Exhibit 99.1

Sonic Automotive, Inc. Profits up 46%

Record Revenues Exceed Industry Growth; SG&A at 4 Year Low

CHARLOTTE, N.C. – February 28, 2012Sonic Automotive, Inc. (NYSE: SAH), one of the nation’s largest automotive retailers, today reported 2011 fourth quarter adjusted earnings from continuing operations of $25.4 million for a 46% increase over the prior year adjusted results. Adjusted earnings per diluted share increased 43% to $0.43 compared to $0.30 in the prior year quarter. The adjustments for both periods, which include primarily impairment and legal settlement charges in 2011 and income tax benefits and impairment charges in 2010, are detailed further in the attached tables.

For the full year 2011, the Company reported adjusted earnings from continuing operations of $1.39 per diluted share compared to $0.99 per diluted share in the prior year. The adjustments for both periods are detailed further in the attached tables.

2011 Highlights – New retail volume outpaces industry; Record Used Vehicle Growth; Expense leverage continues

 

   

Total Q4 revenues up 12% over prior year quarter; Up 14% for full year

 

   

New vehicle retail volume up 15% in Q4; Exceeds industry growth of 10%

 

   

Used vehicle volume up 11% for the quarter; Up 14% for full year; Record annual sales volume

 

   

Parts and Service revenue up 3% in Q4; Up 5% for full year; Record sales volume

 

   

Adjusted SG&A to gross profit down 220 bps to 76.6% for the quarter

Commenting on the overall results, Jeff Dyke, the Company’s EVP of Operations noted, “Our new and used volume growth continues to exceed industry averages as our team implements our operating playbook strategy. Our team’s focus on used car processes has produced double-digit volume growth for 11 consecutive quarters. This translates into a 15% compound annual growth rate over the last 4 years. We continue to believe there are significant future growth opportunities throughout the business as we continue the implementation of our strategic initiatives. The top line growth continued to drive incremental gross profit dollars which allowed us to further leverage our expense structure with fourth quarter adjusted SG&A to gross profit coming in at 76.6% which is the lowest level in several years.”

2012 Outlook

Commenting on the fourth quarter and the 2012 outlook, B. Scott Smith, the Company’s President, said, “Sonic Automotive wrapped up one of the strongest years in our Company’s history. We have proven that our single-minded focus on delivering predictable, repeatable and sustainable processes through our Playbooks, coupled with our culture and plain, old-fashioned teamwork can produce superior results without the integration risk of acquisitions. We expect to see continued steady growth in the automotive retailing sector and are targeting 2012 new vehicle industry volume of 13.5 million units. We currently expect earnings per share from continuing operations of between $1.55 and $1.65 for the full year 2012. We will have further comments on our 2012 outlook on our earnings call later today.”


Fourth Quarter Earnings Conference Call

Senior management will host a conference call today at 11:00 A.M. (Eastern) to discuss the quarter’s results. To access the live broadcast of the call over the Internet go to: www.sonicautomotive.com, then click on “Our Company”, then “Investor Relations”, then “Earnings Conference Calls”.

Presentation materials for the conference call can be accessed on the Company’s website at www.sonicautomotive.com by clicking on the “Investor Relations” tab under “Our Company” and choosing “Webcasts & Presentations”.

A live audio of the call will be accessible to the public by calling (877) 791-3416. International callers dial (706) 643-0958. Callers should dial in approximately 10 minutes before the call begins.

A conference call replay will be available one hour following the call for seven days and can be accessed by calling: 800-585-8367, Conference ID: 14200, International callers dial (404) 537-3406.

About Sonic Automotive

Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, N.C., is one of the nation’s largest automotive retailers. Sonic can be reached on the web at www.sonicautomotive.com.

