CarMax 2012 Annual Report Download - page 48

Download and view the complete annual report

Please find page 48 of the 2012 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 92

  • 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
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
See accompanying notes to consolidated financial statements.
42
(In thousands)
BALANCE AS O F FEBRUARY 28, 2009 (previous) 220,392 110,196$ 685,938$ 813,793$ (16,860)$ 1,593,067$
Cumulative effect of revision of
prior years (1) ʊ ʊ ʊ (45,174) ʊ (45,174)
BALANCE AS O F FEBRUARY 28, 2009 (revised) 220,392 110,196 685,938 768,619 (16,860) 1,547,893
Comprehensive income:
Net earnings ʊ ʊ ʊ 277,844 ʊ 277,844
Retirement benefit plans,
net of taxes of $1,556 ʊ ʊ ʊ ʊ (2,686) (2,686)
To tal comp reh en s iv e in co me 275,158
Share-based compensation expense ʊ ʊ 31,589 ʊ ʊ 31,589
Exercise of common stock options 3,086 1,543 33,680 ʊ ʊ 35,223
Shares issued under stock
in c en tiv e p lans 45 23 542 ʊ ʊ 565
Shares cancelled upon reacquisition (457) (229) (3,687) ʊ ʊ (3,916)
Tax effect from the exercise of
common stock options ʊ ʊ (1,928) ʊ ʊ (1,928)
BALANCE AS O F FEBRUARY 28, 2010 223,066 111,533 746,134 1,046,463 (19,546) 1,884,584
Impact of accounting change (2) ʊ ʊ ʊ (93,234) ʊ (93,234)
Comprehensive income:
Net earnings ʊ ʊ ʊ 377,495 ʊ 377,495
Retirement benefit plans,
net of taxes of $1,215 ʊ ʊ ʊ ʊ 2,017 2,017
Cash flow hedges,
net of taxes of $398 ʊ ʊ ʊ ʊ (7,528) (7,528)
To tal comp reh en s iv e in co me 371,984
Share-based compensation expense ʊ ʊ 29,214 ʊ ʊ 29,214
Exercise of common stock options 3,126 1,563 44,067 ʊ ʊ 45,630
Shares issued under stock
in c en tiv e p lans 33 17 458 ʊ ʊ 475
Shares cancelled upon reacquisition (339) (170) (7,183) ʊ ʊ (7,353)
Tax effect from the exercise of
common stock options ʊ ʊ 7,949 ʊ ʊ 7,949
BALANCE AS O F FEBRUARY 28, 2011 225,886 112,943 820,639 1,330,724 (25,057) 2,239,249
Comprehensive income:
Net earnings ʊ ʊ ʊ 413,795 ʊ 413,795
Retirement benefit plans,
net of taxes of $13,080 ʊ ʊ ʊ ʊ (22,246) (22,246)
Cash flow hedges,
net of taxes of $244 ʊ ʊ ʊ ʊ (15,156) (15,156)
To tal comp reh en s iv e in co me 376,393
Share-based compensation expense ʊ ʊ 32,105 ʊ ʊ 32,105
Exercise of common stock options 1,519 759 24,494 ʊ ʊ 25,253
Shares issued under stock
in c en tiv e p lans 20 10 540 ʊ ʊ 550
Shares cancelled upon reacquisition (306) (153) (9,523) ʊ ʊ (9,676)
Tax effect from the exercise of
common stock options ʊ ʊ 9,238 ʊ ʊ 9,238
BALANCE AS O F FEBRUARY 29, 2012 227,119 113,559$ 877,493$ 1,744,519$ (62,459)$ 2,673,112$
Total (1)
Accumulate d
Common Capital in Other
Shares Common Excess of Retained Comprehensive
O utstanding S tock Par Value Earnings (1) Loss
(1) As discussed in Note 2(K), this reflects the revisions to correct our accounting for sale-leaseback transactions.
(2) As discussed in Note 2(E), this reflects the adoption of ASU Nos. 2009-16 and 2009-17 effective March 1, 2010.