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Stock and Stock-Based Incentive Plans
 9 Months Ended
Nov. 30, 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 November 30, 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. Share repurchases were paused during the third quarter of fiscal 2023.

Common Stock Repurchases
 Three Months EndedNine Months Ended
 November 30November 30
 2022202120222021
Number of shares repurchased (in thousands)
30.0 851.1 3,403.9 3,602.8 
Average cost per share$87.70 $135.52 $94.95 $127.65 
Available for repurchase, as of end of period (in millions)
$2,451.3 $876.2 $2,451.3 $876.2 

(B)Share-Based Compensation

Composition of Share-Based Compensation Expense
 Three Months EndedNine Months Ended
 November 30November 30
(In thousands)2022202120222021
Cost of sales$333 $1,896 $1,474 $5,719 
CarMax Auto Finance income981 1,560 1,394 4,749 
Selling, general and administrative expenses17,213 33,328 63,983 100,453 
Share-based compensation expense, before income taxes$18,527 $36,784 $66,851 $110,921 

Composition of Share-Based Compensation Expense – By Grant Type
 Three Months EndedNine Months Ended
 November 30November 30
(In thousands)2022202120222021
Nonqualified stock options$8,968 $7,846 $29,648 $27,375 
Cash-settled restricted stock units (RSUs)5,167 23,836 15,521 62,398 
Stock-settled market stock units (MSUs)3,358 3,171 12,234 11,260 
Other share-based incentives:
Stock-settled performance stock units (PSUs)209 964 5,150 5,334 
Restricted stock (RSAs)262 365 571 670 
Stock-settled deferred stock units (DSUs)— — 1,850 1,925 
Employee stock purchase plan563 602 1,877 1,959 
Total other share-based incentives$1,034 $1,931 $9,448 $9,888 
Share-based compensation expense, before income taxes$18,527 $36,784 $66,851 $110,921 
(C)Stock Incentive Plan Information

Share/Unit Activity
Nine Months Ended November 30, 2022
Equity ClassifiedLiability Classified
(Shares/units in thousands)OptionsMSUsOtherRSUs
Outstanding as of February 28, 20225,796 393 170 1,163 
Granted1,285 137 50 677 
Exercised or vested and converted(208)(122)(80)(748)
Cancelled(48)(6)(5)(68)
Outstanding as of November 30, 20226,825 402 135 1,024 
Weighted average grant date fair value per share/unit:
Granted$33.35 $126.59 $95.58 $91.20 
Ending outstanding$25.69 $120.96 $99.04 $97.23 
As of November 30, 2022
Unrecognized compensation (in millions)
$59.0 $18.2 $2.4