v2.4.0.6

Stock and Stock-Based Incentive Plans (Tables)

9 Months Ended

Nov. 30, 2012

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)		2012			2011			2012			2011
Cost of sales		$	1,111		$	604		$	2,208		$	1,293
CarMax Auto Finance income			716			526			1,845			1,388
Selling, general and administrative expenses			14,821			9,929			43,304			35,170
Share-based compensation expense, before income taxes		$	16,648		$	11,059		$	47,357		$	37,851

Composition Of Share-Based Compensation Expense-By Grant Type

		Three Months Ended						Nine Months Ended
		November 30						November 30
(In thousands)		2012			2011			2012			2011
Nonqualified stock options		$	4,564		$	4,571		$	18,805		$	17,456
Cash-settled restricted stock units			9,238			3,982			17,630			10,849
Stock-settled restricted stock units			2,589			2,291			9,612			8,129
Employee stock purchase plan			257			215			760			704
Stock grants to non-employee directors			―			―			550			550
Restricted stock			―			―			―			163
Share-based compensation expense, before income taxes		$	16,648		$	11,059		$	47,357		$	37,851

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 29, 2012		12,578		$	19.84
Options granted		2,252			31.58
Options exercised		(2,309)			16.39
Options forfeited or expired		(37)			25.76
Outstanding as of November 30, 2012		12,484		$	22.58				3.8			$	170,793
Exercisable as of November 30, 2012		7,719		$	19.00				2.8			$	133,205

Outstanding Stock Options

						As of November 30, 2012
						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	-	$	10.75			128			0.4		$	7.18				128		$	7.18
$	11.43						1,958			3.4		$	11.43				1,382		$	11.43
$	13.19	-	$	14.81			1,875			2.1		$	13.83				1,875		$	13.83
$	14.86	-	$	19.82			1,819			2.1		$	19.22				1,819		$	19.22
$	19.98	-	$	25.12			854			1.9		$	24.68				782		$	24.75
$	25.39	-	$	30.24			1,780			4.3		$	25.60				934		$	25.41
$	31.76	-	$	32.05			2,186			6.4		$	31.76				146		$	31.77
$	32.69	-	$	33.11			1,884			5.4		$	32.70				653		$	32.70
Total							12,484			3.8		$	22.58				7,719		$	19.00

Assumptions Used To Estimate Option Values

		Nine Months Ended November 30
		2012						2011
Dividend yield					0.0	%					0.0	%
Expected volatility factor (1)		31.1	%	-	51.4	%		34.8	%	-	51.0	%
Weighted average expected volatility					49.4	%					49.3	%
Risk-free interest rate (2)		0.02	%	-	2.0	%		0.01	%	-	3.5	%
Expected term (in years) (3)					4.7						4.6

(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, 2012
(In thousands)		Minimum (1)			Maximum (1)
Fiscal 2014		$	10,545		$	28,120
Fiscal 2015			11,459			30,557
Fiscal 2016			12,605			33,613
Total expected cash settlements		$	34,609		$	92,290

(1) Net of estimated forfeitures.

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 29, 2012		1,915		$	21.76
Stock units granted		644		$	31.76
Stock units vested and converted		(785)		$	11.65
Stock units cancelled		(99)		$	29.13
Outstanding as of November 30, 2012		1,675		$	29.91

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 29, 2012		950		$	31.12
Stock units granted		349		$	40.33
Stock units vested and converted		(387)		$	16.67
Stock units cancelled		(6)		$	40.77
Outstanding as of November 30, 2012		906		$	40.78

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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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