2020 and will be recognized in our consolidated statement of operations for the year ended February 28, 2021. In March 2020 the World Health Organization declared the global novel coronavirus disease 2019 (COVID-19) outbreak a pandemic. As of the date these financial statements were filed, we have felt impact of COVID-19 on all of our segments. The Company’s operations are being adversely affected as a result of COVID-19, with certain advertisers cancelling their orders and an overall reduction in new advertising orders. Futhermore, many of the clients for our dynamic pricing consulting services remain closed to the public. The full extent of the impact is not known at this point as the scale and severity of the outbreak, coupled with the response from federal, state and local governments, is still unknown. In April 2020, the Company applied for and received a loan in the amount of $4.8 million pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Amounts received under this loan are expected to be used to continue to employ and pay our employees without reduction, despite the adverse impact the COVID-19 pandemic is having on our businesses. As provided for in the CARES Act and subsequent regulations, to the extent loan proceeds are used to continue payroll and pay no more than a certain amount of rent, utilities, and interest, the loan is to be forgiven by the U.S. government. We expect that a substantial portion, if not all, of the loan we received will be forgiven based on the expected use of proceeds. Of the $4.8 million received, approximately $1.5 million is attributable to the employees we lease to MediaCo and MediaCo is expected to derive the benefits thereof. On April 22, 2020, Emmis and MediaCo entered into a Loan Proceeds Participation Agreement (the “LPPA”) pursuant to which (i) Emmis agreed to use certain of the proceeds of the loan Emmis received pursuant to the Paycheck Protection Program under the CARES Act (the “PPP Loan”) to pay certain wages of employees leased to MediaCo pursuant to that certain Employee Leasing Agreement, dated as of November 25, 2019, between Emmis and MediaCo, (ii) Emmis agreed to waive up to $1.5 million in reimbursement obligations of MediaCo to Emmis under the Leasing Agreement to the extent that the PPP Loan is forgiven, and (iii) MediaCo agreed to promptly pay Emmis an amount equal to 31.56% of the amount of the PPP Loan, if any, that Emmis is required to repay, up to the amount of the reimbursement obligations forgiven under (ii) above. Standard General L.P., on behalf of all of the funds for which it serves as an investment advisor, agreed to guaranty MediaCo’s obligations under the LPPA. On April 21, 2020, the Board of Directors of Emmis determined to voluntarily delist the Company’s Class A Common Stock from The Nasdaq Stock Market LLC (“Nasdaq”). The Company notified Nasdaq of the Board’s determination on April 24, 2020. The Company filed, on May 4, 2020, a Form 25 requesting the delisting of its Class A Common Stock from Nasdaq and the deregistration of its common stock under Section 12(b) of the Exchange Act. After the effectiveness of the Form 25, the Company intends to file with the SEC, on May 14, 2020, a Form 15 requesting the deregistration of its Class A Common Stock under Section 12(g) of the Exchange Act and the suspension of the Company’s reporting obligations under Sections 13 and 15(d) of the Exchange Act. After delisting, the Company’s Class A Common Stock may be eligible for quotation on the OTC Markets Group if market makers commit to making a market in the Company’s shares. The Company can provide no assurance that trading in its Class A Common Stock will continue on the OTC Markets Group or otherwise.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Feb. 29, 2020
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The following discussion pertains to Emmis Communications Corporation (“ECC”) and its subsidiaries (collectively, “Emmis,” the “Company,” or “we”). All significant intercompany balances and transactions have been eliminated.
Organization	Organization We are a diversified media company, formed in 1980, principally focused on radio broadcasting. Emmis owns 4 FM and 2 AM radio stations in New York and Indianapolis. One of the FM radio stations that Emmis currently owns in New York is operated pursuant to a Local Marketing Agreement (“LMA”) whereby a third party provides the programming for the station and sells all advertising within that programming. In addition to our radio properties, we also publish Indianapolis Monthly Substantially all of ECC’s business is conducted through its subsidiaries. From time to time, our long-term debt agreements may contain certain provisions that may restrict the ability of ECC’s subsidiaries to transfer funds to ECC in the form of cash dividends, loans or advances.
Revenue Recognition	Revenue Recognition The Company generates revenue from the sale of services and products including, but not limited to: (i) on-air commercial broadcast time, (ii) magazine-related display advertising, (iii) magazine circulation and newsstand revenues, (iv) non-traditional revenues including event-related revenues and event sponsorship revenues, (v) revenues generated from LMAs, (vi) digital advertising and (vii) dynamic pricing consulting services. 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 revenues presented in the financial statements are reflected on a net basis, after the deduction of advertising agency fees, usually at a rate of 15% of gross revenues. Deferred Revenue and Barter Transactions Deferred revenue includes deferred barter, other transactions in which payments are received prior to the performance of services (i.e. cash-in-advance advertising and prepaid LMA payments), and deferred magazine subscription revenue. Barter transactions are recorded at the estimated fair value of the product or service received. Revenue from barter transactions is recognized when commercials are broadcast or a publication is delivered. The appropriate expense or asset is recognized when merchandise or services are used or received. Magazine subscription revenue is recognized when the publication is shipped. Barter revenues for the years ended February 2019 and 2020 were $1.8 million and $2.0 million, respectively, and barter expenses were $2.1 million, and $2.1 million, respectively.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts An allowance for doubtful accounts is recorded based on management’s judgment of the collectability of receivables. When assessing the collectability of receivables, management considers, among other things, historical loss experience and existing economic conditions. Amounts are written off after all normal collection efforts have been exhausted. The activity in the allowance for doubtful accounts for the two years ended February 29, 2020 was as follows: Balance At Beginning Of Year Provision Write-Offs Balance At End Of Year Year ended February 28, 2019 $ 471 $ 246 $ (391 ) $ 326 Year ended February 29, 2020 326 191 (366 ) 151
Local Programming and Marketing Agreement Fees	Local Programming and Marketing Agreement Fees The Company from time to time enters into LMAs in connection with acquisitions and dispositions of radio stations, pending regulatory approval of transfer of the FCC licenses. 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 is included in net revenues in our accompanying consolidated statements of operations during the year ended February 28, 2019. See Note 7 for more discussion of our sale of our St. Louis radio stations. On April 26, 2012, the Company entered into an LMA with New York AM Radio, LLC (“98.7FM Programmer”) pursuant to which, commencing April 30, 2012, 98.7FM Programmer purchased from Emmis the right to provide programming on 98.7FM until August 31, 2024. Disney Enterprises, Inc., the parent company of 98.7FM Programmer, has guaranteed the obligations of 98.7FM Programmer under the LMA. The Company retains ownership and control of the station, including the related FCC license during the term of the LMA and received an annual fee from 98.7FM Programmer of $8.4 million for the first year of the term under the LMA, which fee increases by 3.5% each year thereafter until the LMA’s termination. This LMA fee revenue is recorded on a straight-line basis over the term of the LMA. Emmis retains the FCC license of 98.7FM after the term of the LMA expires. The following table summarizes Emmis’ operating results of 98.7FM for all periods presented. Emmis programmed 98.7FM until the LMA commenced on April 26, 2012. 98.7FM is a part of our Radio segment. Results of operations of 98.7FM for the years ended February 2019 and 2020 were as follows: For the year ended February 28 (29), 2019 2020 Net revenues $ 10,331 $ 10,331 Station operating expenses, excluding depreciation and amortization expense 1,198 1,377 Depreciation and amortization 20 36 Impairment loss — 2,077 Interest expense 2,331 2,049 Assets and liabilities of 98.7FM as of February 28, 2019 and 2020 were as follows: As of February 28 (29), 2019 2020 Current assets: Restricted cash $ 1,504 $ 1,467 Prepaid expenses 394 338 Other 340 714 Total current assets 2,238 2,519 Noncurrent assets: Property and equipment 188 227 Indefinite lived intangibles 46,390 44,313 Deposits and other 6,255 5,542 Operating lease right-of-use assets — 7,337 Total noncurrent assets 52,833 57,419 Total assets $ 55,071 $ 59,938 Current liabilities: Accounts payable and accrued expenses $ 15 $ 15 Operating lease liabilities — 378 Current maturities of long-term debt 7,150 7,755 Deferred revenue 864 894 Other current liabilities 162 137 Total current liabilities 8,191 9,179 Noncurrent liabilities: Long-term debt, net of current portion 38,747 31,257 Operating lease liabilities, net of current — 8,028 Total noncurrent liabilities 38,747 39,285 Total liabilities $ 46,938 $ 48,464
Share-based Compensation	Share-based Compensation The Company determines the fair value of its employee stock options at the date of grant using a Black-Scholes option-pricing model. The Black-Scholes option pricing model was developed for use in estimating the value of exchange-traded options that have no vesting restrictions and are fully transferable. The Company’s employee stock options have characteristics significantly different than these traded options. In addition, option pricing models require the input of highly subjective assumptions, including the expected stock price volatility and expected term of the options granted. The Company relies heavily upon historical data of its stock price when determining expected volatility, but each year the Company reassesses whether or not historical data is representative of expected results. See Note 3 for more discussion of share-based compensation.
Cash and Cash Equivalents	Cash and Cash Equivalents Emmis considers time deposits, money market fund shares and all highly liquid debt investment instruments with original maturities of three months or less to be cash equivalents. At times, such deposits may be in excess of FDIC insurance limits.
Restricted Cash	Restricted Cash As of February 29, 2020, 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, cash held by JPMorgan Chase as collateral to secure the Company’s corporate purchasing card and travel and expense programs, and cash associated with a compensating balance arrangement related to the Star Financial mortgage described in Note 5. The cash related to the compensating balance arrangement with Star Financial is classified as noncurrent as the Company expects this cash to be restricted in excess of one year. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the same amounts shown in the consolidated statements of cash flows: As of February 28 (29), 2019 2020 Cash and cash equivalents $ 4,343 $ 93,036 Restricted cash: 98.7FM LMA restricted cash 1,504 1,467 Cash used to secure the Company's purchasing card and travel and expense programs 1,000 225 Cash pledged as additional collateral for mortgage — 8,015 Total cash, cash equivalents and restricted cash $ 6,847 $ 102,743
Property and Equipment	Property and Equipment Property and equipment are recorded at cost. Depreciation is generally computed using the straight-line method over the estimated useful lives of the related assets, which are 39 years for buildings, the shorter of economic life or expected lease term for leasehold improvements, five to seven years for broadcasting equipment, five years for automobiles, office equipment and computer equipment, and three to five years for software. Maintenance, repairs and minor renewals are expensed as incurred; improvements are capitalized. On a continuing basis, the Company reviews the carrying value of property and equipment for impairment. If events or changes in circumstances were to indicate that an asset carrying value may not be recoverable, a write-down of the asset would be recorded through a charge to operations. See below for more discussion of impairment policies related to our property and equipment. Depreciation expense for the years ended February 2019 and 2020 was $1.4 million and $1.1 million, respectively.
Intangible Assets and Goodwill	Intangible Assets and Goodwill Indefinite-lived Intangibles and Goodwill In connection with past acquisitions, a significant amount of the purchase price was allocated to radio broadcasting licenses, goodwill and other intangible assets. Goodwill consists of the excess of the purchase price over the fair value of tangible and identifiable intangible net assets acquired. In accordance with ASC Topic 350, “ Intangibles—Goodwill and Other,”
Advertising and Subscription Acquisition Costs	Advertising and Subscription Acquisition Costs Advertising and subscription acquisition costs are expensed when incurred. Advertising expense and subscription acquisition costs for the years ended February 2019 and 2020 were $0.9 million and $0.4 million, respectively.
