Q4 2014 EARNINGS REVIEW
February 24, 2015
Exhibit 99.2


2
FORWARD-LOOKING STATEMENTS
This
presentation
contains
“forward-looking
statements”
within
the
meaning
of
the
Private
Securities
Litigation Reform Act of 1995.  These statements relate to future events, are not historical facts and are
based on our current expectations and assumptions regarding our business, the economy and other future
conditions.  These statements can generally be identified by lead-in words such as “believe”, “expect”,
“anticipate”, “intend”, “plan”, “foresee”, “may”
,”will”
and other similar words.  Statements that describe
our Company’s objectives, plans or goals are also forward-looking statements.  Examples of such forward-
looking information we may be discussing in this presentation include, without limitation, anticipated 2014
industry new vehicle sales volume, the implementation of growth and operating strategies, including
acquisitions of dealerships and properties, the development of open points and stand-alone pre-owned
stores, the return of capital to shareholders , anticipated future success and impacts from the
implementation of our strategic initiatives and earnings per share expectations.
You are cautioned that these forward-looking statements are not guarantees of future performance, involve
risks
and
uncertainties
and
actual
results
may
differ
materially
from
those
projected
in
the
forward-looking
statements as a result of various factors.  These risks and uncertainties include, among other things, (a)
economic conditions in the markets in which we operate, (b) the success of our operational strategies, (c) our
relationships with the automobile manufacturers, (d) new and pre-owned vehicle sales volume, and (e)
earnings expectations for the year ended December 31, 2014. These risks and uncertainties, as well as
additional factors that could affect our forward-looking statements, are described in our Form 10-K for the
year ending December 31, 2013.
These forward-looking statements, risks, uncertainties and additional factors speak only as of the date of this
presentation.  We undertake no obligation to update any such statements.


CONTENT
STRATEGIC FOCUS
FINANCIAL RESULTS
OPERATIONS REVIEW
SUMMARY AND OUTLOOK
3


4
STRATEGIC FOCUS
1.
Growth
One Sonic-One Experience
EchoPark
®
Acquisitions & Open Points
2.
Own Our Properties
3.
Return Capital to Shareholders


STRATEGIC FOCUS
ONE SONIC-ONE EXPERIENCE
5
Goals
1 Associate, 1 Price, 1 Hour
Improve Transparency; Increase Trust
Operational Efficiencies
Pilot Stores Underway
24 Month Implementation
Result -
Increase Market Share and Customer Retention


6
STRATEGIC FOCUS
ONE SONIC-ONE EXPERIENCE (cont’d)
Speed Up the Transaction
No Negotiation
Reduce Paperwork
Electronic Signature
One Associate One Guest
Technology Driven
Training Supported
Reduce Headcount Through
Attrition
Creates Significant Cost
Savings
Create Trust & Transparency
Increased CSI, ASI and
Market Share
Brand the Retail Stores
Increased Market Share &
Margins
Creates More of a Specialty
Retail Experience
Apple, Starbucks, etc.


7
STRATEGIC FOCUS
EchoPark
®
Hub Opened November 3
2 Neighborhood Stores
Opened in January 2015
Expect at least 2 more in 2015


8
STRATEGIC FOCUS
ACQUISITIONS & OPEN POINTS
Purchased Four Franchises: Jaguar (Q1),
Nissan (Q3), Chevy and Land Rover (Q4) during
2014
Estimated Annual Revenues of $156 million
Open Points
Mercedes Benz in Dallas Market
Audi in Pensacola Market
Nissan in TN Market
Exploring Opportunities in Other Markets


9
STRATEGIC FOCUS
OWN OUR PROPERTIES
2007
2008
2011
2012
2013
2014
Proj. -
2017
0%
12%
18%
23%
31%
36%
49%


10
STRATEGIC FOCUS
RETURN CAPITAL TO SHAREHOLDERS
Unused Authorization of Approximately $ 79 million
Quarterly Dividend of $0.025 Per Share
Shares
(in thousands)
Average Price /
Share
$
(in millions)
2014 Activity
2,256
$ 23.51
$ 53.0


