We study a simple extended model of oscillator neural networks capable of storing sparsely coded phase patterns, in which information is encoded both in the mean activity level and in the timing of spikes. Applying the methods of statistical neurodynamics to our model, we investigate theoretically the model's associative memory capability by evaluating its maximum storage capacities and deriving its basins of attraction. It is shown that, as in the Hopfield model, the storage capacity diverges as the activity level decreases. We consider various practically and theoretically important cases. For example, it is revealed that a dynamically adjusted threshold mechanism enhances the retrieval ability of the associative memory. It is also found that, under suitable conditions, the network can recall patterns even in the case that patterns with different activity levels are stored at the same time. In addition, we examine the robustness with respect to damage of the synaptic connections. The validity of these theoretical results is confirmed by reasonable agreement with numerical simulations.