Investments	Investments For those investments in common stock or in-substance common stock in which the Company has the ability to exercise significant influence over the operating and financial policies of the investee, the investment is accounted for under the equity method. For those investments in which the Company does not have such significant influence, the Company applies the accounting guidance for certain investments in debt and equity securities. Equity method investment 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 constituted all of the issued and outstanding MediaCo Class A common stock and represented in the aggregate an approximately 23.72% equity ownership interest and 3.02% of the outstanding voting interests of MediaCo immediately following the transaction. Emmis therefore recorded an equity investment on our November 30, 2019 consolidated balance sheet. On January 17, 2020, we made 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. This distribution comprised our entire equity interest held in MediaCo at November 30, 2019 and therefore Emmis does not hold an equity investment in MediaCo as of February 29, 2020. Other investment Emmis holds an equity investment without a readily determinable fair value in the form of preferred shares of a non-public company. Emmis has elected the measurement alternative under ASU 2016-01 to account for this investment. Historically, the investment had been carried at cost, which the Company previously concluded approximated fair value. During the year ended February 29, 2020, we concluded that this investment was impaired based on a February 2020 round of financing and a recapitalization of the investee. As a result of this observable transaction by the investee, we recorded an impairment charge of $0.4 million in the year ended February 29, 2020.
Earnings Per Share	Earnings Per Share ASC Topic 260, “Earnings Per Share,” The following table sets forth the calculation of basic and diluted net income per share: For the year ended February 28, 2019 February 29, 2020 Net Income Shares Net Income Per Share Net Income Shares Net Income Per Share (in 000’s, except per share data) Basic net income per common share: Net income available to common shareholders $ 23,352 12,606 $ 1.85 $ 50,485 12,898 $ 3.91 Impact of equity awards — 842 — — Diluted net income per common share: Net income available to common shareholders $ 23,352 13,448 $ 1.74 $ 50,485 12,898 $ 3.91 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 year ended February 28 (29), 2019 2020 Stock options and restricted stock awards 1,089 2,444
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Company’s financial statements or income tax returns. Income taxes are recognized during the year in which the underlying transactions are reflected in the consolidated statements of operations. Deferred taxes are provided for temporary differences between amounts of assets and liabilities as recorded for financial reporting purposes and amounts recorded for income tax purposes. After determining the total amount of deferred tax assets, the Company determines whether it is more likely than not that some portion of the deferred tax assets will not be realized. If the Company determines that a deferred tax asset is not likely to be realized, a valuation allowance will be established against that asset to record it at its expected realizable value.
Long-Lived Tangible Assets	Long-Lived Tangible Assets The Company periodically considers whether indicators of impairment of long-lived tangible assets are present. If such indicators are present, the Company determines whether the sum of the estimated undiscounted cash flows attributable to the assets in question are less than their carrying value. If less, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their respective fair values. Fair value is determined by discounted future cash flows, appraisals and other methods. If the assets determined to be impaired are to be held and used, the Company recognizes an impairment charge to the extent the asset’s carrying value is greater than the fair value. The fair value of the asset then becomes the asset’s new carrying value, which, if applicable, the Company depreciates or amortizes over the remaining estimated useful life of the asset. During the year ended February 28, 2019, the Company dramatically scaled back the operations of its TagStation business in Chicago. In connection with this decision, the Company recorded an impairment charge of $0.3 million related to the long-lived tangible assets of TagStation. Also during the year ended February 28, 2019, the Company determined the carrying value of two radio transmission towers in St. Louis classified as held for sale exceeded the Company’s estimate of their fair value less cost to sell by $0.2 million, so the Company recorded an impairment charge in this amount.
Noncontrolling Interests	Noncontrolling Interests The Company follows Accounting Standards Codification paragraph 810-10-65-1 to report the noncontrolling interests related to our Austin Partnership and our Digonex dynamic pricing business (“Digonex”). We owned a controlling interest in the Austin Partnership until its sale on October 1, 2019 Emmis Operating Company, as collateral agent for secured creditors, notified Digonex Technologies, Inc. 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 Technologies, Inc. on December 31, 2019, taking possession of substantially all of its assets. On January 1, 2020, Emmis Operating Company conveyed the foreclosed assets to a new legal entity, Emmis Dynamic Pricing, LLC, that is owned by the holders of the Digonex Technologies, Inc. secured debt pro rata to their share of the Digonex Technologies, Inc. secured debt. Emmis Operating Company owns approximately 90% of Emmis Dynamic Pricing, LLC and therefore controls the entity. The transfer of assets from Digonex Technologies, Inc. to Emmis Dynamic Pricing, LLC was a transfer between entities under common control and so the assets were transferred at carryover basis. Emmis Dynamic Pricing, LLC does business as Digonex and continues to operate the underlying business of Digonex, but with a simpler capital structure. Noncontrolling interests represents the noncontrolling interest holders’ proportionate share of the equity of the Austin Partnership and the Digonex dynamic pricing business. 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 years ended February 2019 and 2020: Austin Partnership Digonex Technologies, Inc. Emmis Dynamic Pricing, LLC Total Noncontrolling Interests Balance, February 28, 2018 $ 47,424 $ (16,744 ) $ — $ 30,680 Net income (loss) 4,976 (2,249 ) — 2,727 Payments of dividends and distributions to noncontrolling interests (5,254 ) — — (5,254 ) Balance, February 28, 2019 $ 47,146 $ (18,993 ) $ — $ 28,153 Net income (loss) 3,047 (1,596 ) (17 ) 1,434 Payments of dividends and distributions to noncontrolling interests (2,217 ) — — (2,217 ) Sale of controlling interest in subsidiary (47,976 ) — — (47,976 ) Deconsolidation of entity — 20,589 — 20,589 Balance, February 29, 2020 $ — $ — $ (17 ) $ (17 )
Estimates	Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses in the financial statements and in disclosures of contingent assets and liabilities. Actual results could differ from those estimates.
Liquidity and Going Concern	Liquidity and Going Concern In accordance with Accounting Standards Update 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, the Company is required to evaluate whether there is substantial doubt about its ability to continue as a going concern each reporting period, including interim periods. In evaluating the Company’s ability to continue as a going concern, management evaluated the conditions and events that could raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements were issued (May 14, 2020). Management considered the Company’s current projections of future cash flows, current financial condition, sources of liquidity and debt obligations due on or before May 14, 2021 and believes it has the ability to meet its obligations for at least one year from the date of issuance of this Form 10-K.
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 consolidated financial statements.
Recent Accounting Standards Updates	Recent Accounting Standards Updates In January 2017, the FASB issued Accounting Standards Update 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU was issued to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted this guidance on March 1, 2018 with no material impact on its consolidated financial statements. In November 2016, the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this guidance on March 1, 2018 with no material impact on its consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326), which introduces new guidance for an approach based on using expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. This standard will be effective for us as of March 1, 2023. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842). This update requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. On March 1, 2019, we adopted this standard using the modified retrospective approach, applied at the beginning of the period of adoption, and we elected the package of transitional practical expedients. The adoption of this standard resulted in recording operating lease liabilities of approximately $28.8 million as of March 1, 2019 along with a corresponding right-of-use asset. A significant portion of these amounts have been sold as part of the Austin Partnership Transaction and the MediaCo Transaction. The implementation of this standard did not have an impact on our consolidated statements of operations. See Note 9 for more discussion of the Company’s leases. In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), to clarify the principles used to recognize revenue for all entities. The FASB deferred implementation of this guidance by one year with the issuance of Accounting Standards Update 2015-14. The Company adopted this guidance on March 1, 2018 using the modified retrospective method with no impact on its consolidated financial statements for the three years ending February 28, 2018. The cumulative effect of initially applying the new guidance had no impact on the opening balance of retained earnings as of March 1, 2018 and the Company does not expect this guidance will have a material impact on its consolidated financial statements in future periods.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Feb. 29, 2020
Accounting Policies [Abstract]
Allowance For Doubtful Accounts	The activity in the allowance for doubtful accounts for the two years ended February 29, 2020 was as follows: Balance At Beginning Of Year Provision Write-Offs Balance At End Of Year Year ended February 28, 2019 $ 471 $ 246 $ (391 ) $ 326 Year ended February 29, 2020 326 191 (366 ) 151
Schedule of Operating Results From Local Programming and Marketing Agreements	The following table summarizes Emmis’ operating results of 98.7FM for all periods presented. Emmis programmed 98.7FM until the LMA commenced on April 26, 2012. 98.7FM is a part of our Radio segment. Results of operations of 98.7FM for the years ended February 2019 and 2020 were as follows: For the year ended February 28 (29), 2019 2020 Net revenues $ 10,331 $ 10,331 Station operating expenses, excluding depreciation and amortization expense 1,198 1,377 Depreciation and amortization 20 36 Impairment loss — 2,077 Interest expense 2,331 2,049
Schedule of Assets and Liabilities of Local Programming and Marketing Agreements	Assets and liabilities of 98.7FM as of February 28, 2019 and 2020 were as follows: As of February 28 (29), 2019 2020 Current assets: Restricted cash $ 1,504 $ 1,467 Prepaid expenses 394 338 Other 340 714 Total current assets 2,238 2,519 Noncurrent assets: Property and equipment 188 227 Indefinite lived intangibles 46,390 44,313 Deposits and other 6,255 5,542 Operating lease right-of-use assets — 7,337 Total noncurrent assets 52,833 57,419 Total assets $ 55,071 $ 59,938 Current liabilities: Accounts payable and accrued expenses $ 15 $ 15 Operating lease liabilities — 378 Current maturities of long-term debt 7,150 7,755 Deferred revenue 864 894 Other current liabilities 162 137 Total current liabilities 8,191 9,179 Noncurrent liabilities: Long-term debt, net of current portion 38,747 31,257 Operating lease liabilities, net of current — 8,028 Total noncurrent liabilities 38,747 39,285 Total liabilities $ 46,938 $ 48,464
Summary of Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the same amounts shown in the consolidated statements of cash flows: As of February 28 (29), 2019 2020 Cash and cash equivalents $ 4,343 $ 93,036 Restricted cash: 98.7FM LMA restricted cash 1,504 1,467 Cash used to secure the Company's purchasing card and travel and expense programs 1,000 225 Cash pledged as additional collateral for mortgage — 8,015 Total cash, cash equivalents and restricted cash $ 6,847 $ 102,743
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 year ended February 28, 2019 February 29, 2020 Net Income Shares Net Income Per Share Net Income Shares Net Income Per Share (in 000’s, except per share data) Basic net income per common share: Net income available to common shareholders $ 23,352 12,606 $ 1.85 $ 50,485 12,898 $ 3.91 Impact of equity awards — 842 — — Diluted net income per common share: Net income available to common shareholders $ 23,352 13,448 $ 1.74 $ 50,485 12,898 $ 3.91
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 year ended February 28 (29), 2019 2020 Stock options and restricted stock awards 1,089 2,444
Summary of Noncontrolling Interest Activity	Below is a summary of the noncontrolling interest activity for the years ended February 2019 and 2020: Austin Partnership Digonex Technologies, Inc. Emmis Dynamic Pricing, LLC Total Noncontrolling Interests Balance, February 28, 2018 $ 47,424 $ (16,744 ) $ — $ 30,680 Net income (loss) 4,976 (2,249 ) — 2,727 Payments of dividends and distributions to noncontrolling interests (5,254 ) — — (5,254 ) Balance, February 28, 2019 $ 47,146 $ (18,993 ) $ — $ 28,153 Net income (loss) 3,047 (1,596 ) (17 ) 1,434 Payments of dividends and distributions to noncontrolling interests (2,217 ) — — (2,217 ) Sale of controlling interest in subsidiary (47,976 ) — — (47,976 ) Deconsolidation of entity — 20,589 — 20,589 Balance, February 29, 2020 $ — $ — $ (17 ) $ (17 )