Q4 & FY 2014 FINANCIAL
REVIEW


ADJUSTED Q4 & FY 2014 RESULTS
B/(W) than Q4
2013
B/(W) than 2013
(amounts in millions, except per share data)
Q4 2014
$
%
2014
$
%
Revenue
$ 2,352
$ 36
1.6%
$ 9,197
$ 354
4.0%
Gross Profit
$ 349
$ 10
2.9%
$ 1,366
$ 64
4.9%
Operating Profit
(1)
$ 70
$ 1
1.4%
$ 235
($ 10)
(4.1%)
Interest & Other
(1)
($ 17)
$ 1
7.4%
($ 72)
$ 5
6.1%
Continuing Ops:
Profit (after tax)
(1)
$ 33
($3)
(8.5%)
$ 100
($ 8)
(7.7%)
Diluted EPS
(1)
$ 0.63
($ 0.04)
(6.0%)
$ 1.90
($ 0.13)
(6.0%)
SG&A as % of Gross
(1)
75.5%
(30 bps)
78.6%
(150 bps)
Discontinued Ops Profit/(Loss)  (after tax)
($ 1)
$ 1
($2 )
$ 1
12
(1) –
Amounts are adjusted.  See appendix for reconciliation of adjusted amounts to GAAP amounts


13
(amounts in millions, except per share date)
Q4 2014
Q4 2013
Pre-Tax
EPS
Pre-Tax
EPS
Reported EPS
$ 0.52
$ 0.55
Storm Damage
$ 1.5
$ 0.03
$ 0.0
$ 0.00
Gain on Disposal
($ 0.2)
($ 0.00)
$ 0.0
$ 0.00
Impairment
$ 6.4
$ 0.08
$ 9.9
$ 0.12
Adjusted EPS
$ 0.63
$ 0.67
EchoPark
$ 7.1
$ 0.08
$ 2.2
$ 0.03
Comparable EPS
$ 0.71
$ 0.70
EPS WALK–
Q4


EPS WALK–
FY 2014
14
(amounts in millions, except per share date)
2014
2013
Pre-Tax
EPS
Pre-Tax
EPS
Reported EPS
$ 1.87
$ 1.59
Storm Damage
$ 4.0
$ 0.05
$ 0.0
$ 0.00
Legal
$ 1.1
$0.01
$ 0.0
$ 0.00
Gain on Disposal
($ 10.7)
($ 0.11)
$ 0.0
$ 0.00
Impairment
$ 6.6
$ 0.08
$ 9.9
$ 0.11
Debt Refi
$ 0.0
$ 0.00
$ 29.0
$ 0.33
Adjusted EPS
$ 1.90
$ 2.03
EchoPark®
$ 15.7
$ 0.18
$ 5.5
$ 0.07
Comparable EPS
$ 2.08
$ 2.10


ECHOPARK –
Q4 & FY 2014 RESULTS
15
(amounts in millions, except per share data)
Q4 2014
B/(W)
than Q4
2013
FY 2014
B/(W)
than FY
2013
Revenue
$ 5.4
$ 5.4
$ 5.4
$ 5.4
Gross Profit
$ 0.5
$ 0.5
$ 0.5
$ 0.5
Operating Profit
($ 7.0)
($ 4.8)
($ 15.6)
($ 10.1)
Interest & Other
($0.1 )
($ 0.1)
($ 0.1)
($ 0.1)
Pre-tax Profit (Loss)
($ 7.1)
($ 4.9)
($ 15.7)
($ 10.2)


ADJUSTED SG&A TO GROSS
16
75.5%
75.2%
Note: See Appendix for reconciliation to GAAP amounts
78.6%
77.1%
Q4 2014
Q4 2013
FY 2014
FY 2013
4.4%
4.5%
4.2%
4.3%
44.6%
44.7%
46.8%
46.2%
7.6%
7.5%
7.8%
8.1%
18.9%
18.5%
19.8%
18.5%
Advertising
Comp
Rent & Related
Other


SG&A TO GROSS WALK –
Q4
17
Note: See Appendix for reconciliation to GAAP amounts
Q4 2014
Adjusted
Less:
EchoPark
Less: OSOE
Less:
Centralization
Q4 2014 Adj
for Initiatives
75.5%
(1.9%)
(1.1%)
(0.3%)
72.2%
210 bps
Better than
Q4 2013 of
74.3%


SG&A TO GROSS WALK –
FY 2014
18
Note: See Appendix for reconciliation to GAAP amounts
FY 2014
Adjusted
Less:
EchoPark
Less: OSOE
Less:
Centralization
FY 2014 Adj
for Initiatives
78.6%
(1.1%)
(0.8%)
(0.2%)
76.5%


STRATEGIC INITIATIVE INVESTMENTS
19
(in millions)
2014
Estimated 2015
EchoPark®
$ 15.7
$ 13.3
One Sonic-One Experience
$ 10.4
$ 10.0
Centralization of Business Office
$ 2.1
$ 5.0


