PLANNED FUTURE ACTIVITIES We plan to open a total of 13 superstores in fiscal 2015 and between 10 and 15 superstores in each of the following two fiscal years.
We currently estimate capital expenditures will total approximately $325 million in fiscal 2015.
FISCAL 2015 PLANNED SUPERSTORE OPENINGS
## Table 0 ##
(1) Opened in March 2014.
Normal construction, permitting or other scheduling delays could shift the opening dates of any of these stores into a later period.
RECENT ACCOUNTING PRONOUNCEMENTS See Note 2(Y) for information on recent accounting pronouncements applicable to CarMax.
FINANCIAL CONDITION Liquidity and Capital Resources Our primary ongoing cash requirements are to fund our existing operations, new store expansion (including capital expenditures and inventory purchases) and CAF.
Our primary ongoing sources of liquidity include existing cash balances, funds provided by operations, proceeds from securitization transactions or other funding arrangements, and borrowings under our revolving credit facility.
Operating Activities.
Net cash used in operating activities totaled $613.2 million in fiscal 2014, $778.4 million in fiscal 2013 and $62.2 million in fiscal 2012.
These amounts included increases in auto loan receivables of $1.32 billion, $992.2 million and $675.7 million, respectively.
The majority of the increases in auto loan receivables are accompanied by increases in non-recourse notes payable, which are separately reflected as cash provided by financing activities.
Excluding the increases in auto loan receivables, net cash provided by operating activities would have been $711.0 million in fiscal 2014, $213.8 million in fiscal 2013 and $613.5 million in fiscal 2012.
As of February 28, 2014, total inventory was $1.64 billion, representing an increase of $123.6 million, or 8%, compared with the balance as of the start of the fiscal year.
We had 7% more used vehicles in inventory as of February 28, 2014, compared with the start of the fiscal year, reflecting the addition of inventory associated with the 13 stores opened during fiscal 2014, as well as added inventories to support our comparable store sales growth.
Inventory levels were somewhat below target levels as of the end of fiscal 2014, however, largely due to disruptions in reconditioning activities caused by unusually severe weather experienced during the fourth quarter of the year.
As of February 28, 2013, total inventory was $1.52 billion, representing an increase of $425.2 million, or 39% compared with the balance as of the start of the fiscal year.
We had 35% more used vehicles in inventory as of February 28, 2013, compared with the start of the fiscal year.
The additional used vehicle units supported the ten stores opened during fiscal 2013 and our comparable store sales growth.
In addition, during the second half of fiscal
STOCK OPTION ACTIVITY
## Table 1 ##
We granted nonqualified options to purchase 1,605,149 shares of common stock in fiscal 2014, 2,252,124 shares in fiscal 2013 and 1,993,498 shares in fiscal 2012.
The total cash received as a result of stock option exercises was $45.1 million in fiscal 2014, $71.7 million in fiscal 2013 and $25.3 million in fiscal 2012.
We settle stock option exercises with authorized but unissued shares of our common stock.
The total intrinsic value of options exercised was $62.5 million for fiscal 2014, $68.0 million for fiscal 2013 and $23.9 million for fiscal 2012.
We realized related tax benefits of $25.1 million in fiscal 2014, $27.2 million for fiscal 2013 and $9.5 million for fiscal 2012.
OUTSTANDING STOCK OPTIONS
## Table 2 ##
For stock options, the fair value of each award is estimated as of the date of grant using a binomial valuation model.
In computing the value of the option, the binomial model considers characteristics of fair-value option pricing that are not available for consideration under a closed-form valuation model (for example, the Black-Scholes model), such as the contractual term of the option, the probability that the option will be exercised prior to the end of its contractual life and the probability of termination or retirement of the option holder.
For this reason, we believe that the binomial model provides a fair value that is more representative of actual experience and future expected experience than the value calculated using a closed-form model.
Estimates of fair value are not intended to predict actual future events or the value ultimately realized by the recipients of share-based awards.
The weighted average fair value per share at the date of grant for options granted was $15.59 in fiscal 2014, $12.67 in fiscal 2013 and $13.80 in fiscal 2012.
The unrecognized compensation costs related to nonvested options totaled $32.6 million as of February 28, 2014.
These costs are expected to be recognized on a straight-line basis over a weighted average period of 2.0 years.
15.
LEASE COMMITMENTS Our leases primarily consist of land or land and building leases related to CarMax superstore locations.
Our lease obligations are based upon contractual minimum rates.
Most leases provide that we pay taxes, maintenance, insurance and operating expenses applicable to the premises.
