CarMax 2007 Annual Report Download - page 51

Download and view the complete annual report

Please find page 51 of the 2007 CarMax annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 83

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83

41
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Accumulated
Common Capital in Other
Shares Common Excess of Retained Comprehensive
(In thousands) Outstanding Stock Par Value Earnings Loss Total
BALANCE AT FEBRUARY 29, 2004,
Previously Reported ............................... 103,778 $ 51,889 $ 482,132 $ 146,732 $ 680,753
Restatement for adoption of
SFAS 123(R) (1) .............................. — — 15,918 (8,717) 7,201
Common stock issued in March 2007
2-for-1 stock split (1) ........................ 103,778 51,889 (51,889) — —
BALANCE AT FEBRUARY 29, 2004, Restated (1) 207,556 103,778 446,161 138,015 687,954
Net earnings ................................... — — — 101,315 101,315
Share-based compensation
expense for stock options and
restricted stock............................ — — 18,063 — 18,063
Exercise of common stock options. 1,044 524 3,693 — 4,217
Shares issued under stock
incentive plans............................ 8 4 102 — 106
Shares cancelled upon
reacquisition ............................... (2) (2) (15) — (17)
Tax benefit from the exercise of
common stock options................ — — 2,606 — 2,606
BALANCE AT FEBRUARY 28, 2005, Restated (1) 208,606 104,304 470,610 239,330 814,244
Net earnings ................................... — — — 134,220 134,220
Share-based compensation
expense for stock options and
restricted stock............................ — — 21,632 — 21,632
Exercise of common stock options. 1,302 650 5,295 — 5,945
Shares issued under stock
incentive plans............................ 6 2 101 — 103
Shares cancelled upon
reacquisition ............................... (4) (2) (11) — (13)
Tax benefit from the exercise of
common stock options................ — — 3,972 — 3,972
BALANCE AT FEBRUARY 28, 2006, Restated (1) 209,910 104,954 501,599 373,550 980,103
Net earnings ................................... — — — 198,597 198,597
Adjustment to initially apply SFAS
No. 158, net of taxes of $11,858. — — — — $ (20,332) (20,332)
Share-based compensation
expense for stock options and
restricted stock............................ — — 31,526 — — 31,526
Exercise of common stock options. 5,280 2,640 34,383 — — 37,023
Shares issued under stock
incentive plans............................ 1,002 502 (201) — — 301
Shares cancelled upon
reacquisition ............................... (164) (82) (1,531) — — (1,613)
Tax benefit from the exercise of
common stock options................ — — 21,770 — — 21,770
BALANCE AT FEBRUARY 28, 2007 .............. 216,028 $108,014 $ 587,546 $ 572,147 $ (20,332) $1,247,375
(1) Restated to reflect the impact of adopting SFAS 123(R) and adjusted for the March 2007 stock split, as applicable. See Notes
2(A) and 10(C) for additional information.
See accompanying notes to consolidated financial statements.