CarMax 2009 Annual Report Download - page 69

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63
The unrecognized compensation costs related to nonvested restricted stock awards totaled $19.3 million as of
February 28, 2009. These costs are expected to be recognized over a weighted average period of 1.2 years.
(D) Employee Stock Purchase Plan
We sponsor an employee stock purchase plan for all associates meeting certain eligibility criteria. Associate
contributions are limited to 10% of eligible compensation, up to a maximum of $7,500 per year. For each $1.00
contributed by associates to the plan, we match $0.15. We have authorized up to 4,000,000 shares of common stock
for the employee stock purchase plan. Shares are acquired through open-market purchases.
As of February 28, 2009, a total of 1,180,195 shares remained available under the plan. Shares purchased on the
open market on behalf of associates totaled 677,944 during fiscal 2009; 409,004 during fiscal 2008; and 337,311
during fiscal 2007. The average price per share for purchases under the plan was $12.22 in fiscal 2009, $22.24 in
fiscal 2008 and $19.32 in fiscal 2007. The total cost for matching contributions was $1.1 million in fiscal 2009, $1.2
million in fiscal 2008 and $0.9 million in fiscal 2007. These costs are included in share-based compensation
expense.
12. NET EARNINGS PER SHARE
BASIC AND DILUTIVE NET EARNINGS PER SHARE RECONCILIATIONS
Years Ended February 28 or 29
(In thousands except per share data) 2009 2008 2007
Net earnings available to common shareholders .............................. $ 59,213 $ 182,025 $ 198,597
Weighted average common shares outstanding........................ 217,537 216,045 212,454
Dilutive potential common shares:
Stock options......................................................................... 1,820 3,918 4,111
Restricted stock..................................................................... 1,156 559 174
Weighted average common shares and dilutive potential
common shares.................................................................... 220,513 220,522 216,739
Basic net earnings per share.................................................... $ 0.27 $ 0.84 $ 0.93
Diluted net earnings per share................................................. $ 0.27 $ 0.83 $ 0.92
For fiscal 2009, weighted-average options to purchase 8,340,996 shares of common stock were outstanding and not
included in the calculation of diluted net earnings per share because their inclusion would be antidilutive. For fiscal
2008, weighted-average options to purchase 1,586,357 shares of common stock were outstanding and not included
in the calculation. For fiscal 2007, weighted-average options to purchase 1,421,999 were outstanding and not
included in the calculation.
13. ACCUMULATED OTHER COMPREHENSIVE LOSS
Years Ended February 28 or 29
(In thousands, net of income taxes)
Unrecognized
Actuarial Losses
(Gains)
Unrecognized
Prior Service Cost
Total
Accumulated
Other
Comprehensive
Loss
Balance as of February 28, 2006 ...........................
.
$ — $ — $ —
Adoption of SFAS 158..........................................
.
20,094 238 20,332
Balance as of February 28, 2007 ...........................
.
20,094 238 20,332
Amounts arising during the year ...........................
.
(2,177) 662 (1,515)
Amortization recognized in net pension expense..
.
(1,991) (98) (2,089)
Balance as of February 29, 2008 ...........................
.
15,926 802 16,728
Amounts arising during the year ...........................
.
20,363 — 20,363
Amortization recognized in net pension expense..
.
604 (65) 539
Curtailment of retirement benefit plans.................
.
(20,033) (737) (20,770)
Balance as of February 28, 2009 ...........................
.
$ 16,860 $ — $ 16,860