Company: KMX
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001170010-25-000024
Chunk: 133

Company: CARMAX INC
Filing Date: 2025-04-11
Form: 10-K
Item: Item 8
Chunk 133
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 pre-tax earnings, excluding any unrealized gains or losses on equity investments in private companies and any significant non-recurring non-cash gains or losses.  For the third-year period of the fiscal 2024 awards, the remaining awarded 23,551 PSUs do not qualify as grants under ASC 718 as mutual understanding of the target performance levels is either not fully set or have not been set.  For the fiscal 2025 awards, the performance targets are based on the cumulative three-year pretax earnings, excluding any unrealized gains or losses on equity investments in private companies and any significant non-recurring non-cash gains or losses.PSUs do not have voting rights.  The grant date fair values are based on the closing prices of our common stock on the grant dates.  As of February 28, 2025, 296,997 units were outstanding at a weighted average grant date fair value per share of $71.11.Stock-Settled Deferred Stock Units.  Also referred to as deferred stock units, or DSUs, these are restricted stock unit awards granted to non-employee members of our board that are converted into one share of common stock for each unit granted.  Conversion occurs at the end of the one-year vesting period unless the director has exercised the option to defer conversion until separation of service to the company.  The grant date fair values are based on the closing prices of our common stock on the grant dates.  DSUs have no voting rights.  As of February 28, 2025, 114,141 units were outstanding at a weighted average grant date fair value of $86.04.Restricted Stock Awards.  Restricted stock awards, or RSAs, are awards of our common stock that are subject to specified restrictions that generally lapse after a one- to three-year period from the date of the grant.  The grant date fair values are based on the closing prices of our common stock on the grant dates.  Participants holding restricted stock are entitled to vote on matters submitted to holders of our common stock for a vote.  As of February 28, 2025, there were no RSAs outstanding.Employee Stock Purchase Plan.  We sponsor an employee stock purchase plan for all associates meeting certain eligibility criteria.  We have authorized up to 8,000,000 shares of common stock with a total of 1,493,161 shares remaining available for issuance under the plan as of February 28, 2025.  Associate contributions are