Included herein are forward-looking statements, including statements with respect to growth in new and used vehicle sales, future success and impacts from the implementation of our strategic initiatives, future new vehicle industry volume and expected earnings per share. There are many factors that affect management’s views about future events and trends of the Company’s business. These factors involve risk and uncertainties that could cause actual results or trends to differ materially from management’s view, including without limitation, economic conditions in the markets in which we operate, new and used vehicle sales volume, the success of our operational strategies, the rate and timing of overall economic recovery or decline and the risk factors described in the Company’s annual report on Form 10-K for the year ending December 31, 2010 and the quarterly report on Form 10-Q for the quarter ending September 30, 2011. The Company does not undertake any obligation to update forward-looking information.


Sonic Automotive, Inc.

Results of Operations (Unaudited)

(In thousands, except per share, unit data and percentage amounts)

This release contains certain non-GAAP financial measures as defined under SEC rules, such as, but not limited to, adjusted income from continuing operations, related earnings per share data and adjusted EBITDA. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these non-GAAP financial measures improve the transparency of the Company’s disclosure by providing period-to-period comparability of the Company’s results from operations.

 

    Three Months Ended December 31,     Three Months Ended December 31,  
    2011
As Reported
    2011
Adjustments
    2011
As Adjusted
    2010
As Reported
    2010
Adjustments
    2010
As Adjusted
 

Revenues

           

New retail vehicles

  $ 1,134,337      $ —        $ 1,134,337      $ 975,849      $ —        $ 975,849   

Fleet vehicles

    51,335        —          51,335        58,363        —          58,363   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total new vehicles

    1,185,672        —          1,185,672        1,034,212        —          1,034,212   

Used vehicles

    488,152        —          488,152        437,258        —          437,258   

Wholesale vehicles

    48,141        —          48,141        40,705        —          40,705   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total vehicles

    1,721,965        —          1,721,965        1,512,175        —          1,512,175   

Parts, service and collision repair

    292,400        —          292,400        285,357        —          285,357   

Finance, insurance and other

    56,433        —          56,433        47,361        —          47,361   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

    2,070,798        —          2,070,798        1,844,893        —          1,844,893   

Total gross profit

    305,295        —          305,295        284,525        —          284,525   

Selling, general and administrative expenses

    (240,779     6,816        (233,963     (224,155     —          (224,155

Impairment charges

    (991     991        —          (117     117        —     

Depreciation and amortization

    (10,586     —          (10,586     (9,381     —          (9,381
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

    52,939        7,807        60,746        50,872        117        50,989   

Interest expense, floor plan

    (4,871     —          (4,871     (5,921     —          (5,921

Interest expense, other, net

    (14,697     —          (14,697     (15,319     —          (15,319

Interest expense, non-cash, convertible debt

    (1,574     —          (1,574     (1,739     —          (1,739

Interest expense / amortization, non-cash, cash flow swaps

    (161     —          (161     519        (519     —     

Other income (expense), net

    (277     —          (277     (3     —          (3
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations before taxes

    31,359        7,807        39,166        28,409        (402     28,007   

Provision for income taxes - benefit (expense)

    (10,988     (2,733     (13,721     37,409        (48,006     (10,597
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations

    20,371        5,074        25,445        65,818        (48,408     17,410   

Income (loss) from discontinued operations

    167        284        451        (1,464     602        (862
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

  $ 20,538      $ 5,358      $ 25,896      $ 64,354      $ (47,806   $ 16,548   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted:

           

Weighted average common shares outstanding

    64,467        —          64,467        66,042        —          66,042   

Earnings (loss) per share from continuing operations

  $ 0.35      $ 0.08      $ 0.43      $ 1.02      $ (0.72   $ 0.30   

Earnings (loss) per share from discontinued operations

    —          —          —          (0.02     —          (0.02
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss) per share

  $ 0.35      $ 0.08      $ 0.43      $ 1.00      $ (0.72   $ 0.28   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross Margin Data (Continuing Operations):

           