Share Based Payments (Tables)

Share Based Payments (Tables)	12 Months Ended
	Feb. 29, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Assumptions Used to Calculate Fair Value of Options on Date of Grant	The following assumptions were used to calculate the fair value of the Company’s options on the date of grant during the years ended February For the Years Ended February 28 (29), 2019 2020 Risk-Free Interest Rate: 2.6% - 2.8% 1.7% - 2.6% Expected Dividend Yield: 0% 0% Expected Life (Years): 4.8 - 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 February 29, 2020, and stock option activity during the year ended February 29, 2020 (“Price” reflects the weighted average exercise price per share): Options Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, beginning of period 2,963,659 $ 4.42 Granted 642,519 4.66 Exercised (1) 252,818 3.22 Forfeited 12,499 2.66 Expired 122,628 4.62 Outstanding, end of period 3,218,233 4.56 6.0 $ 1,555 Exercisable, end of period 2,296,039 4.65 4.9 $ 1,395 (1) The Company did not record an income tax benefit related to option exercises in the years ended February 2019 and 2020. Cash received from option exercises during the years ended February 2019 and 2020 was $0.4 million and $0.8 million, respectively.
Summary of Nonvested Options and Changes	A summary of the Company’s nonvested options at February 29, 2020, and changes during the year ended February 29, 2020, is presented below: Options Weighted Average Grant Date Fair Value Nonvested, beginning of period 702,916 $ 1.51 Granted 642,519 2.07 Vested 410,742 1.38 Forfeited 12,499 1.18 Nonvested, end of period 922,194 1.96
Summary of Restricted Stock Grants Outstanding and Activity	The following table presents a summary of the Company’s restricted stock grants outstanding at February 29, 2020, and restricted stock activity during the year ended February 29, 2020 (“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) 177,996 3.40 Grants outstanding, end of period 257,960 4.00
Stock-Based Compensation Expense and Related Tax Benefits Recognized	The following table summarizes stock-based compensation expense and related tax benefits recognized by the Company in the years ended February 2019 and 2020: Year Ended February 28 (29), 2019 2020 Station operating expenses $ 205 $ 105 Corporate expenses 1,263 1,347 Stock-based compensation expense included in operating expenses 1,468 1,452 Tax benefit — — Recognized stock-based compensation expense, net of tax $ 1,468 $ 1,452

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Feb. 29, 2020
Revenue [Abstract]
Disaggregation of Revenue	The following table presents the Company's revenues disaggregated by revenue source: For the years ended February 28 (29), 2019 % of Total 2020 % of Total Net revenues: Advertising $ 18,611 46.7 % $ 18,196 45.8 % Circulation 384 1.0 % 368 0.9 % Non Traditional 3,255 8.2 % 3,329 8.4 % Digital 2,087 5.2 % 2,449 6.2 % LMA Fees 11,050 27.7 % 10,331 26.0 % Other 4,504 11.2 % 5,037 12.7 % Total net revenues $ 39,891 $ 39,710

Long-term Debt (Tables)

Long-term Debt (Tables)	12 Months Ended
	Feb. 29, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt was comprised of the following at February 28(29), 2019 and 2020: As of February As of February Revolver $ — $ — Term Loan 25,000 — Total 2014 Credit Agreement debt 25,000 — Star mortgage — 12,598 Other nonrecourse debt (1) 10,074 4,000 98.7FM nonrecourse debt 47,332 40,182 Current maturities (32,150 ) (8,008 ) Unamortized original issue discount (1,499 ) (1,298 ) Total long-term debt $ 48,757 $ 47,474 (1) The face value of other nonrecourse debt was $10.2 million at February 28, 2019.
Schedule of Maturities of Long-term Debt	Based on amounts outstanding at February 29, 2020, mandatory principal payments of long-term debt for the next five years and thereafter are summarized below: Year ended February 28 (29), Star Mortgage 98.7FM Nonrecourse Debt Other Nonrecourse Debt Total 2021 $ 254 $ 7,755 $ — $ 8,009 2022 295 8,394 4,000 12,689 2023 310 9,069 — 9,379 2024 325 9,783 — 10,108 2025 340 5,181 — 5,521 Thereafter 11,074 — — 11,074 Total $ 12,598 $ 40,182 $ 4,000 $ 56,780

