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Stock And Stock-Based Incentive Plans (Tables)

6 Months Ended

Aug. 31, 2014

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

Composition Of Share-Based Compensation Expense

		Three Months Ended						Six Months Ended
		August 31						August 31
(In thousands)		2014			2013			2014			2013
Cost of sales		$	1,247		$	586		$	1,574		$	1,859
CarMax Auto Finance income			961			730			1,637			1,512
Selling, general and administrative expenses			20,493			14,063			35,209			35,237
Share-based compensation expense, before income taxes		$	22,701		$	15,379		$	38,420		$	38,608

Composition Of Share-Based Compensation Expense - By Grant Type

		Three Months Ended						Six Months Ended
		August 31						August 31
(In thousands)		2014			2013			2014			2013
Nonqualified stock options		$	6,887		$	5,786		$	15,007		$	12,819
Cash-settled restricted stock units			11,074			5,884			14,221			17,972
Stock-settled restricted stock units			3,472			2,891			7,593			6,711
Employee stock purchase plan			311			318			642			606
Restricted stock awards to non-employee directors			957			―			957			―
Stock grants to non-employee directors			―			500			―			500
Share-based compensation expense, before income taxes		$	22,701		$	15,379		$	38,420		$	38,608

Assumptions Used To Estimate Option Values

		Six Months Ended August 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	%					44.7	%
Risk-free interest rate (2)		0.03	%	-	2.7	%		0.02	%	-	2.6	%
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.

Stock Option [Member]

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

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		(2,591)			17.09
Options forfeited or expired		(16)			32.69
Outstanding as of August 31, 2014		9,414		$	33.56				4.4			$	177,333
Exercisable as of August 31, 2014		4,979		$	27.40				3.3			$	124,494

Outstanding Stock Options

						As of August 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						554			1.6		$	11.43				554		$	11.43
$	13.19	-	$	19.82			488			0.9		$	15.57				488		$	15.57
$	19.98	-	$	25.39			1,288			2.7		$	25.19				1,288		$	25.19
$	28.81	-	$	32.69			3,511			4.2		$	32.12				2,181		$	32.22
$	33.11	-	$	49.25			3,573			6.1		$	43.89				468		$	42.21
Total							9,414			4.4		$	33.56				4,979		$	27.40

Assumptions Used To Estimate Option Values

Assumptions Used to Estimate Option Values

		Six Months Ended August 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	%					44.7	%
Risk-free interest rate (2)		0.03	%	-	2.7	%		0.02	%	-	2.6	%
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 Awards 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		588		$	44.96
Stock units vested and converted		(463)		$	32.77
Stock units cancelled		(65)		$	38.86
Outstanding as of August 31, 2014		1,591		$	39.82

Expected Cash Settlement Range Upon Restricted Stock Unit Vesting

		As of August 31, 2014
(In thousands)		Minimum (1)			Maximum (1)
Fiscal 2016		$	12,376		$	33,003
Fiscal 2017			14,100			37,600
Fiscal 2018			16,285			43,428
Total expected cash settlements		$	42,761		$	114,031

(1) Net of estimated forfeitures.

Stock-Settled Restricted Stock Units [Member]

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

Restricted Stock Awards 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		(289)		$	45.65
Stock units cancelled		―		$	―
Outstanding as of August 31, 2014		808		$	48.18

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