The initial term of most real property leases will expire within the next 20 years; however, most of the leases have options providing for renewal periods of 5 to 20 years at terms similar to the initial terms.
For finance and capital leases, a portion of the periodic lease payments is recognized as interest expense and the remainder reduces the obligations.
For operating leases, rent is recognized on a straight-line basis over the lease term, including scheduled rent increases and rent holidays.
Rent expense for all operating leases was $43.6 million in fiscal 2014, $42.8 million in fiscal 2013 and $42.3 million in fiscal 2012.
See Note 11 for additional information on finance and capital lease obligations.
FUTURE MINIMUM LEASE OBLIGATIONS
## Table 3 ##
(1) Excludes taxes, insurance and other costs payable directly by us.
These costs vary from year to year and are incurred in the ordinary course of business.16.
COMMITMENTS AND CONTINGENCIES (A) Litigation On April 2, 2008, Mr.  John Fowler filed a putative class action lawsuit against CarMax Auto Superstores California, LLC and CarMax Auto Superstores West Coast, Inc.  in the Superior Court of California, County of Los Angeles.
Subsequently, two other lawsuits, Leena Areso et al.
v.  CarMax Auto Superstores California, LLC and Justin Weaver v.  CarMax Auto Superstores California, LLC, were consolidated as part of the Fowler case.
The allegations in the consolidated case involved: (1) failure to provide meal and rest breaks or compensation in lieu thereof; (2) failure to pay wages of terminated or resigned employees related to meal and rest breaks and overtime; (3) failure to pay overtime; (4) failure to comply with itemized employee wage statement provisions; (5) unfair competition; and (6) California’s Labor Code Private Attorney General Act.
The putative class consisted of sales consultants, sales managers, and other hourly employees who worked for the company in California from April 2, 2004, to the present.
On May 12, 2009, the court dismissed all of the class claims with respect to the sales manager putative class.
On June 16, 2009, the court dismissed all claims related to the failure to comply with the itemized employee wage statement provisions.
The court also granted CarMax's motion for summary adjudication with regard to CarMax's alleged failure to pay overtime to the sales consultant putative class.
The plaintiffs appealed the court's ruling regarding the sales consultant overtime claim.
On May 20, 2011, the California Court of Appeal affirmed the ruling in favor of CarMax.
The plaintiffs filed a Petition of Review with the California Supreme Court, which was denied.
As a result, the plaintiffs’ overtime claims are no longer a part of the lawsuit.
The claims currently remaining in the lawsuit regarding the sales consultant putative class are: (1) failure to provide meal and rest breaks or compensation in lieu thereof; (2) failure to pay wages of terminated or resigned employees related to meal and rest breaks; (3) unfair competition; and (4) California’s Labor Code Private Attorney General Act.
On June 16, 2009, the court entered a stay of these claims pending the outcome of a California Supreme Court case involving unrelated third parties but related legal issues.
Subsequently, CarMax moved to lift the stay and compel the plaintiffs’ remaining claims into arbitration on an individual basis, which the court granted on November 21, 2011.
The plaintiffs appealed the court’s ruling to the California Court of Appeal.
On March 26, 2013, the California Court of Appeal reversed the trial court’s order granting CarMax’s motion to compel
Note 10 – Debt Our long-term debt consisted of the following (in millions):
## Table 4 ##
Revolving Credit Facilities On October 9, 2015, we entered into a new $2.5 billion revolving credit facility (the 5-year Facility) with various banks and concurrently terminated our existing $1.5 billion revolving credit facility, which was scheduled to expire in August 2019.
The 5-year Facility, which expires on October 9, 2020, is available for general corporate purposes.
The undrawn portion of the 5-year Facility is also available to serve as a backup facility for the issuance of commercial paper.
We may request and the banks may grant, at their discretion, an increase in the borrowing capacity under the 5-year Facility of up to an additional $500 million.
There were no borrowings outstanding under the 5-year Facility as of and during the year ended December 31, 2015.
In contemplation of our acquisition of Sikorsky, on October 9, 2015, we also entered into a 364-day revolving credit facility (the 364-day Facility, and together with the 5-year Facility, the Facilities) with various banks that provided $7.0 billion of funding for general corporate purposes, including the acquisition of Sikorsky.
Concurrent with the consummation of the Sikorsky acquisition, we borrowed $6.0 billion under the 364-day Facility.
On November 23, 2015, we repaid all outstanding borrowings under the 364-day facility with proceeds received from an issuance of new debt (see below) and terminated any remaining commitments of the lenders under the 364-day Facility.