Acquisitions And Dispositions (

Acquisitions And Dispositions (Tables)	12 Months Ended
	Feb. 29, 2020
Business Acquisition [Line Items]
Schedule of Restructuring Reserve by Type of Cost	The table below summarizes the activity related to our restructuring charge for the years ended February 28 (29), 2019 and 2020. For the year ended February 28 (29), 2019 2020 Restructuring charges and estimated lease cease-use costs, beginning balance $ — $ 1,099 Restructuring charges and estimated lease cease-use costs, St. Louis radio stations sale 1,424 - Payments, net of accretion (325 ) (293 ) Restructuring charges and estimated lease cease-use costs unpaid and outstanding $ 1,099 $ 806
Schedule of Pro Forma Information	Unaudited pro forma summary information is presented below for the years ended February 28 (29), 2019 and 2020, assuming the dispositions discussed above and related mandatory debt repayments had occurred on the first day of the pro forma periods presented below. For the year ended February 28 (29), 2019 2020 (unaudited) (unaudited) Net revenues $ 39,180 $ 39,377 Station operating expenses, excluding depreciation and amortization 38,354 33,001 Consolidated net loss (6,661 ) (25,038 ) Net loss attributable to the Company (9,388 ) (26,472 ) Net income per share - basic $ (0.74 ) $ (2.05 ) Net income per share - diluted $ (0.74 ) $ (2.05 )
Austin Partnership
Business Acquisition [Line Items]
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 Partnership. For the year ended February 28 (29), 2019 2020 Net revenues $ 31,149 $ 19,539 Station operating expenses, excluding depreciation and amortization 20,772 13,428 Gain on sale of assets, net of disposition costs — (37,275 ) Depreciation and amortization 504 120 Operating income 9,873 43,266 Interest expense 622 311 Income before taxes $ 9,251 $ 42,955
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 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
Business Acquisition [Line Items]
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 year ended February 28 (29), 2019 2020 Net revenues $ 43,091 $ 35,828 Station operating expenses, excluding depreciation and amortization 30,949 25,831 Gain on sale of assets, net of disposition costs — (35,665 ) Depreciation and amortization 1,318 417 Operating income 10,824 45,245 Interest expense 329 194 Income before taxes $ 10,495 $ 45,051
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 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
St Louis
Business Acquisition [Line Items]
Results of Operations of Disposal Groups	The following table summarizes certain operating results of the St. Louis stations for all periods presented For the year ended February 28 (29), 2019 2020 Net revenues $ 711 $ — Station operating expenses, excluding depreciation and amortization expense 505 — Gain on sale of radio assets, net of disposition costs (32,148 ) — Operating income 32,354 — Interest expense 592 — Income before income taxes $ 31,762 $ —

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	12 Months Ended
	Feb. 29, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Impairment by Assessment Period	We will perform additional interim impairment assessments whenever triggering events suggest such testing for the recoverability of these assets is warranted. The table below summarizes the results of our interim and annual impairment testing for the two years ending February 29, 2020. There was no impairment to recorded goodwill in either the year ended February 2019 or 2020. Interim Assessment Annual Assessment Total Year Ended February 28, 2019 $ — $ 343 $ 343 Year Ended February 29, 2020 4,022 2,077 6,099
Summary of Key Assumptions Used in Income Method Annual Impairment Assessments	December 1, 2018 December 1, 2019 Discount Rate 11.9% - 12.3% 11.9% - 12.4% Long-term Revenue Growth Rate 0.3% - 1.0% (0.6%) Mature Market Share 12.9% - 30.2% 0.5% - 20.6% Operating Profit Margin 26.0% - 38.0% 24.3% - 31.4%
Schedule of Change in FCC License Carrying Values	Change in FCC License Carrying Values Unit of Accounting As of February 28, 2018 Sale of Stations Impairment Reclassifications As of February 28, 2019 Sale of Stations Impairment As of February 29, 2020 New York Cluster $ 71,614 $ — $ — $ (71,614 ) $ — $ — $ — $ — WLIB-AM (New York) — — — 8,349 8,349 — (1,692 ) 6,657 98.7FM (New York) 46,390 — — — 46,390 — (2,077 ) 44,313 Indianapolis Cluster 18,166 — (343 ) — 17,823 — (2,330 ) 15,493 Subtotal 136,170 — (343 ) (63,265 ) 72,562 — (6,099 ) 66,463 Assets held for sale WBLS-FM and WQHT-FM — — — 63,265 63,265 (63,265 ) — — Austin Cluster 34,720 — — — 34,720 (34,720 ) — — St. Louis Cluster 24,758 (24,758 ) — — — — — — Grand Total $ 195,648 $ (24,758 ) $ (343 ) $ — $ 135,827 $ (63,265 ) $ (6,099 ) $ 66,463

Leases (Tables)

Leases (Tables)	12 Months Ended
	Feb. 29, 2020
Leases [Abstract]
Summary of Impact of Operating Leases	The impact of operating leases to our consolidated financial statements was as follows: Year Ended February 29, 2020 Lease Cost Operating lease cost $ 3,805 Other Information Operating cash flows from operating leases 4,241 Right-of-use assets obtained in exchange for new operating lease liabilities 1 28,821 Weighted average remaining lease term - operating leases (in years) 10.6 Weighted average discount rate - operating leases 5.9 %
Summary of Annual Minimum Lease Payments of Operating Lease Liabilities	As of February 29, 2020, the annual minimum lease payments of our operating lease liabilities were as follows: Year ending February 28 (29), 2021 $ 1,376 2022 1,365 2023 1,372 2024 1,246 2025 968 After 2025 7,399 Total lease payments 13,726 Less imputed interest 3,744 Total recorded lease liabilities $ 9,982
Summary of Future Minimum Sublease Rentals to Be Received Under Non-Cancelable Subleases	The total minimum sublease rentals to be received in the future under noncancelable subleases as of February 29, 2020 were as follows: Year ending February 28 (29), Noncancelable Sublease rentals 2021 $ 341 2022 194 2023 191 2024 132 Total $ 858

Other Commitments and Conting_2

Other Commitments and Contingencies (Tables)	12 Months Ended
	Feb. 29, 2020
Commitments And Contingencies Disclosure [Abstract]
Various Commitments for Material Contracts	The Company has various commitments under the following types of material contracts: (i) employment agreements and (ii) other contracts with annual commitments (mostly contractual services for audience measurement information) at February 29, 2020 as follows: Year ending February 28 (29), Employment Agreements Other Contracts Total 2021 $ 8,462 $ 5,458 $ 13,920 2022 2,682 5,584 8,266 2023 123 1,780 1,903 2024 123 — 123 2025 — — — Thereafter — — — Total $ 11,390 $ 12,822 $ 24,212

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Provision (Benefit)	The provision (benefit) for income taxes for the years ended February 2019, and 2020 consisted of the following: For the year ended February 28 (29), 2019 2020 Current: Federal $ 8,597 $ 212 State 1,574 141 Total current 10,171 353 Deferred: Federal (4,347 ) (6,544 ) State (2,272 ) (2,888 ) Total deferred (6,619 ) (9,432 ) (Benefit) provision for income taxes $ 3,552 $ (9,079 )
Schedule of Reconciliation of Income Tax Provision (Benefit)	The provision (benefit) for income taxes for the years ended February 2019 and 2020 differs from that computed at the Federal statutory corporate tax rate as follows: For the year ended February 28 (29), 2019 2020 Federal statutory income tax rate 21 % 21 % Computed income tax provision at federal statutory rate $ 2,625 $ (7,164 ) State income tax (699 ) (2,747 ) Nondeductible stock compensation 63 (32 ) Entertainment disallowance 180 89 Executive compensation — 1,045 Change in federal valuation allowance 1,467 (888 ) Tax attributed to noncontrolling interest — 4 Federal tax credit (85 ) — Reclassification of AMT credit 82 — Other (81 ) 614 (Benefit) provision for income taxes $ 3,552 $ (9,079 )
Schedule of Components of Deferred Tax Assets and Deferred Tax Liabilities	The components of deferred tax assets and deferred tax liabilities at February 28, 2019 and February 29, 2020 were as follows: As of February 28 (29), 2019 2020 Deferred tax assets: Net operating loss carryforwards $ 11,173 $ 4,395 Intangible assets 13,023 — Compensation relating to stock options 1,506 1,559 Operating lease liabilities — 2,795 Accrued rent 974 8 Tax credits 1,165 1,050 Investments in subsidiaries 148 610 Other 298 234 Valuation allowance (26,724 ) (4,227 ) Total deferred tax assets 1,563 6,424 Deferred tax liabilities Indefinite-lived intangible assets (26,005 ) (17,010 ) Property and equipment (698 ) (273 ) Deferred gain under opportunity zone — (11,655 ) Right of use assets — (2,356 ) Other (92 ) (109 ) Total deferred tax liabilities (26,795 ) (31,403 ) Net deferred tax liabilities $ (25,232 ) $ (24,979 )
Schedule of Reconciliation of Total Amounts of Gross Unrecognized Tax Benefits	The following is a tabular reconciliation of the total amounts of gross unrecognized tax benefits for the years ending February 28, 2019 and February 29, 2020: As of February 28 (29), 2019 2020 Gross unrecognized tax benefit – opening balance $ (38 ) $ (22 ) Gross increases - tax position — $ (1,564 ) Gross decreases – lapse of applicable statute of limitations 16 22 Gross unrecognized tax benefit – ending balance $ (22 ) $ (1,564 )

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Feb. 29, 2020
Segment Reporting [Abstract]
Schedule of Results of Operations of Business Segments	Year Ended February 29, 2020 Radio Publishing All Other Consolidated Net revenues $ 33,462 $ 4,407 $ 1,841 $ 39,710 Station operating expenses excluding depreciation expense 25,202 5,031 2,768 33,001 Corporate expenses excluding depreciation expense — — 18,841 18,841 Impairment losses 6,099 — 380 6,479 Depreciation 360 13 760 1,133 Gain on legal matter — — (2,153 ) (2,153 ) Loss on sale of fixed assets — — 31 31 Operating income (loss) $ 1,801 $ (637 ) $ (18,786 ) $ (17,622 ) Year Ended February 28, 2019 Radio Publishing All Other Consolidated Net revenues $ 33,778 $ 4,678 $ 1,435 $ 39,891 Station operating expenses excluding depreciation expense 24,258 4,822 9,779 38,859 Corporate expenses excluding depreciation expense — — 10,313 10,313 Impairment losses 548 — 304 852 Depreciation 516 18 857 1,391 (Gain) loss on sale of radio and publishing assets, net of disposition costs (32,148 ) 331 — (31,817 ) Loss on sale of fixed assets 1 — — 1 Operating income (loss) $ 40,603 $ (493 ) $ (19,818 ) $ 20,292 Total Assets Radio Publishing All Other Consolidated As of February 28, 2019 $ 216,473 $ 728 $ 20,545 $ 237,746 As of February 29, 2020 91,865 694 129,433 221,992

