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Stock and Stock-Based Incentive Plans
 6 Months Ended
Aug. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock and Stock-Based Incentive Plans Stock and Stock-Based Incentive Plans
 
(A)Share Repurchase Program
As of August 31, 2023, 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 EndedSix Months Ended
 August 31August 31
 2023202220232022
Number of shares repurchased (in thousands)
— 1,729.6 — 3,373.9 
Average cost per share$— $94.24 $— $95.01 
Available for repurchase, as of end of period (in millions)
$2,451.3 $2,453.9 $2,451.3 $2,453.9 

(B)Share-Based Compensation

Composition of Share-Based Compensation Expense
 Three Months EndedSix Months Ended
 August 31August 31
(In thousands)2023202220232022
Cost of sales$1,195 $901 $2,585 $1,141 
CarMax Auto Finance income1,198 (295)1,647 413 
Selling, general and administrative expenses31,294 24,534 66,598 46,770 
Share-based compensation expense, before income taxes$33,687 $25,140 $70,830 $48,324 

Composition of Share-Based Compensation Expense – By Grant Type
 Three Months EndedSix Months Ended
 August 31August 31
(In thousands)2023202220232022
Nonqualified stock options$13,650 $9,468 $27,727 $20,680 
Cash-settled restricted stock units (RSUs)12,804 9,505 27,915 10,354 
Stock-settled market stock units (MSUs)3,884 3,529 10,108 8,876 
Other share-based incentives:
Stock-settled performance stock units (PSUs)797 250 1,538 4,941 
Restricted stock (RSAs)76 (35)307 309 
Stock-settled deferred stock units (DSUs)1,850 1,850 1,850 1,850 
Employee stock purchase plan626 573 1,385 1,314 
Total other share-based incentives$3,349 $2,638 $5,080 $8,414 
Share-based compensation expense, before income taxes$33,687 $25,140 $70,830 $48,324 
(C)Stock Incentive Plan Information

Share/Unit Activity
Six Months Ended August 31, 2023
Equity ClassifiedLiability Classified
(Shares/units in thousands)OptionsMSUsOtherRSUs
Outstanding as of February 28, 20236,776 404 130 1,004 
Granted1,516 181 76 914 
Exercised or vested and converted(464)(184)(10)(479)
Cancelled(119)(12)— (64)
Outstanding as of August 31, 20237,709 389 196 1,375 
Weighted average grant date fair value per share/unit:
Granted$29.07 $99.84 $74.31 $70.68 
Ending outstanding$26.92 $123.89 $88.72 $81.46 
As of August 31, 2023
Unrecognized compensation (in millions)
$65.6 $22.7 $2.3