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Stock and Stock-Based Incentive Plans Stock And Stock-Based Incentive Plans
 9 Months Ended
Nov. 30, 2019
Share-based Payment Arrangement [Abstract]  
Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans
 
(A) Share Repurchase Program
As of November 30, 2019, a total of $2.0 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $1.67 billion remained available for repurchase.

Common Stock Repurchases
 
Three Months Ended
 
Nine Months Ended
 
November 30
 
November 30
 
2019
 
2018
 
2019
 
2018
Number of shares repurchased (in thousands)
1,270.3

 
3,657.8

 
5,748.9

 
9,257.1

Average cost per share
$
90.38

 
$
69.52

 
$
77.92

 
$
68.36

Available for repurchase, as of end of period (in millions)
$
1,666.0

 
$
2,384.0

 
$
1,666.0

 
$
2,384.0


(B) Share-Based Compensation

Composition of Share-Based Compensation Expense
 
Three Months Ended
 
Nine Months Ended
 
November 30
 
November 30
(In thousands)
2019
 
2018
 
2019
 
2018
Cost of sales
$
2,128

 
$
(343
)
 
$
6,293

 
$
2,551

CarMax Auto Finance income
1,317

 
596

 
4,166

 
3,030

Selling, general and administrative expenses
26,251

 
7,275

 
89,047

 
57,027

Share-based compensation expense, before income taxes
$
29,696

 
$
7,528

 
$
99,506

 
$
62,608



Composition of Share-Based Compensation Expense – By Grant Type
 
Three Months Ended
 
Nine Months Ended
 
November 30
 
November 30
(In thousands)
2019
 
2018
 
2019
 
2018
Nonqualified stock options
$
6,151

 
$
6,230

 
$
24,314

 
$
23,838

Cash-settled restricted stock units (RSUs)
20,545

 
(2,485
)
 
59,763

 
25,409

Stock-settled market stock units (MSUs)
2,837

 
2,681

 
10,298

 
9,960

Other share-based incentives:
 
 
 
 
 
 
 
Stock-settled performance stock units (PSUs)
(244
)
 
317

 
1,389

 
1,043

Restricted stock (RSAs)
—

 
—

 
—

 
433

Stock-settled deferred stock units (DSUs)
—

 
426

 
2,412

 
720

Employee stock purchase plan
407

 
359

 
1,330

 
1,205

Total other share-based incentives
$
163

 
$
1,102

 
$
5,131

 
$
3,401

Share-based compensation expense, before income taxes
$
29,696

 
$
7,528

 
$
99,506

 
$
62,608



(C) Stock Incentive Plan Information

Share/Unit Activity
 
Nine Months Ended November 30, 2019
 
Equity Classified
Liability Classified
(Shares/units in thousands)
Options
MSUs
Other
RSUs
Outstanding as of February 28, 2019
7,869

509

164

1,609

Granted
1,595

131

83

562

Exercised or vested and converted
(1,913
)
(150
)
(81
)
(504
)
Cancelled
(16
)
(5
)
—

(89
)
Outstanding as of November 30, 2019
7,535

485

166

1,578

 
 
 
 
 
Weighted average grant date fair value per share/unit:
 
 
 
 
 
 
 
 
 
Granted
$
22.10

$
98.63

$
80.55

$
78.61

Ending outstanding
$
18.16

$
84.02

$
70.97

$
66.85

 
 
 
 
 
 
 
 
 
 
 
As of November 30, 2019
 
Unrecognized compensation (in millions)
$
47.0

$
15.6

$
3.1