Other Income (Tables)

Other Income (Tables)	12 Months Ended
	Feb. 29, 2020
Other Income And Expenses [Abstract]
Components of Other Income	Components of other income for the years ended February 2019 and 2020, were as follows: For the year ended February 28 (29), 2019 2020 Interest income $ 132 $ 730 Other 7 — Total other income $ 139 $ 730

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	Jan. 17, 2020$ / shares	Jan. 01, 2020	Nov. 25, 2019USD ($)$ / sharesshares	Apr. 26, 2012USD ($)	Feb. 29, 2020USD ($)Station	Feb. 28, 2019USD ($)TransmissionTower	Feb. 28, 2018	Aug. 31, 2019	Mar. 01, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of FM radio stations | Station					4
Number of AM radio stations | Station					2
Advertising agency fee rate based on gross revenue					15.00%
Depreciation expenses					$ 1,133,000	$ 1,391,000
Advertising expense					400,000	900,000
Other investment impairment					400,000
Barter revenue					39,710,000	39,891,000
Impairment charge of long-lived tangible assets						$ 300,000
Number of radio transmission towers | TransmissionTower						2
Impairment charges						$ 200,000
Operating lease right-of-use asset					8,416,000
Accounting Standards Update 2016-02
Summary Of Significant Accounting Policies [Line Items]
Operating lease liabilities									$ 28,800,000
Operating lease right-of-use asset									$ 28,800,000
Austin Partnership
Summary Of Significant Accounting Policies [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners								50.10%
Austin Partnership
Summary Of Significant Accounting Policies [Line Items]
Percentage of controlling interest						50.10%
Digonex Technologies Inc
Summary Of Significant Accounting Policies [Line Items]
Percentage of controlling interest						84.00%
Emmis Dynamic Pricing LLC
Summary Of Significant Accounting Policies [Line Items]
Percentage of controlling interest		90.00%
Contribution Agreement | MediaCo Holding Inc
Summary Of Significant Accounting Policies [Line Items]
Equity investments					$ 0
Contribution Agreement | MediaCo Holding Inc | Class A Common Stock
Summary Of Significant Accounting Policies [Line Items]
Percentage of common stock acquired in exchange of assets	23.72%		23.72%
Percentage of outstanding voting interest			3.02%
Common stock taxable pro rate distribution of per share | $ / shares	$ 0.1265		$ 0.1265
Contribution Agreement | MediaCo Holding Inc | Common Stock
Summary Of Significant Accounting Policies [Line Items]
Cash received from disposal of assets			$ 91,500,000
Convertible promissory note acquired in disposal of assets			$ 5,000,000
Convertible promissory note acquired from issued shares in disposal of assets | shares			1,666,667
Building
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life					39 years
Automobiles, office equipment and computer equipment
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life					5 years
Minimum | Broadcasting equipment
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life					5 years
Minimum | Software
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life					3 years
Maximum | Broadcasting equipment
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life					7 years
Maximum | Software
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life					5 years
Local Programming And Marketing Agreement
Summary Of Significant Accounting Policies [Line Items]
LMA fees				$ 8,400,000
Annual license fees increased in percent							3.50%
St. Louis Radio Cluster
Summary Of Significant Accounting Policies [Line Items]
LMA fees						$ 700,000
Barter
Summary Of Significant Accounting Policies [Line Items]
Barter revenue					$ 2,000,000	1,800,000
Barter expenses					$ 2,100,000	$ 2,100,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Accounting Policies [Abstract]
Balance At Beginning Of Year	$ 326	$ 471
Provision for bad debts	191	246
Write-Offs	(366)	(391)
Balance At End Of Year	$ 151	$ 326

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Operating Results From Local Programming and Marketing Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 28, 2018
Segment Reporting Information [Line Items]
NET REVENUES	$ 39,710	$ 39,891
Impairment loss		2,100	$ 300
Interest expense	3,821	7,152
98.7 FM
Segment Reporting Information [Line Items]
NET REVENUES	10,331	10,331
Station operating expenses, excluding depreciation and amortization expense	1,377	1,198
Depreciation and amortization	36	20
Impairment loss	2,077
Interest expense	$ 2,049	$ 2,331

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Assets and Liabilities of Local Programming and Marketing Agreement Fees (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Feb. 28, 2020	Feb. 28, 2019	Feb. 28, 2018
Segment Reporting Information [Line Items]
Prepaid expenses	$ 1,727		$ 3,374
Other	10,454		1,225
Total current assets	111,536		29,994
Property and equipment	15,214		16,061
Indefinite lived intangibles	66,463		72,562	$ 136,170
Deposits and other	11,928		7,662
Operating lease right-of-use assets	8,416
Total assets	221,992		237,746
Operating lease liabilities	812
Other current liabilities	1,752		2,401
Total current liabilities	20,414		57,366
Long-term debt, net of current portion	47,474		48,757
Operating lease liabilities, net of current	9,170
Total liabilities	$ 102,085		137,379
98.7 FM
Segment Reporting Information [Line Items]
Restricted cash		$ 1,467	1,504
Prepaid expenses		338	394
Other		714	340
Total current assets		2,519	2,238
Property and equipment		227	188
Indefinite lived intangibles		44,313	46,390
Deposits and other		5,542	6,255
Operating lease right-of-use assets		7,337
Total noncurrent assets		57,419	52,833
Total assets		59,938	55,071
Accounts payable and accrued expenses		15	15
Operating lease liabilities		378
Current maturities of long-term debt		7,755	7,150
Deferred revenue		894	864
Other current liabilities		137	162
Total current liabilities		9,179	8,191
Long-term debt, net of current portion		31,257	38,747
Operating lease liabilities, net of current		8,028
Total noncurrent liabilities		39,285	38,747
Total liabilities		$ 48,464	$ 46,938

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Restricted Cash (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Feb. 28, 2019	Feb. 28, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 93,036	$ 4,343
Total cash, cash equivalents and restricted cash	102,743	6,847	$ 6,115
98.7FM LMA Restricted Cash
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	1,467	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
Cash Pledged As Additional Collateral For Mortgage
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	$ 8,015

Summary of Significant Accoun_9

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	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Basic net income per common share:
Net income available to common shareholders	$ 50,485	$ 23,352
Impact of equity awards (in shares)		842
Diluted net income per common share:
Net income available to common shareholders	$ 50,485	$ 23,352
Basic shares:
Basic weighted average common shares outstanding (in shares)	12,898	12,606
Diluted shares:
Diluted weighted average common shares outstanding (in shares)	12,898	13,448
Basic net income per common share:
Basic net income per common share (in dollars per share)	$ 3.91	$ 1.85
Diluted net income per common share:
Diluted net income per common share (in dollars per share)	$ 3.91	$ 1.74

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Shares Excluded from Calculation as Effect of Conversion into Shares of Common Stock (Details) - shares	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Stock options and restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common share equivalents	2,444	1,089

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Noncontrolling Interest [Line Items]
Beginning balance	$ 28,153	$ 30,680
Net Income (Loss) Attributable to Noncontrolling Interest	1,434	2,727
Distributions to noncontrolling interests	(2,217)	(5,254)
Sale of controlling interest in subsidiary	(47,976)
Deconsolidation of entity	20,589
Ending balance	(17)	28,153
Austin Partnership
Noncontrolling Interest [Line Items]
Beginning balance	47,146	47,424
Net Income (Loss) Attributable to Noncontrolling Interest	3,047	4,976
Distributions to noncontrolling interests	(2,217)	(5,254)
Sale of controlling interest in subsidiary	(47,976)
Ending balance		47,146
Digonex Technologies Inc
Noncontrolling Interest [Line Items]
Beginning balance	(18,993)	(16,744)
Net Income (Loss) Attributable to Noncontrolling Interest	(1,596)	(2,249)
Deconsolidation of entity	20,589
Ending balance		(18,993)
Emmis Dynamic Pricing LLC
Noncontrolling Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	(17)
Distributions to noncontrolling interests		$ 0
Ending balance	$ (17)

Common Stock - Additional Infor

Common Stock - Additional Information (Details)	12 Months Ended
	Feb. 29, 2020voteshares	Feb. 28, 2019voteshares
Class A Common Stock
Class of Stock [Line Items]
Number of votes per share of common stock | vote	1
Common stock, shares issued	12,113,563	11,809,291
Common stock, shares outstanding	12,113,563	11,809,291
Class B Common Stock
Class of Stock [Line Items]
Number of votes per share of common stock | vote	10
Common stock, shares issued	1,242,366	1,242,366
Common stock, shares outstanding	1,242,366	1,242,366
Class C Common Stock
Class of Stock [Line Items]
Number of votes per share of common stock | vote	0	0
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