Borrowings under the Facilities bear interest at rates based, at our option, on a Eurodollar Rate or a Base Rate, as defined in the Facilities’ agreements.
Each bank’s obligation to make loans under the 5-year Facility is subject to, among other things, our compliance with various representations, warranties, and covenants, including covenants limiting our ability and certain of our subsidiaries’ ability to encumber assets and a covenant not to exceed a maximum leverage ratio, as defined in the Five-year Facility agreement.
As of December 31, 2015, we were in compliance with all covenants contained in the 5-year Facility agreement, as well as in our debt agreements.
Long-Term Debt On November 23, 2015, we issued $7.0 billion of notes (the November 2015 Notes) in a registered public offering.
We received net proceeds of $6.9 billion from the offering, after deducting discounts and debt issuance costs, which are being amortized as interest expense over the life of the debt.
The November 2015 Notes consist of: ?
$750 million maturing in 2018 with a fixed interest rate of 1.85% (the 2018 Notes); ?
$1.25 billion maturing in 2020 with a fixed interest rate of 2.50% (the 2020 Notes); ?
$500 million maturing in 2023 with a fixed interest rate of 3.10% the 2023 Notes); ?
$2.0 billion maturing in 2026 with a fixed interest rate of 3.55% (the 2026 Notes); ?
$500 million maturing in 2036 with a fixed interest rate of 4.50% (the 2036 Notes); and ?
$2.0 billion maturing in 2046 with a fixed interest rate of 4.70% (the 2046 Notes).
We may, at our option, redeem some or all of the November 2015 Notes and unpaid interest at any time by paying the principal amount of notes being redeemed plus any make-whole premium and accrued and unpaid interest to the date of redemption.
Interest is payable on the 2018 Notes and the 2020 Notes on May 23 and November 23 of each year, beginning on May 23, 2016; on the 2023 Notes and the 2026 Notes on January 15 and July 15 of each year, beginning on July 15, 2016; and on the 2036 Notes and the 2046 Notes on May 15 and November 15 of each year, beginning on May 15, 2016.
The November 2015 Notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness.
The proceeds of the November 2015 Notes were used to repay $6.0 billion of borrowings under our 364-day Facility and for general corporate purposes.

<table><tr><td>Location</td><td>Television Market</td><td>Market Status</td><td>Planned Opening Date</td></tr><tr><td>Rochester, New York-1</td><td>Rochester</td><td>New</td><td>Q1 Fiscal 2015</td></tr><tr><td>Dothan, Alabama-1</td><td>Dothan</td><td>New</td><td>Q1 Fiscal 2015</td></tr><tr><td>Mechanicsburg, Pennsylvania</td><td>Harrisburg/Lancaster</td><td>Existing</td><td>Q1 Fiscal 2015</td></tr><tr><td>Spokane Valley, Washington</td><td>Spokane</td><td>New</td><td>Q1 Fiscal 2015</td></tr><tr><td>Madison, Wisconsin</td><td>Madison</td><td>New</td><td>Q2 Fiscal 2015</td></tr><tr><td>Fort Worth, Texas</td><td>Dallas</td><td>Existing</td><td>Q2 Fiscal 2015</td></tr><tr><td>Lynchburg, Virginia</td><td>Roanoke/Lynchburg</td><td>New</td><td>Q2 Fiscal 2015</td></tr><tr><td>Milwaukie, Oregon</td><td>Portland</td><td>New</td><td>Q2 Fiscal 2015</td></tr><tr><td>Beaverton, Oregon</td><td>Portland</td><td>New</td><td>Q3 Fiscal 2015</td></tr><tr><td>Saltillo, Mississippi</td><td>Tupelo</td><td>New</td><td>Q3 Fiscal 2015</td></tr><tr><td>Reno, Nevada</td><td>Reno</td><td>New</td><td>Q3 Fiscal 2015</td></tr><tr><td>Raleigh, North Carolina</td><td>Raleigh</td><td>Existing</td><td>Q3 Fiscal 2015</td></tr><tr><td>Warrensville Heights, Ohio</td><td>Cleveland</td><td>New</td><td>Q4 Fiscal 2015</td></tr></table>