New retail vehicles

    6.2       6.2     6.5       6.5

Fleet vehicles

    3.3       3.3     3.5       3.5

Total new vehicles

    6.1       6.1     6.3       6.3

Used vehicles

    7.1       7.1     7.3       7.3

Wholesale vehicles

    (2.2 %)        (2.2 %)      (2.7 %)        (2.7 %) 

Parts, service and collision repair

    49.1       49.1     49.4       49.4

Finance, insurance and other

    100.0       100.0     100.0       100.0

Overall gross margin

    14.7       14.7     15.4       15.4

SG&A Expenses (Continuing Operations):

           

Personnel

  $ 139,217          $ 130,467       

Advertising

    12,114            10,463       

Rent and rent related

    30,648            32,204       

Other

    58,800            51,021       
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 240,779      $ (6,816   $ 233,963      $ 224,155      $ —        $ 224,155   

SG&A Expenses as % of Gross Profit

    78.9       76.6     78.8       78.8

Operating Margin %

    2.6       2.9     2.8       2.8

Unit Data (Continuing Operations):

           

New retail units

    30,928            27,011       

Fleet units

    1,940            2,289       
 

 

 

       

 

 

     

Total new units

    32,868            29,300       

Used units

    23,880            21,429       

Wholesale units

    7,304            6,501       

Other Data:

           

Continuing Operations revenue percentage changes:

           

New retail vehicles

    16.2         20.2    

Fleet vehicles

    (12.0 %)          14.9    

Total new vehicles

    14.6         19.9    

Used vehicles

    11.6         18.2    

Parts, service and collision repair

    2.5         8.0    

Finance, insurance and other

    19.2         24.2    

Total revenues

    12.2         17.0    
 

 

 

       

 

 

     

Description of Adjustments:

    2011          2010         
 

 

 

     

 

 

       

Continuing Operations:

           

Lease exit adjustments and legal settlement charges

  $ 6,816        $ —           

Property impairment charges

    991          117         

Cash-flow swap ineffectiveness and amortization

    —            (519      
 

 

 

     

 

 

       

Total pre-tax adjustments

  $ 7,807          (402      

Tax effect of above items

    (2,733       152         

Valuation allowance recovery

    —            (48,158      
 

 

 

     

 

 

       

Total adjustments

  $ 5,074        $ (48,408      
 

 

 

     

 

 

       

Discontinued Operations:

           

Lease exit adjustments

  $ (798     $ 859         
 

 

 

     

 

 

       

Total pre-tax adjustments

    (798       859         

Tax effect of above items

    1,082          (257      
 

 

 

     

 

 

       

Total adjustments

  $ 284        $ 602         
 

 

 

     

 

 

       


Sonic Automotive, Inc.

Results of Operations (Unaudited)

(In thousands, except per share, unit data and percentage amounts)

This release contains certain non-GAAP financial measures as defined under SEC rules, such as, but not limited to, adjusted income from continuing operations, related earnings per share data and adjusted EBITDA. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these non-GAAP financial measures improve the transparency of the Company’s disclosure by providing period-to-period comparability of the Company’s results from operations.

 

    Year Ended December 31,     Year Ended December 31,  
    2011
As Reported
    2011
Adjustments
    2011
As Adjusted
    2010
As Reported
    2010
Adjustments
    2010
As Adjusted
 

Revenues

           

New retail vehicles

  $ 4,037,066      $ —        $ 4,037,066      $ 3,438,988      $ —        $ 3,438,988   

Fleet vehicles

    223,204        —          223,204        207,212        —          207,212   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total new vehicles

    4,260,270        —          4,260,270        3,646,200        —          3,646,200   

Used vehicles

    2,037,348        —          2,037,348        1,776,581        —          1,776,581   

Wholesale vehicles

    173,569        —          173,569        149,041        —          149,041   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total vehicles

    6,471,187        —          6,471,187        5,571,822        —          5,571,822   

Parts, service and collision repair

    1,181,643        —          1,181,643        1,128,054        —          1,128,054   