Share Based Payments - Addition

Share Based Payments - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions	Jan. 17, 2020	Nov. 25, 2019	Feb. 29, 2020	Feb. 28, 2019
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%
Incremental share based compensation expense			$ 0
Stock options weighted average grant date fair value			$ 2.07	$ 2.27
Shares available for future grants			1.4
Grant date fair value of shares vested			$ 600,000	$ 1,100,000
Unrecognized compensation cost			$ 1,500,000
Compensation cost of weighted average period			1 year 4 months 24 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting dates of outstanding options			2020-03
Expiration dates of options			2020-03
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting dates of outstanding options			2022-07
Expiration dates of options			2029-08
Two Thousand Seventeen Equity Compensation Plan
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
Contribution Agreement | MediaCo Holding Inc | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock taxable pro rate distribution of per share	$ 0.1265	$ 0.1265

Share Based Payments - Assumpti

Share Based Payments - Assumptions Used to Calculate Fair Value of Options on Date of Grant (Details)	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
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
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-Free Interest Rate:	1.70%	2.60%
Expected Life (Years):		4 years 9 months 18 days
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 Life (Years):		4 years 10 months 24 days
Expected Volatility:	51.30%	53.20%

Share Based Payments - Summary

Share Based Payments - Summary of Stock Options Outstanding and Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Feb. 29, 2020USD ($)$ / sharesshares
Options
Outstanding, beginning of period | shares	2,963,659
Granted | shares	642,519
Exercised | shares	252,818	[1]
Forfeited | shares	12,499
Expired | shares	122,628
Outstanding, end of period | shares	3,218,233
Exercisable, end of period | shares	2,296,039
Price
Outstanding, beginning of period | $ / shares	$ 4.42
Granted | $ / shares	4.66
Exercised | $ / shares	3.22	[1]
Forfeited | $ / shares	2.66
Expired | $ / shares	4.62
Outstanding, end of period | $ / shares	4.56
Exercisable, end of period | $ / shares	$ 4.65
Aggregate intrinsic value, outstanding, end of period | $	$ 1,555
Aggregate intrinsic value, exercisable | $	$ 1,395
Weighted average remaining contractual term, outstanding	6 years
Weighted average remaining contractual term, exercisable, end of period	4 years 10 months 24 days
[1]	The Company did not record an income tax benefit related to option exercises in the years ended February 2019 and 2020. Cash received from option exercises during the years ended February 2019 and 2020 was $0.4 million and $0.8 million, respectively.

Share Based Payments - Summar_2

Share Based Payments - Summary of Stock Options Outstanding and Activity (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Cash received from exercise of stock options	$ 0.8	$ 0.4

Share Based Payments - Summar_3

Share Based Payments - Summary of Nonvested Options and Changes (Details) - $ / shares	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Options
Nonvested, beginning of period	702,916
Granted	642,519
Vested	410,742
Forfeited	12,499
Nonvested, end of period	922,194	702,916
Weighted Average Grant Date Fair Value
Nonvested, beginning of period	$ 1.51
Granted	2.07	$ 2.27
Vested	1.38
Forfeited	1.18
Nonvested, end of period	$ 1.96	$ 1.51

Share Based Payments - Summar_4

Share Based Payments - Summary of Restricted Stock Grants Outstanding and Activity (Details) - Restricted Stock	12 Months Ended
	Feb. 29, 2020$ / sharesshares
Awards
Grants outstanding, beginning of period | shares	265,107
Granted | shares	170,849
Vested (restriction lapsed) | shares	177,996
Grants outstanding, end of period | shares	257,960
Price
Grants outstanding, beginning of period | $ / shares	$ 3.43
Granted | $ / shares	4.25
Vested (restriction lapsed) | $ / shares	3.40
Grants outstanding, end of period | $ / shares	$ 4

Share Based Payments - Stock-Ba

Share Based Payments - Stock-Based Compensation Expense and Related Tax Benefits Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2020	Feb. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 1,452	$ 1,468
Tax benefit	0	0
Recognized stock-based compensation expense, net of tax	1,452	1,468
Station Operating Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	105	205
Corporate Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 1,347	$ 1,263

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Disaggregation Of Revenue [Line Items]
NET REVENUES	$ 39,710	$ 39,891
Advertising
Disaggregation Of Revenue [Line Items]
NET REVENUES	$ 18,196	$ 18,611
% of Total	45.80%	46.70%
Circulation
Disaggregation Of Revenue [Line Items]
NET REVENUES	$ 368	$ 384
% of Total	0.90%	1.00%
Non Traditional
Disaggregation Of Revenue [Line Items]
NET REVENUES	$ 3,329	$ 3,255
% of Total	8.40%	8.20%
Digital
Disaggregation Of Revenue [Line Items]
NET REVENUES	$ 2,449	$ 2,087
% of Total	6.20%	5.20%
LMA Fees
Disaggregation Of Revenue [Line Items]
NET REVENUES	$ 10,331	$ 11,050
% of Total	26.00%	27.70%
Other
Disaggregation Of Revenue [Line Items]
NET REVENUES	$ 5,037	$ 4,504
% of Total	12.70%	11.20%

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Feb. 28, 2019
Debt Instrument
Less: Current maturities	$ (8,008)	$ (32,150)
Less: Unamortized original issue discount	(1,298)	(1,499)
Total long-term debt	47,474	48,757
Star Mortgage
Debt Instrument
Total credit agreement debt	12,598
2014 Credit Agreement debt
Debt Instrument
Total credit agreement debt		25,000
Other Non-recourse Debt
Debt Instrument
Non-recourse debt	4,000	10,074
98.7FM Non-recourse Debt
Debt Instrument
Non-recourse debt	$ 40,182	47,332
Term Loan | 2014 Credit Agreement debt
Debt Instrument
Total credit agreement debt		$ 25,000

Long-term Debt - Schedule of _2

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

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details)	Jan. 08, 2020USD ($)	Nov. 29, 2019USD ($)	Oct. 04, 2019USD ($)	Apr. 12, 2019USD ($)a	Nov. 30, 2019USD ($)	Feb. 29, 2020USD ($)	Feb. 28, 2019USD ($)	May 30, 2012USD ($)
Debt Instrument
Face amount of debt							$ 10,200,000
Loss on debt extinguishment						$ 512,000	779,000
Unamortized discount on issuance of debt						1,298,000	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	1,400,000
Interest rate during period								4.10%
NextRadio Notes Payable
Debt Instrument
Interest rate during period						2.00%
Non-recourse debt						$ 4,000,000	4,000,000
Digonex Non-recourse Debt
Debt Instrument
Non-recourse debt							$ 6,200,000
Revolving Credit Agreement
Debt Instrument
Loss on debt extinguishment					$ 400,000
Letters of credit outstanding amount					0
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
Fixed charge coverage ratio	1.10
Debt instrument, interest rate, increase (decrease)	4.82%
Mortgage | MediaCo Holding Inc
Debt Instrument
Repayments of mortgage indebtedness		$ 3,500,000
Mortgage | Austin Partnership and MediaCo Holding Inc
Debt Instrument
Repayments of mortgage indebtedness				$ 10,000,000
Mortgage | Austin 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
Restricted cash	$ 8,000,000
Wells Fargo Bank, National Association | Revolving Credit Agreement
Debt Instrument
Face amount of debt					$ 12,000,000

Long-term Debt - Schedule of Ma

Long-term Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Feb. 29, 2020USD ($)
Debt Instrument
2021	$ 8,009
2022	12,689
2023	9,379
2024	10,108
2025	5,521
Thereafter	11,074
Total	56,780
Star Mortgage
Debt Instrument
2021	254
2022	295
2023	310
2024	325
2025	340
Thereafter	11,074
Total	12,598
98.7FM Non-recourse Debt
Debt Instrument
2021	7,755
2022	8,394
2023	9,069
2024	9,783
2025	5,181
Thereafter	0
Total	40,182
Other Non-recourse Debt
Debt Instrument
2021	0
2022	4,000
2023	0
2024	0
2025	0
Thereafter	0
Total	$ 4,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - Recurring Basis - USD ($)	Jan. 17, 2020	Nov. 30, 2019	Feb. 29, 2020	Feb. 28, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure			$ 0	$ 0
Liabilities fair value disclosure			$ 0	$ 0
MediaCo Holding Inc | Contribution Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of equity ownership interest		23.72%
Common stock taxable pro rate distribution of per share	$ 0.1265
Fair value of equity investments		$ 5,500,000

Acquisitions and Dispositions -

Acquisitions and Dispositions - Additional Information (Details) $ / shares in Units, $ in Thousands	Jan. 17, 2020$ / shares	Nov. 25, 2019USD ($)$ / sharesshares	Oct. 01, 2019USD ($)	Apr. 30, 2018USD ($)Transaction	Nov. 30, 2018USD ($)	Aug. 31, 2018USD ($)	Feb. 29, 2020USD ($)voteDirector	Feb. 28, 2019USD ($)
Business Acquisition [Line Items]
Gain (loss) on disposition of assets							$ (31)	$ (1)
Repayment of debt			$ 9,900				$ 46,552	62,538
Gain on sale of radio and publishing assets, net of disposition costs								31,817
Restructuring Charges								1,424
Contribution Agreement
Business Acquisition [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
Business Acquisition [Line Items]
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							$ 6,500
Contribution Agreement | MediaCo Holding Inc | Base Rate
Business Acquisition [Line Items]
Convertible promissory note acquired in disposal of assets		$ 5,000
Contribution Agreement | MediaCo Holding Inc | London Interbank Offered Rate
Business Acquisition [Line Items]
Debt instrument, basis spread on variable rate		2.00%
Contribution Agreement | MediaCo Holding Inc | Class A Common Stock
Business Acquisition [Line Items]
Percentage of common stock acquired in disposal of assets	23.72%	23.72%
Percentage of outstanding voting interest		3.02%
Common stock taxable pro rate distribution of per share | $ / shares	$ 0.1265	$ 0.1265
Contribution Agreement | MediaCo Holding Inc | Common Stock
Business Acquisition [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
Business Acquisition [Line Items]
Board of directors appointed | Director							4
Contribution Agreement | MediaCo Holding Inc | Standard General L.P | Class B Common Stock
Business Acquisition [Line Items]
Percentage of common stock purchased							76.28%
Vote per share | vote							10
Austin Partnership
Business Acquisition [Line Items]
Gain (loss) on disposition of assets			37,300
Gross cash proceeds, inclusive of purchase price adjustments			40,700
Transaction-related expenses			$ 700
Gain on sale of radio and publishing assets, net of disposition costs							$ 37,275
St Louis
Business Acquisition [Line Items]
Number of separate sales transactions | Transaction				2
Gross proceeds from divestiture of business				$ 60,000
Net proceeds from divestiture of businesses				40,500
Gain on sale of radio and publishing assets, net of disposition costs				32,100				$ 32,148
LMA fees				$ 700
Restructuring Charges					$ 200	$ 1,200
Sinclair Telecable Inc | Austin Partnership
Business Acquisition [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