<table><tr><td>(Shares and intrinsic value in thousands)</td><td>Number of Shares</td><td>Weighted Average Exercise Price</td><td>Weighted Average Remaining Contractual Life (Years)</td><td>Aggregate Intrinsic Value</td></tr><tr><td>Outstanding as of February 28, 2013</td><td>10,771</td><td>$23.00</td><td></td><td></td></tr><tr><td>Options granted</td><td>1,605</td><td>42.77</td><td></td><td></td></tr><tr><td>Options exercised</td><td>-2,337</td><td>19.32</td><td></td><td></td></tr><tr><td>Options forfeited or expired</td><td>-21</td><td>27.58</td><td></td><td></td></tr><tr><td>Outstanding as of February 28, 2014</td><td>10,018</td><td>$27.02</td><td>3.7</td><td>$214,476</td></tr><tr><td>Exercisable as of February 28, 2014</td><td>5,883</td><td>$21.06</td><td>2.6</td><td>$161,051</td></tr></table>
<table><tr><td></td><td></td><td></td><td colspan="5">As of February 28, 2014</td></tr><tr><td></td><td></td><td></td><td colspan="3">Options Outstanding</td><td colspan="2">Options Exercisable</td></tr><tr><td></td><td></td><td></td><td></td><td>Weighted</td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td>Average</td><td>Weighted</td><td></td><td>Weighted</td></tr><tr><td></td><td></td><td></td><td></td><td>Remaining</td><td>Average</td><td></td><td>Average</td></tr><tr><td colspan="3">(Shares in thousands)</td><td>Number of</td><td>Contractual</td><td>Exercise</td><td>Number of</td><td>Exercise</td></tr><tr><td colspan="3">Range of Exercise Prices</td><td>Shares</td><td>Life (Years)</td><td>Price</td><td>Shares</td><td>Price</td></tr><tr><td>$11.43</td><td></td><td></td><td>1,512</td><td>2.1</td><td>$11.43</td><td>1,512</td><td>$11.43</td></tr><tr><td>$13.19</td><td>-</td><td>$19.82</td><td>1,550</td><td>1.0</td><td>$15.66</td><td>1,550</td><td>$15.66</td></tr><tr><td>$19.98</td><td>-</td><td>$25.39</td><td>1,580</td><td>3.1</td><td>$25.19</td><td>1,222</td><td>$25.13</td></tr><tr><td>$25.67</td><td>-</td><td>$32.05</td><td>2,118</td><td>5.0</td><td>$31.62</td><td>654</td><td>$31.45</td></tr><tr><td>$32.69</td><td>-</td><td>$49.25</td><td>3,258</td><td>5.1</td><td>$37.56</td><td>945</td><td>$32.84</td></tr><tr><td>Total</td><td></td><td></td><td>10,018</td><td>3.7</td><td>$27.02</td><td>5,883</td><td>$21.06</td></tr></table>
<table><tr><td></td><td colspan="3">As of February 28, 2014</td></tr><tr><td>(In thousands)</td><td>Capital Lease-1</td><td>Finance Leases-1</td><td>Operating Lease Commitments-1</td></tr><tr><td>Fiscal 2015</td><td>$304</td><td>$47,369</td><td>$42,341</td></tr><tr><td>Fiscal 2016</td><td>333</td><td>48,219</td><td>42,400</td></tr><tr><td>Fiscal 2017</td><td>354</td><td>42,589</td><td>39,708</td></tr><tr><td>Fiscal 2018</td><td>354</td><td>35,408</td><td>36,890</td></tr><tr><td>Fiscal 2019</td><td>354</td><td>32,577</td><td>35,639</td></tr><tr><td>Fiscal 2020 and thereafter</td><td>5,163</td><td>160,997</td><td>251,091</td></tr><tr><td>Total minimum lease payments</td><td>6,862</td><td>367,159</td><td>448,069</td></tr><tr><td>Less amounts representing interest</td><td>-4,081</td><td></td><td></td></tr><tr><td>Present value of net minimum lease payments</td><td>$2,781</td><td></td><td></td></tr></table>
<table><tr><td></td><td>2015</td><td>2014</td></tr><tr><td>Notes with rates from 1.85% to 3.80%, due 2016 to 2045</td><td>$8,150</td><td>$1,400</td></tr><tr><td>Notes with rates from 4.07% to 5.72%, due 2019 to 2046</td><td>6,089</td><td>3,589</td></tr><tr><td>Notes with rates from 6.15% to 9.13%, due 2016 to 2036</td><td>1,941</td><td>1,941</td></tr><tr><td>Other debt</td><td>116</td><td>111</td></tr><tr><td>Total long-term debt</td><td>16,296</td><td>7,041</td></tr><tr><td>Less: unamortized discounts and deferred financing costs</td><td>-1,035</td><td>-899</td></tr><tr><td>Total long-term debt, net</td><td>$15,261</td><td>$6,142</td></tr></table>

Question: What's the greatest value of Weighted Average Exercise Price in terms of Options Outstanding As of February 28, 2014?
Answer: 37.56