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Stock And Stock-Based Incentive Plans (Tables)
 9 Months Ended
Nov. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Composition Of Share-Based Compensation Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

Nine Months Ended

 

 

November 30

November 30

(In thousands)

 

2013

2012

2013

2012

Cost of sales

 

$
1,037 

 

$
1,111 

 

$
2,896 

 

$
2,208 

 

CarMax Auto Finance income

 

 
790 

 

 
716 

 

 
2,302 

 

 
1,845 

 

Selling, general and administrative expenses

 

 
15,371 

 

 
14,821 

 

 
50,608 

 

 
43,304 

 

Share-based compensation expense, before income taxes

 

$
17,198 

 

$
16,648 

 

$
55,806 

 

$
47,357 

 

 

Composition Of Share-Based Compensation Expense - By Grant Type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

Nine Months Ended

 

 

November 30

November 30

(In thousands)

 

2013

2012

2013

2012

Nonqualified stock options

 

$
5,946 

 

$
4,564 

 

$
18,765 

 

$
18,805 

 

Cash-settled restricted stock units

 

 
8,014 

 

 
9,238 

 

 
25,986 

 

 
17,630 

 

Stock-settled restricted stock units

 

 
2,986 

 

 
2,589 

 

 
9,697 

 

 
9,612 

 

Employee stock purchase plan

 

 
252 

 

 
257 

 

 
858 

 

 
760 

 

Stock grants to non-employee directors

 

 

 ―

 

 

 ―

 

 
500 

 

 
550 

 

Share-based compensation expense, before income taxes

 

$
17,198 

 

$
16,648 

 

$
55,806 

 

$
47,357 

 

 

Stock Option Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

Weighted

 

Remaining

 

Aggregate

 

Number of

Average

 

Contractual

 

Intrinsic

(Shares and intrinsic value in thousands)

Shares

Exercise Price

 

Life (Years)

 

Value

Outstanding as of February 28, 2013

 
10,771 

 

$
23.00 

 

 

 

 

 

 

 

 

 

Options granted

 
1,605 

 

 
42.77 

 

 

 

 

 

 

 

 

 

Options exercised

 
(1,328)

 

 
19.60 

 

 

 

 

 

 

 

 

 

Options forfeited or expired

 
(19)

 

 
26.25 

 

 

 

 

 

 

 

 

 

Outstanding as of November 30, 2013

 
11,029 

 

$
26.29 

 

 

 
3.7 

 

 

$
272,568 

 

Exercisable as of November 30, 2013

 
6,854 

 

$
20.68 

 

 

 
2.7 

 

 

$
207,819 

 

 

Outstanding Stock Options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of November 30, 2013

 

 

 

 

 

 

Options Outstanding

 

Options Exercisable

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

Weighted

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

Remaining

Average

 

 

 

 

Average

(Shares in thousands)

Number of

Contractual

Exercise

 

Number of

Exercise

Range of Exercise Prices

Shares

Life (Years)

Price

 

Shares

Price

$
11.43 

 

 

 

 

 
1,627 

 

 
2.4 

 

$
11.43 

 

 

 
1,627 

 

$
11.43 

 

$
13.19 

-

$

19.82

 

 
2,268 

 

 
1.3 

 

$
16.35 

 

 

 
2,268 

 

$
16.35 

 

$
19.98 

-

$

25.39

 

 
1,677 

 

 
3.2 

 

$
25.19 

 

 

 
1,318 

 

$
25.13 

 

$
25.67 

-

$

32.05

 

 
2,147 

 

 
5.2 

 

$
31.60 

 

 

 
657 

 

$
31.39 

 

$
32.69 

-

$

49.25

 

 
3,310 

 

 
5.3 

 

$
37.50 

 

 

 
984 

 

$
32.82 

 

Total

 

 

 

 

 

 
11,029 

 

 
3.7 

 

$
26.29 

 

 

 
6,854 

 

$
20.68 

 

 

Assumptions Used To Estimate Option Values

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended November 30

 

 

2013

 

2012

Dividend yield

 

 

 

 
0.0 

%

 

 

 

 
0.0 

%

Expected volatility factor (1)  

 
27.9 

%

-
46.8 

%

 
31.1 

%

-
51.4 

%

Weighted average expected volatility

 

 

 

 
44.7 

%

 

 

 

 
49.4 

%

Risk-free interest rate (2)     

 
0.02 

%

-
2.6 

%

 
0.02 

%

-
2.0 

%

Expected term (in years) (3)  

 

 

 

 
4.7 

 

 

 

 

 
4.7 

 

 

(1)Measured using historical daily price changes of our stock for a period corresponding to the term of the options and the implied volatility derived from the market prices of traded options on our stock.

(2)Based on the U.S. Treasury yield curve in effect at the time of grant.

(3)Represents the estimated number of years that options will be outstanding prior to exercise.

Cash-Settled For Restricted Stock Unit [Member]
  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Restricted Stock And Restricted Stock Unit Activity

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

Average

 

 

Number of

Grant Date

(Units in thousands)

 

Units

Fair Value

Outstanding as of February 28, 2013

 
1,651 

 

$
29.90 

 

Stock units granted

 
542 

 

$
42.68 

 

Stock units vested and converted

 
(564)

 

$
25.62 

 

Stock units cancelled

 
(78)

 

$
34.76 

 

Outstanding as of November 30, 2013

 
1,551 

 

$
35.68 

 

 

Expected Cash Settlement Range Upon Restricted Stock Unit Vesting

 

 

 

 

 

 

 

 

 

 

As of November 30, 2013

(In thousands)

 

Minimum (1)

Maximum (1)

Fiscal 2015

 

$
11,276 

 

$
30,069 

 

Fiscal 2016

 

 
12,422 

 

 
33,126 

 

Fiscal 2017

 

 
14,159 

 

 
37,757 

 

Total expected cash settlements

 

$
37,857 

 

$
100,952 

 

 

(1)Net of estimated forfeitures.

 

Stock-Settled Restricted Stock Units [Member]
  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Restricted Stock And Restricted Stock Unit Activity

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

Average

 

 

Number of

Grant Date

(Units in thousands)

 

Units

Fair Value

Outstanding as of February 28, 2013

 
904 

 

$
40.78 

 

Stock units granted

 
238 

 

$
52.02 

 

Stock units vested and converted

 
(282)

 

$
36.56 

 

Stock units cancelled

 
(4)

 

$
46.14 

 

Outstanding as of November 30, 2013

 
856 

 

$
45.26