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Results of Operations of Disposal Groups (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gain on sale of radio and publishing assets, net of disposition costs		$ (31,817)
Austin Partnership
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net revenues	$ 19,539	31,149
Station operating expenses, excluding depreciation and amortization	13,428	20,772
Gain on sale of radio and publishing assets, net of disposition costs	(37,275)
Depreciation and amortization	120	504
Operating income	43,266	9,873
Interest expense	311	622
Income before taxes	42,955	9,251
WQHT-FM and WBLS-FM
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net revenues	35,828	43,091
Station operating expenses, excluding depreciation and amortization	25,831	30,949
Gain on sale of radio and publishing assets, net of disposition costs	(35,665)
Depreciation and amortization	417	1,318
Operating income	45,245	10,824
Interest expense	194	329
Income before taxes	$ 45,051	$ 10,495

Acquisitions and Dispositions_3

Acquisitions and Dispositions - 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 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

Acquisitions and Dispositions_4

Acquisitions and Dispositions - Restructuring Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Restructuring Reserve [Abstract]
Restructuring charges and estimated lease cease-use costs, beginning balance	$ 1,099
Restructuring charges and estimated lease cease-use costs, St. Louis radio stations sale		1,424
Payments, net of accretion	(293)	(325)
Restructuring charges and estimated lease cease-use costs unpaid and outstanding	$ 806	$ 1,099

Acquisitions and Dispositions_5

Acquisitions and Dispositions - Schedule Of Disposal Groups Including Discontinued Operations (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2018	Feb. 29, 2020	Feb. 28, 2019
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gain on sale of radio and publishing assets, net of disposition costs			$ (31,817)
Operating income		$ (17,622)	20,292
Interest expense		$ 3,821	7,152
St Louis
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net revenues			711
Station operating expenses, excluding depreciation and amortization expense			505
Gain on sale of radio and publishing assets, net of disposition costs	$ (32,100)		(32,148)
Operating income			32,354
Interest expense			592
Income before income taxes			$ 31,762

Acquisitions and Dispositions_6

Acquisitions and Dispositions - Schedule of Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Business Acquisition [Abstract]
Net revenues	$ 39,377	$ 39,180
Station operating expenses, excluding depreciation and amortization	33,001	38,354
Consolidated net loss	(25,038)	(6,661)
Net loss attributable to the Company	$ (26,472)	$ (9,388)
Net income per share - basic	$ (2.05)	$ (0.74)
Net income per share - diluted	$ (2.05)	$ (0.74)

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 28, 2018
Intangible Assets And Goodwill [Line Items]
FCC license term	8 years
Impairment loss on intangible assets	$ 0	$ 0
Indefinite-lived intangible assets	66,463,000	72,562,000	$ 136,170,000
Impairment charges		2,100,000	$ 300,000
Carrying value of FFC licenses exceeds fair value	4,000,000
Goodwill	0	4,300,000
Definite-lived intangible assets	0	800,000
Amortization of intangible assets	100,000	300,000
FCC licenses
Intangible Assets And Goodwill [Line Items]
Indefinite-lived intangible assets	$ 66,500,000	$ 72,600,000

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Summary of Intangible Impairment by Assessment Period (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment loss on intangible assets	$ 6,099	$ 343
Interim Assessment
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment loss on intangible assets	4,022
Annual Assessment
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment loss on intangible assets	$ 2,077	$ 343

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Summary of Key Assumptions Used in Income Method Annual Impairment Assessments (Details)	Feb. 28, 2019	Feb. 28, 2018
Long-term Revenue Growth Rate
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	(0.6)
Maximum | Discount Rate
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	12.4	12.3
Maximum | Long-term Revenue Growth Rate
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions		1
Maximum | Mature Market Share
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	20.6	30.2
Maximum | Operating Profit Margin
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	31.4	38
Minimum | Discount Rate
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	11.9	11.9
Minimum | Long-term Revenue Growth Rate
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions		0.3
Minimum | Mature Market Share
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	0.5	12.9
Minimum | Operating Profit Margin
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	24.3	26

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Schedule of Change in FCC License Carrying Values (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance	$ 72,562	$ 136,170
Impairment	(6,099)	(343)
Reclassification to held for sale		(63,265)
Carrying amount of FCC license, ending balance	66,463	72,562
Amounts including held for sale [Member]
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance	135,827	195,648
Sale of stations	(63,265)	(24,758)
Impairment	(6,099)	(343)
Reclassification to held for sale		0
Carrying amount of FCC license, ending balance	66,463	135,827
New York Cluster
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance		71,614
Reclassification to held for sale		(71,614)
WLIB-AM (New York)
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance	8,349
Impairment	(1,692)
Reclassification to held for sale		8,349
Carrying amount of FCC license, ending balance	6,657	8,349
98.7FM (New York)
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance	46,390	46,390
Impairment	(2,077)
Carrying amount of FCC license, ending balance	44,313	46,390
Indianapolis Cluster
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance	17,823	18,166
Impairment	(2,330)	(343)
Carrying amount of FCC license, ending balance	15,493	17,823
WBLS-FM and WQHT-FM
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance	63,265
Sale of stations	(63,265)
Reclassification to held for sale		63,265
Carrying amount of FCC license, ending balance		63,265
Austin Cluster
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance	34,720	34,720
Sale of stations	$ (34,720)
Carrying amount of FCC license, ending balance		34,720
St Louis | St. Louis Cluster, held for sale
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance		24,758
Sale of stations		$ (24,758)

Leases - Summary of Impact of O

Leases - Summary of Impact of Operating Leases (Details) $ in Thousands	12 Months Ended
	Feb. 29, 2020USD ($)
Lease Cost
Operating lease cost	$ 3,805
Other Information
Operating cash flows from operating leases	4,241
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 7 months 6 days
Weighted average discount rate - operating leases	5.90%

Leases - Summary of Impact of_2

Leases - Summary of Impact of Operating Leases (Parenthetical) (Details) - Subsequent Event $ in Millions	2 Months Ended
	May 15, 2020USD ($)
Austin Partnership Transaction
Lessee Lease Description [Line Items]
Assets Disposed during the period	$ 3
MediaCo Transaction
Lessee Lease Description [Line Items]
Assets Disposed during the period	$ 14.9

Leases - Summary of Annual Mini

Leases - Summary of Annual Minimum Lease Payments of Operating Lease Liabilities (Details) $ in Thousands	Feb. 29, 2020USD ($)
Year ending February 28 (29),
2021	$ 1,376
2022	1,365
2023	1,372
2024	1,246
2025	968
After 2025	7,399
Total lease payments	13,726
Less imputed interest	3,744
Total recorded lease liabilities	$ 9,982

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Leases [Abstract]
Sublease income	$ 0.2	$ 0.5

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Sublease Rentals to Be Received Under Non-Cancelable Subleases (Details) $ in Thousands	Feb. 29, 2020USD ($)
Year ending February 28 (29),
2021	$ 341
2022	194
2023	191
2024	132
Total	$ 858

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($)	12 Months Ended		24 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	642,519
Number of shares available for grants	1,400,000		1,400,000
Multi-employer plan contribution expense	$ 200,000	$ 300,000
Two Thousand Seventeen Equity Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares that may be granted	2,000,000		2,000,000
Number of shares available for grants	1,100,000		1,100,000
Two Thousand Seventeen Equity Compensation Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration of Stock option under the plan	10 years
401 (k) Retirement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum age for retirement saving plan	18 years
Minimum days of service required to participate in retirement savings plan	30 days
Maximum percentage of eligible compensation by employee	50.00%
Employer discretionary contribution			$ 0

Other Commitments and Conting_3

Other Commitments and Contingencies - Various Commitments for Material Contracts (Details) $ in Thousands	Feb. 29, 2020USD ($)
Schedule Of Commitments And Contingencies [Line Items]
2021	$ 13,920
2022	8,266
2023	1,903
2024	123
Total	24,212
Employment Agreement
Schedule Of Commitments And Contingencies [Line Items]
2021	8,462
2022	2,682
2023	123
2024	123
Thereafter	0
Total	11,390
Other Contracts
Schedule Of Commitments And Contingencies [Line Items]
2021	5,458
2022	5,584
2023	1,780
2024	0
2025	0
Thereafter	0
Total	$ 12,822