CAPITAL SPEND
(amounts in millions)
YTD 2014
Estimated
2015
Real Estate & Facility Related
$ 124.3
$159.1
All Other Cap Ex
39.6
42.0
Subtotal
$ 163.9
$ 201.1
Less: Mortgage Funding
(44.4)
(100.6)
Total Cash Used –
Cap Ex
$ 119.5
$ 100.5
Note –
Spending excludes the effect of  franchise acquisitions.
20


LIQUIDITY
(amounts in millions)
Q4 2014
Q4 2013
Cash
$ 4.2
$3.0
Revolver Availability
165.4
126.0
Used floor plan availability
22.6
27.1
Floor plan deposit balance
57.5
65.0
Total
$ 249.7
$221.1
21


DEBT COVENANTS
Covenant
Actual Q4
2014
Liquidity Ratio
>= 1.05
1.20
Fixed Charge Coverage Ratio
>= 1.20
1.61
Total Lease Adjusted Leverage
Ratio
<= 5.50
4.12
Compliant with all Covenants
22


OPERATIONS
REVIEW


NEW VEHICLE RETAIL
SAME STORE
Q4 2014
Q4 2013
B/(W)
Volume
34,371
32,756
4.9%
Selling Price
$ 38,571
$ 38,287
0.7%
Gross Margin %
5.9%
6.4%
(50 bps)
GPU
$ 2,269
$ 2,435
($ 166)
Gross Profit
$ 78 million
$ 80 million
(2.2%)
SAAR (includes fleet)
16.8 million
15.6 million
7.2%
24


25
Q4 REVENUE MIX
Industry
Growth
Ford
(0.7%)
GM (includes
Cadillac)
8.7%
Chrysler
21.0%
Honda
3.3%
Toyota
7.4%
Nissan
7.1%
MB
0.8%
BMW
6.7%
Lexus
9.2%
Audi
16.9%
Ford,
7.1%
GM
(includes
Cadillac),
7.8%
Chrysler,
0.0%
Honda,
22.3%
Toyota,
14.0%
Nissan,
0.0%
Other
Import,
6.1%
MB, 8.5%
BMW,
19.1%
Lexus,
5.0%
Audi,
3.6%
Other
Luxury,
6.5%


Q4 2014 vs. Q4 2013
NEW VEHICLE -
BRAND
18.7%
8.0%
2.3%
7.0%
5.4%
22.5%
4.8%
13.8%
4.0%
% Sonic Unit Sales
BMW
MB
Cadillac
Ford
GM
Honda
Lexus
Toyota
Audi
21%
(1%)
(12%)
(5%)
10%
7%
2%
5%
16%
7%
1%
(13%)
(1%)
10%
3%
9%
7%
17%
Sonic
Industry
26


USED VEHICLE RETAIL
SAME STORE
Q4 2014
Q4 2013
B/(W)
Retail Volume
25,784
25,322
1.8%
Used Retail GPU
$ 1,433
$ 1,353
$ 80
Used to New
0.75 : 1
0.77 : 1
(0.02)
Vehicles / store / month (all stores)
88
86
2
27


FIXED OPS
SAME STORE
28
QTD YOY Gross Profit Change Breakdown:
Q4 2014
B/(W)
than 2013
(amounts in millions)
$
%
Revenue
$
318.0
$ 11.9
3.9%
Gross Profit
$ 153.7
$ 6.5
4.4%
Customer Pay Up 0.1%
Whsl. Parts Up 1.6%
Internal & Sublet Up 8.1%
Warranty Up 12.1%


OSOE


30
OSOE
Low turnover as a result of the changes
January is our first full month and share is reacting positively
We are easily doing deals in less than an hour if that is a guest wish
Customer feedback is fantastic
Our training is excellent
We are attracting a new type of employee
New CRM tool and Showroom technology is working properly and a
competitive advantage
Competition is reacting to our moves –
pricing and advertising
F&I continues to improve
Marketing begins in February for the Charlotte Market
No plans to move to next market until Charlotte share and profit
goals
are met
Website performance issues (resolved)
SEO/SEM performance issues (improving)
BDC / GEC conversion (improving)
Pricing tool is not complete (new car –
90 days out)
Inventory purchase tool not complete (new car -
6 months out)
EARLY OBSERVATIONS
OPPORTUNITIES