Finance, insurance and other

    218,444        —          218,444        180,968        —          180,968   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

    7,871,274        —          7,871,274        6,880,844        —          6,880,844   

Total gross profit

    1,209,119        —          1,209,119        1,114,678        —          1,114,678   

Selling, general and administrative expenses

    (952,436     6,816        (945,620     (896,697     647        (896,050

Impairment charges

    (1,151     1,151        —          (249     249        —     

Depreciation and amortization

    (40,684     —          (40,684     (35,110     —          (35,110
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

    214,848        7,967        222,815        182,622        896        183,518   

Interest expense, floor plan

    (19,639     —          (19,639     (21,536     —          (21,536

Interest expense, other, net

    (60,682     —          (60,682     (63,343     1,464        (61,879

Interest expense, non-cash, convertible debt

    (6,724     —          (6,724     (6,914     —          (6,914

Interest expense / amortization, non-cash, cash flow swaps

    (760     —          (760     (4,883     4,883        —     

Other income (expense), net

    (1,014     —          (1,014     (7,525     7,665        140   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations before taxes

    126,029        7,967        133,996        78,421        14,908        93,329   

Provision for income taxes - benefit (expense)

    (48,382     (3,059     (51,441     17,504        (53,985     (36,481
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations

    77,647        4,908        82,555        95,925        (39,077     56,848   

Income (loss) from discontinued operations

    (1,393     (387     (1,780     (5,996     625        (5,371
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

  $ 76,254      $ 4,521      $ 80,775      $ 89,929      $ (38,452   $ 51,477   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted:

           

Weighted average common shares outstanding

    65,464        —          65,464        65,794        —          65,794   

Earnings (loss) per share from continuing operations

  $ 1.31      $ 0.08      $ 1.39      $ 1.58      $ (0.59   $ 0.99   

Earnings (loss) per share from discontinued operations

    (0.02     (0.01     (0.03     (0.09     0.01        (0.08
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss) per share

  $ 1.29      $ 0.07      $ 1.36      $ 1.49      $ (0.58   $ 0.91   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross Margin Data (Continuing Operations):

           

New retail vehicles

    6.5       6.5     6.7       6.7

Fleet vehicles

    3.2       3.2     3.0       3.0

Total new vehicles

    6.3       6.3     6.5       6.5

Used vehicles

    7.2       7.2     7.9       7.9

Wholesale vehicles

    (3.3 %)        (3.3 %)      (3.4 %)        (3.4 %) 

Parts, service and collision repair

    49.1       49.1     49.8       49.8

Finance, insurance and other

    100.0       100.0     100.0       100.0

Overall gross margin

    15.4       15.4     16.2       16.2

SG&A Expenses (Continuing Operations):

           

Personnel

  $ 554,378          $ 524,972       

Advertising

    53,311            46,908       

Rent and rent related

    124,917            129,354       

Other

    219,830            195,463       
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 952,436      $ (6,816   $ 945,620      $ 896,697      $ (647   $ 896,050   

SG&A Expenses as % of Gross Profit

    78.8       78.2     80.4       80.4

Operating Margin %

    2.7       2.8     2.7       2.7

Unit Data (Continuing Operations):

           

New retail units

    114,132            98,820       

Fleet units

    8,626            8,331       
 

 

 

       

 

 

     

Total new units

    122,758            107,151       

Used units

    102,874            90,290       

Wholesale units

    26,630            24,128       

Other Data:

           

Continuing Operations revenue percentage changes:

           

New retail vehicles

    17.4         14.1    

Fleet vehicles

    7.7         (3.6 %)     

Total new vehicles

    16.8         12.9    

Used vehicles

    14.7         22.4    

Parts, service and collision repair

    4.8         5.2    

Finance, insurance and other

    20.7         17.0    

Total revenues

    14.4         13.6    
 

 

 

       

 

 

     

Description of Adjustments:

    2011          2010         
 

 

