|
Stock And Stock-Based Incentive Plans (Tables)
|
3 Months Ended |
|
May 31, 2014
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Composition Of Share-Based Compensation Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
May 31
|
|
(In thousands)
|
|
2014
|
2013
|
|
Cost of sales
|
|
$
|
327
|
|
$
|
1,273
|
|
|
CarMax Auto Finance income
|
|
|
676
|
|
|
782
|
|
|
Selling, general and administrative expenses
|
|
|
14,716
|
|
|
21,174
|
|
|
Share-based compensation expense, before income taxes
|
|
$
|
15,719
|
|
$
|
23,229
|
|
|
| Composition Of Share-Based Compensation Expense - By Grant Type |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
May 31
|
|
(In thousands)
|
|
2014
|
2013
|
|
Nonqualified stock options
|
|
$
|
8,120
|
|
$
|
7,033
|
|
|
Cash-settled restricted stock units
|
|
|
3,147
|
|
|
12,088
|
|
|
Stock-settled restricted stock units
|
|
|
4,121
|
|
|
3,820
|
|
|
Employee stock purchase plan
|
|
|
331
|
|
|
288
|
|
|
Stock grants to non-employee directors
|
|
|
―
|
|
|
―
|
|
|
Share-based compensation expense, before income taxes
|
|
$
|
15,719
|
|
$
|
23,229
|
|
|
| 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, 2014
|
|
10,018
|
|
$
|
27.02
|
|
|
|
|
|
|
|
|
|
|
Options granted
|
|
2,003
|
|
|
44.96
|
|
|
|
|
|
|
|
|
|
|
Options exercised
|
|
(374)
|
|
|
18.11
|
|
|
|
|
|
|
|
|
|
|
Options forfeited or expired
|
|
(12)
|
|
|
23.64
|
|
|
|
|
|
|
|
|
|
|
Outstanding as of May 31, 2014
|
|
11,635
|
|
$
|
30.40
|
|
|
|
4.1
|
|
|
$
|
163,230
|
|
|
Exercisable as of May 31, 2014
|
|
7,129
|
|
$
|
24.01
|
|
|
|
2.9
|
|
|
$
|
144,745
|
|
|
| Outstanding Stock Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of May 31, 2014
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
1,468
|
|
|
1.8
|
|
$
|
11.43
|
|
|
|
1,468
|
|
$
|
11.43
|
|
|
$
|
13.19
|
-
|
$
|
19.82
|
|
|
1,341
|
|
|
0.8
|
|
$
|
15.89
|
|
|
|
1,341
|
|
$
|
15.89
|
|
|
$
|
19.98
|
-
|
$
|
25.39
|
|
|
1,498
|
|
|
2.9
|
|
$
|
25.20
|
|
|
|
1,498
|
|
$
|
25.20
|
|
|
$
|
25.67
|
-
|
$
|
32.69
|
|
|
3,717
|
|
|
4.3
|
|
$
|
32.13
|
|
|
|
2,379
|
|
$
|
32.22
|
|
|
$
|
33.11
|
-
|
$
|
49.25
|
|
|
3,611
|
|
|
6.4
|
|
$
|
43.88
|
|
|
|
443
|
|
$
|
42.09
|
|
|
Total
|
|
|
|
|
|
|
11,635
|
|
|
4.1
|
|
$
|
30.40
|
|
|
|
7,129
|
|
$
|
24.01
|
|
|
| Assumptions Used To Estimate Option Values |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended May 31
|
|
|
|
2014
|
|
2013
|
|
Dividend yield
|
|
|
|
|
0.0
|
%
|
|
|
|
|
0.0
|
%
|
|
Expected volatility factor (1)
|
|
25.2
|
%
|
-
|
32.7
|
%
|
|
28.1
|
%
|
-
|
46.8
|
%
|
|
Weighted average expected volatility
|
|
|
|
|
31.9
|
%
|
|
|
|
|
44.8
|
%
|
|
Risk-free interest rate (2)
|
|
0.03
|
%
|
-
|
2.7
|
%
|
|
0.04
|
%
|
-
|
1.7
|
%
|
|
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, 2014
|
|
1,531
|
|
$
|
35.68
|
|
|
Stock units granted
|
|
587
|
|
$
|
44.96
|
|
|
Stock units vested and converted
|
|
(458)
|
|
$
|
32.71
|
|
|
Stock units cancelled
|
|
(29)
|
|
$
|
37.81
|
|
|
Outstanding as of May 31, 2014
|
|
1,631
|
|
$
|
39.82
|
|
|
| Expected Cash Settlement Range Upon Restricted Stock Unit Vesting |
|
|
|
|
|
|
|
|
|
|
|
|
As of May 31, 2014
|
|
(In thousands)
|
|
Minimum (1)
|
Maximum (1)
|
|
Fiscal 2016
|
|
$
|
12,460
|
|
$
|
33,226
|
|
|
Fiscal 2017
|
|
|
14,144
|
|
|
37,716
|
|
|
Fiscal 2018
|
|
|
16,321
|
|
|
43,523
|
|
|
Total expected cash settlements
|
|
$
|
42,925
|
|
$
|
114,465
|
|
(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, 2014
|
|
852
|
|
$
|
45.26
|
|
|
Stock units granted
|
|
245
|
|
$
|
55.37
|
|
|
Stock units vested and converted
|
|
(281)
|
|
$
|
45.57
|
|
|
Stock units cancelled
|
|
―
|
|
$
|
―
|
|
|
Outstanding as of May 31, 2014
|
|
816
|
|
$
|
48.19
|
|
|