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Stock and Stock-Based Incentive Plans
 6 Months Ended
Aug. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans
 
(A)Share Repurchase Program
In April 2022, our board of directors (“board”) increased our share repurchase authorization by $2.0 billion. As of August 31, 2022, a total of $4.0 billion of board authorizations for repurchases of our common stock was outstanding, with no expiration date, of which $2.45 billion remained available for repurchase.

Common Stock Repurchases
 Three Months EndedSix Months Ended
 August 31August 31
 2022202120222021
Number of shares repurchased (in thousands)
1,729.6 1,754.1 3,373.9 2,751.7 
Average cost per share$94.24 $125.44 $95.01 $125.22 
Available for repurchase, as of end of period (in millions)
$2,453.9 $991.5 $2,453.9 $991.5 

(B)Share-Based Compensation

Composition of Share-Based Compensation Expense
 Three Months EndedSix Months Ended
 August 31August 31
(In thousands)2022202120222021
Cost of sales$901 $2,094 $1,141 $3,823 
CarMax Auto Finance income(295)1,481 413 3,189 
Selling, general and administrative expenses24,534 28,705 46,770 67,125 
Share-based compensation expense, before income taxes$25,140 $32,280 $48,324 $74,137 

Composition of Share-Based Compensation Expense – By Grant Type
 Three Months EndedSix Months Ended
 August 31August 31
(In thousands)2022202120222021
Nonqualified stock options$9,468 $7,708 $20,680 $19,529 
Cash-settled restricted stock units (RSUs)9,505 17,590 10,354 38,562 
Stock-settled market stock units (MSUs)3,529 3,244 8,876 8,089 
Other share-based incentives:
Stock-settled performance stock units (PSUs)250 976 4,941 4,370 
Restricted stock (RSAs)(35)263 309 305 
Stock-settled deferred stock units (DSUs)1,850 1,925 1,850 1,925 
Employee stock purchase plan573 574 1,314 1,357 
Total other share-based incentives$2,638 $3,738 $8,414 $7,957 
Share-based compensation expense, before income taxes$25,140 $32,280 $48,324 $74,137 
(C)Stock Incentive Plan Information

Share/Unit Activity
Six Months Ended August 31, 2022
Equity ClassifiedLiability Classified
(Shares/units in thousands)OptionsMSUsOtherRSUs
Outstanding as of February 28, 20225,796 393 170 1,163 
Granted1,282 136 50 677 
Exercised or vested and converted(204)(120)(80)(740)
Cancelled(44)(5)(5)(46)
Outstanding as of August 31, 20226,830 404 135 1,054 
Weighted average grant date fair value per share/unit:
Granted$33.26 $126.73 $95.58 $91.20 
Ending outstanding$25.69 $120.95 $99.04 $97.36 
As of August 31, 2022
Unrecognized compensation (in millions)
$68.0 $21.5 $3.5