 

     

 

 

       

Continuing Operations:

           

Hail storm related expenses

  $ —          $ 647         

Lease exit adjustments and legal settlement charges

    6,816          —           

Property impairment charges

    1,151          249         

Cash-flow swap ineffectiveness and amortization

    —            4,883         

Debt restructuring charges

    —            1,464         

Loss on debt extinguishment

    —            7,665         
 

 

 

     

 

 

       

Total pre-tax adjustments

  $ 7,967        $ 14,908         

Tax effect of above items

    (3,059       (5,827      

Valuation allowance recovery

    —            (48,158      
 

 

 

     

 

 

       

Total adjustments

  $ 4,908        $ (39,077      
 

 

 

     

 

 

       

Discontinued Operations:

           

Lease exit adjustments

  $ (798     $ 859         
 

 

 

     

 

 

       

Total pre-tax adjustments

  $ (798     $ 859         

Tax effect of above items

    411          (234      
 

 

 

     

 

 

       

Total adjustments

  $ (387     $ 625         
 

 

 

     

 

 

       


Sonic Automotive, Inc.

Earnings Per Share Reconciliation (Unaudited)

(In thousands, except per share data)

 

     Three Months Ended December 31, 2011  
            Income
From Continuing
Operations
    Loss
From Discontinued
Operations
    Net Income  
As Reported:    Weighted
Average
Shares
     Amount     Per
Share
Amount
    Amount     Per
Share
Amount
    Amount     Per
Share
Amount
 

Earnings (loss) and shares

     52,194       $ 20,371        $ 167        $ 20,538     

Effect of participating securities:

               

Non-vested restricted stock and stock units

     —           (266       —            (266  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings (loss) and shares

     52,194       $ 20,105      $ 0.39      $ 167      $ —        $ 20,272      $ 0.39   

Effect of dilutive securities:

               

Contingently convertible debt (5.0% Convertible Notes)

     11,713         2,330          —            2,330     

Stock compensation plans

     560                
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings (loss) and shares

     64,467       $ 22,435      $ 0.35      $ 167      $ —        $ 22,602      $ 0.35   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjustments (net of tax):

               

Lease exit adjustments and legal settlement charges

      $ 4,430      $ 0.07      $ 284      $ —        $ 4,714      $ 0.07   

Property impairment charges

        644        0.01        —          —          644        0.01   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total adjustments

      $ 5,074      $ 0.08      $ 284      $ —        $ 5,358      $ 0.08   

Adjusted:

               
       

 

 

     

 

 

     

 

 

 

Diluted earnings (loss) per share

        $ 0.43        $ —          $ 0.43   
       

 

 

     

 

 

     

 

 

 
     Three Months Ended December 31, 2010  
            Income
From Continuing
Operations
    Loss
From Discontinued
Operations
    Net Income  
As Reported:    Weighted
Average
Shares
     Amount     Per
Share
Amount
    Amount     Per
Share
Amount
    Amount     Per
Share
Amount
 

Earnings (loss) and shares

     52,401       $ 65,818        $ (1,464     $ 64,354     

Effect of participating securities:

               

Non-vested restricted stock and stock units

     —           (630       —            (630  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings (loss) and shares

     52,401       $ 65,188      $ 1.24      $ (1,464   $ (0.02   $ 63,724      $ 1.22   

Effect of dilutive securities:

               

Contingently convertible debt (5.0% Convertible Notes)

     12,890         2,313          3          2,316     

Stock compensation plans

     751                
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings (loss) and shares

     66,042       $ 67,501      $ 1.02      $ (1,461   $ (0.02   $ 66,040      $ 1.00   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjustments (net of tax):

               

Property impairment charges

      $ 73      $ —        $ —        $ —        $ 73      $ —     

Cash-flow swap ineffectiveness and amortization

        (323     —          —          —          (323     —     

Lease exit adjustments

        —          —          602        —          602        —     

Valuation allowance recovery

        (48,158     (0.72     —          —          (48,158     (0.72
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total adjustments

      $ (48,408   $ (0.72   $ 602      $ —        $ (47,806   $ (0.72

Adjusted:

               
       

 

 

     

 

 

     

 

 

 

Diluted earnings (loss) per share

        $ 0.30        $ (0.02     $ 0.28   
       

 

 

     

 

 

     

 

 

 


Sonic Automotive, Inc.

