v2.4.0.6

Share-Based Compensation (Tables)

9 Months Ended

Nov. 30, 2011

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Composition Of Share-Based Compensation Expense

		Three Months Ended				Nine Months Ended
		November 30				November 30
(In thousands)		2011		2010		2011		2010
Cost of sales	$	604	$	789	$	1,293	$	1,393
CarMax Auto Finance income		526		488		1,388		1,150
Selling, general and administrative expenses		9,929		10,581		35,170		31,819
Share-based compensation expense, before income taxes	$	11,059	$	11,858	$	37,851	$	34,362

Composition Of Share-Based Compensation Expense-By Grant Type

		Three Months Ended				Nine Months Ended
		November 30				November 30
(In thousands)		2011		2010		2011		2010
Nonqualified stock options	$	4,571	$	3,490	$	17,456	$	13,650
Restricted stock		0		1,372		163		4,463
Stock-settled restricted stock units		2,291		1,207		8,129		4,626
Cash-settled restricted stock units		3,982		5,574		10,849		10,386
Stock grants to non-employee directors		0		0		550		475
Employee stock purchase plan		215		215		704		762
Share-based compensation expense, before income taxes	$	11,059	$	11,858	$	37,851	$	34,362

Stock Option Activity

STOCK OPTION ACTIVITY
					Weighted
				Weighted	Average
				Average	Remaining		Aggregate
	Number of			Exercise	Contractual		Intrinsic
(Shares and intrinsic value in thousands)	Shares			Price	Life (Years)		Value
Outstanding as of March 1, 2011	12,444		$	17.31
Options granted	1,934		$	32.70
Options exercised	(874	)	$	16.84
Options forfeited or expired	(98	)	$	22.52
Outstanding as of November 30, 2011	13,406		$	19.52	3.8	$	131,365
Exercisable as of November 30, 2011	8,508		$	17.07	2.9	$	99,918

Outstanding Stock Options

					As of November 30, 2011
		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
$	7.14 to $10.75	574	1.3	$	7.39	574	$	7.39
$	11.43	2,359	4.4	$	11.43	1,082	$	11.43
$	13.19 to $14.13	1,729	3.0	$	13.42	1,729	$	13.42
$	14.49 to $19.36	1,932	2.0	$	15.91	1,880	$	15.89
$	19.82	1,717	3.4	$	19.82	1,253	$	19.82
$	19.98 to $24.99	1,354	2.5	$	24.78	1,319	$	24.91
$	25.39	1,750	5.4	$	25.39	488	$	25.39
$	25.67 to $33.11	1,991	6.2	$	32.43	183	$	29.83
	Total	13,406	3.8	$	19.52	8,508	$	17.07

Assumptions Used To Estimate Option Values

	Nine Months Ended November 30
	2011		2010
Dividend yield	0.0	%	0.0	%
Expected volatility factor (1)	34.8% - 51.0%		34.6% - 50.2%
Weighted average expected volatility	49.3	%	48.2	%
Risk-free interest rate (2)	0.01% - 3.5%		0.2% - 4.0%
Expected term (in years) (3)	4.6		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.

Expected Cash Settlement Range Upon Restricted Stock Unit Vesting

		As of November 30, 2011
(In thousands)		Minimum (1)		Maximum (1)
Fiscal 2013	$	6,871	$	18,323
Fiscal 2014		10,528		28,074
Fiscal 2015		11,422		30,460
Total expected cash settlements	$	28,821	$	76,857

⁽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 March 1, 2011	666		$	24.66
Stock units granted	293		$	45.58
Stock units vested and converted	(2	)	$	24.19
Stock units cancelled	(13	)	$	30.24
Outstanding as of November 30, 2011	944		$	31.07

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 March 1, 2011	1,501		$	17.49
Stock units granted	575		$	32.69
Stock units vested and converted	(14	)	$	20.74
Stock units cancelled	(110	)	$	20.83
Outstanding as of November 30, 2011	1,952		$	21.76

Restricted Stock [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
(Shares in thousands)	Shares			Fair Value
Outstanding as of March 1, 2011	863		$	19.81
Restricted stock vested	(856	)	$	19.81
Restricted stock cancelled	(7	)	$	19.82
Outstanding as of November 30, 2011	0		$	0

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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