Other Commitments and Conting_4

Other Commitments and Contingencies - Additional Information (Details) $ in Thousands	Oct. 10, 2018USD ($)	Nov. 30, 2019USD ($)	Feb. 29, 2020USD ($)LegalProceeding
Schedule Of Commitments And Contingencies [Line Items]
Number of legal proceedings pending | LegalProceeding			0
Gain on litigation			$ 2,153
INIC Suit
Schedule Of Commitments And Contingencies [Line Items]
Litigation amount awarded from INIC	$ 3,500
Gain on litigation		$ 2,200
Legal fees related to litigation		$ 1,400

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Current:
Federal	$ 212	$ 8,597
State	141	1,574
Current Income Tax Expense (Benefit), Total	353	10,171
Deferred:
Federal	(6,544)	(4,347)
State	(2,888)	(2,272)
Deferred Income Taxes and Tax Credits, Total	(9,432)	(6,619)
(Benefit) provision for income taxes	$ (9,079)	$ 3,552

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision (Benefit) for Income Taxes at Federal Statutory Corporate Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%
Computed income tax provision at federal statutory rate	$ (7,164)	$ 2,625
State income tax	(2,747)	(699)
Nondeductible stock compensation and Section 162 disallowance	(32)	63
Entertainment disallowance	89	180
Executive compensation	1,045	0
Change in federal valuation allowance	(888)	1,467
Tax attributed to noncontrolling interest	4	0
Federal tax credit	0	(85)
Reclassification of AMT credit	0	82
Other	614	(81)
(Benefit) provision for income taxes	$ (9,079)	$ 3,552

Income Taxes - Schedule of Co_2

Income Taxes - Schedule of Components of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Feb. 28, 2019
Deferred tax assets:
Net operating loss carryforwards	$ 4,395	$ 11,173
Intangible assets	0	13,023
Compensation relating to stock options	1,559	1,506
Operating lease liabilities	2,795	0
Accrued rent	8	974
Tax credits	1,050	1,165
Investments in subsidiaries	610	148
Other	234	298
Valuation allowance	(4,227)	(26,724)
Total deferred tax assets	6,424	1,563
Deferred tax liabilities
Indefinite-lived intangible assets	(17,010)	(26,005)
Property and equipment	(273)	(698)
Deferred gain under opportunity zone	(11,655)	0
Right of use assets	(2,356)	0
Other	(109)	(92)
Total deferred tax liabilities	(31,403)	(26,795)
Net deferred tax liabilities	$ (24,979)	$ (25,232)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Deferred Tax Assets And Liabilities [Line Items]
DTL position regarding investment	$ 3,700
Valuation allowance	4,227	$ 26,724
Decreased in valuation allowance	22,500
Operating loss carryforwards	71,000
Tax credit, valuation allowance	$ 1,300
Amount recognized is measured as the largest benefit	50.00%
Uncertain tax positions	$ 1,600
Unrecognized tax benefits that would reduce, if recognized, provision for income taxes	1,200	$ 100
Interest and penalties accrued related to unrecognized tax benefits	200
Interest accrued related to unrecognized tax benefits	4
Penalties accrued related to unrecognized tax benefits	200
Federal
Deferred Tax Assets And Liabilities [Line Items]
Decreased in valuation allowance	15,600
State and Local Jurisdiction
Deferred Tax Assets And Liabilities [Line Items]
Decreased in valuation allowance	$ 6,900

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Total Amounts of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefit – opening balance	$ (22)	$ (38)
Gross increases - tax position	(1,564)
Gross decreases – lapse of applicable statute of limitations	22	16
Gross unrecognized tax benefit – ending balance	$ (1,564)	$ (22)

Segment Information - Additiona

Segment Information - Additional Information (Details)	12 Months Ended
	Feb. 29, 2020segment
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	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Segment Reporting Information [Line Items]
NET REVENUES	$ 39,710	$ 39,891
Station operating expenses excluding depreciation expense	33,001	38,859
Corporate expenses excluding depreciation expense	18,841	10,313
Impairment losses	6,479	852
Depreciation	1,133	1,391
Gain on legal matter	(2,153)
(Gain) loss on sale of radio and publishing assets, net of disposition costs		(31,817)
Loss on sale of assets	31	1
OPERATING INCOME (LOSS)	(17,622)	20,292
Total Assets	221,992	237,746
Radio
Segment Reporting Information [Line Items]
NET REVENUES	33,462	33,778
Station operating expenses excluding depreciation expense	25,202	24,258
Impairment losses	6,099	548
Depreciation	360	516
(Gain) loss on sale of radio and publishing assets, net of disposition costs		(32,148)
Loss on sale of assets		1
OPERATING INCOME (LOSS)	1,801	40,603
Total Assets	91,865	216,473
Publishing
Segment Reporting Information [Line Items]
NET REVENUES	4,407	4,678
Station operating expenses excluding depreciation expense	5,031	4,822
Depreciation	13	18
(Gain) loss on sale of radio and publishing assets, net of disposition costs		331
OPERATING INCOME (LOSS)	(637)	(493)
Total Assets	694	728
All Other
Segment Reporting Information [Line Items]
NET REVENUES	1,841	1,435
Station operating expenses excluding depreciation expense	2,768	9,779
Corporate expenses excluding depreciation expense	18,841	10,313
Impairment losses	380	304
Depreciation	760	857
Gain on legal matter	(2,153)
Loss on sale of assets	31
OPERATING INCOME (LOSS)	(18,786)	(19,818)
Total Assets	$ 129,433	$ 20,545

Equity in Loss of Unconsolida_2

Equity in Loss of Unconsolidated Affiliate - Additional Information (Details) - MediaCo Holding Inc - Contribution Agreement - USD ($) $ / shares in Units, $ in Millions	Jan. 17, 2020	Nov. 25, 2019
Common Stock
Schedule Of Equity Method Investments [Line Items]
Cash received from disposal of assets		$ 91.5
Convertible promissory note acquired in disposal of assets		$ 5
Convertible promissory note acquired from issued shares in disposal of assets		1,666,667
Class A Common Stock
Schedule Of Equity Method Investments [Line Items]
Percentage of common stock acquired in exchange of assets		23.72%
Percentage of outstanding voting interest		3.02%
Common stock taxable pro rate distribution of per share	$ 0.1265	$ 0.1265

Deconsolidation of Entity - Add

Deconsolidation of Entity - Additional Information (Details) - Digonex Technologies Inc	Feb. 03, 2020USD ($)	Dec. 31, 2019Director	Dec. 31, 2019Director	Nov. 30, 2019USD ($)
Deconsolidation of Entity [Line Items]
Variable interests | $	$ 0
Director
Deconsolidation of Entity [Line Items]
Number of members of board of directors | Director			7
Independent Directors
Deconsolidation of Entity [Line Items]
Number of board of directors resigned from board | Director		3
Secured Notes
Deconsolidation of Entity [Line Items]
Convertible notes payable | $				$ 11,100,000
Series A Preferred Stock
Deconsolidation of Entity [Line Items]
Preferred stock, value | $				$ 5,980,886
Number of board of directors resigned from board | Director		4
Consideration of entire interests | $	$ 0
Series A Preferred Stock | Director
Deconsolidation of Entity [Line Items]
Board of directors appointed | Director			4

Other Income - Components of Ot

Other Income - Components of Other Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Income (loss) from unconsolidated affiliate, including other-than-temporary impairment losses
Interest income	$ 730	$ 132
Other	0	7
Total other income	$ 730	$ 139

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Thousands	Nov. 25, 2019USD ($)	Feb. 29, 2020USD ($)Director
Contribution Agreement | MediaCo Holding Inc
Related Party Transaction [Line Items]
Board of directors appointed | Director		3
Management fee		$ 1,250
Contribution Agreement | MediaCo Holding Inc | Common Stock
Related Party Transaction [Line Items]
Convertible promissory note acquired in disposal of assets	$ 5,000
Management Agreement | MediaCo Holding Inc
Related Party Transaction [Line Items]
Reimbursement of certain expenses recognized		300
Income not yet received		100
Employee Leasing Agreement | MediaCo Holding Inc
Related Party Transaction [Line Items]
Reimbursement of certain expenses recognized		2,700
Income not yet received		$ 200
Initial term date of employee leasing agreement		Dec. 31, 2020
Renewal term of employee leasing agreement		6 months
Mr Smulyan
Related Party Transaction [Line Items]
Life insurance premium payments made, recoverable		$ 1,100
Standard General L.P | Contribution Agreement | MediaCo Holding Inc
Related Party Transaction [Line Items]
Board of directors appointed | Director		4

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	Apr. 22, 2020	Mar. 10, 2020	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020
Subsequent Event | MediaCo | LPPA
Subsequent Event [Line Items]
Percentage of paycheck protection program loan amount receivable	31.56%
Subsequent Event | MediaCo | LPPA | Maximum
Subsequent Event [Line Items]
Waive of reimbursement obligation under leasing agreement to extent loan forgiven	$ 1,500,000
Subsequent Event | CARES Act | COVID-19
Subsequent Event [Line Items]
Loan amount received			$ 4,800,000
Subsequent Event | MediaCo | CARES Act | COVID-19
Subsequent Event [Line Items]
Received amount attributable to employees			$ 1,500,000
Lencore Acoustics Corporation | Subsequent Event
Subsequent Event [Line Items]
Acquired assets used and useful in cash		$ 75,100,000
Purchase price related to working capital adjustments		5,300,000
Transaction fees and expenses		$ 3,100,000		$ 2,300,000
Lencore Acoustics Corporation | Corporate Expenses Excluding Depreciation Expense
Subsequent Event [Line Items]
Transaction fees and expenses					$ 800,000