Earnings Per Share Reconciliation (Unaudited)

(In thousands, except per share data)

 

     Year Ended December 31, 2011  
            Income
From Continuing
Operations
    Loss
From Discontinued
Operations
    Net Income  
As Reported:    Weighted
Average
Shares
     Amount     Per
Share
Amount
    Amount     Per
Share
Amount
    Amount     Per
Share
Amount
 

Earnings (loss) and shares

     52,358       $ 77,647        $ (1,393     $ 76,254     

Effect of participating securities:

               

Non-vested restricted stock and stock units

     —           (958       —            (958  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings (loss) and shares

     52,358       $ 76,689      $ 1.46      $ (1,393   $ (0.02   $ 75,296      $ 1.44   

Effect of dilutive securities:

               

Contingently convertible debt (5.0% Convertible Notes)

     12,517         9,300          —            9,300     

Stock compensation plans

     589                
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings (loss) and shares

     65,464       $ 85,989      $ 1.31      $ (1,393   $ (0.02   $ 84,596      $ 1.29   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjustments (net of tax):

               

Lease exit adjustments and legal settlement charges

      $ 4,199      $ 0.07      $ (387   $ (0.01   $ 3,812      $ 0.06   

Property impairment charges

        709        0.01        —          —          709        0.01   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total adjustments

      $ 4,908      $ 0.08      $ (387   $ (0.01   $ 4,521      $ 0.07   

Adjusted:

               
       

 

 

     

 

 

     

 

 

 

Diluted earnings (loss) per share

        $ 1.39        $ (0.03     $ 1.36   
       

 

 

     

 

 

     

 

 

 
     Year Ended December 31, 2010  
            Income
From Continuing
Operations
    Loss
From Discontinued
Operations
    Net Income  
As Reported:    Weighted
Average
Shares
     Amount     Per
Share
Amount
    Amount     Per
Share
Amount
    Amount     Per
Share
Amount
 

Earnings (loss) and shares

     52,214       $ 95,925        $ (5,996     $ 89,929     

Effect of participating securities:

               

Non-vested restricted stock and stock units

     —           (921       —            (921  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings (loss) and shares

     52,214       $ 95,004      $ 1.82      $ (5,996   $ (0.12   $ 89,008      $ 1.70   

Effect of dilutive securities:

               

Contingently convertible debt (5.0% Convertible Notes)

     12,890         9,022          31          9,053     

Stock compensation plans

     690                
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings (loss) and shares

     65,794       $ 104,026      $ 1.58      $ (5,965   $ (0.09   $ 98,061      $ 1.49   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjustments (net of tax):

               

Hail storm related expenses

      $ 394      $ —        $ —        $ —        $ 394      $ —     

Property impairment charges

        152        —          —          —          152        —     

Cash-flow swap ineffectiveness and amortization

        2,974        0.05        —          —          2,974        0.05   

Debt restructuring charges

        892        0.01        —          —          892        0.01   

Loss on debt extinguishment

        4,669        0.07        —          —          4,669        0.07   

Lease exit adjustments

        —          —          625        0.01        625        0.01   

Valuation allowance recovery

        (48,158     (0.72     —          —          (48,158     (0.72
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total adjustments

      $ (39,077   $ (0.59   $ 625      $ 0.01      $ (38,452   $ (0.58

Adjusted:

               
       

 

 

     

 

 

     

 

 

 

Diluted earnings (loss) per share

        $ 0.99        $ (0.08     $ 0.91