31
OSOE –
MARKET SHARE
Market Share is
Stabilizing
17.8%
14.4%
13.2%
12.9%
14.2%
13.1%
14.6%
18.0%
20.8%
15.8%
16.0%
15.1%
15.8%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Town & Country Toyota
October 2014 -
T&C Toyota Soft
Open
November 2014
First Full
Month for Toyota
December
2014
Other
Charlotte
Stores Soft Open
January 2015 –
First Full Month
for Other Charlotte Stores


32
OSOE –
MARKET SHARE
20.6%
17.7%
19.5%
18.3%
17.0%
16.9%
13.9%
18.5%
17.3%
12.3%
16.0%
13.3%
15.9%
10.0%
15.0%
20.0%
25.0%
30.0%
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Town & Country Ford
18.5%
20.1%
15.9%
18.5%
20.1%
16.3%
17.0%
15.4%
16.3%
14.9%
12.4%
14.5%
16.9%
10.0%
15.0%
20.0%
25.0%
30.0%
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Fort Mill Ford


33
OSOE –
MARKET SHARE
42.5%
41.1%
40.7%
51.1%
30.0%
44.4%
43.5%
46.6%
40.5%
50.6%
40.5%
31.7%
42.6%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Infiniti of South Charlotte
35.7%
32.5%
47.5%
41.7%
38.7%
36.7%
40.4%
40.0%
37.1%
45.7%
32.2%
26.5%
41.3%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Cadillac of South Charlotte


EchoPark
®


35
EARLY OBSERVATIONS
Very low to no turnover
Fantastic guest experience –
take a look at the testimonials from Yelp, Yahoo, Google –
that’s what we are looking for!
Reconditioning levels are very high 
F&I performance ahead of projection with no F&I office
EchoPark SIMS -
Excellent inventory management system (buying, intercompany
movement) –
performance is above expectations with no inventory issues
Appraisal process –
is fantastic and a favorite of our guests
Volume has started off very well
Store technology is strong and improving
OPPORTUNITIES
Website performance issues (not resolved)
Same as OSOE Stores; working to resolve but website performance is not
acceptable and will be resolved in the coming weeks
SEO/SEM performance issues (plan being implemented)
Weather has been a big issue –
held up openings of 2 locations
Pricing system –
delayed completion will start 3/1/15
EchoPark®


36
EchoPark®
Openings:
Hub
11/3/2014
Centennial –
12/26/2015
Highlands Ranch –
1/26/2015
0
82
126
150
0
0
35
6
0
20
40
60
80
100
120
140
160
Unit Volume
HUB
Centennial
Highlands Ranch


SUMMARY


Continued to grow the top-line in each revenue
category achieving record results
The franchised dealership landscape supported our
operating initiatives
Significant milestones / achievements in 2014
Opening of EchoPark
®
Rollout of One Sonic-One Experience
Gained ground on owning properties –
now at 36%
Returned $82.8 million to shareholders through
share repurchases and dividends
SUMMARY
38


2015 PLAN
2015 Plan
Expect new car industry volume to be between 16.5M to
17.0M units
We will continue to increase pre-owned volume in the mid-
single digits
Expect fixed operations to grow at mid-single digits
Costs
related
to
EchoPark
®
,
One
Sonic-One
Experience,
and centralization to continue
2015 Continued Ops EPS Guidance:
New Car Franchise Business
$2.01 -
$2.11
Effect of EchoPark
®
($0.16)
Total Sonic
$1.85 -
$1.95
39



Appendix
41


NON-GAAP RECONCILIATIONS
42
Fourth Quarter Ended
Year Ended
2014
2013
2014
2013
SG&A Reconciliation:
As Reported
264,402
$         
254,647
$         
1,067,433
$      
1,003,125
$      
Pre-tax Adjustments:
Fire and severe storm damage
(961)
                 
-
                   
(3,965)
              
-
                   
Legal and other
(575)
                 
-
                   
(1,105)
              
-
                   
Gain on disposal of franchises
254
                   
-
                   
10,743
              
-
                   
Total pre-tax adjustments
(1,282)
              
-
                   
5,673
                
-
                   
Adjusted SG&A
263,120
$         
254,647
$         
1,073,106
$      
1,003,125
$      
SG&A as % of Gross Reconciliation:
As Reported
75.9%
75.2%
78.1%
77.1%
Pre-tax Adjustments:
Fire and severe storm damage
(0.3%)
0.0%
(0.2%)
0.0%
Legal and other
(0.2%)
0.0%
(0.1%)
0.0%
Gain on disposal of franchises
0.1%
0.0%
0.8%
0.0%
Total pre-tax adjustments
(0.4%)
0.0%
0.5%
0.0%
Adjusted SG&A as % of Gross
75.5%
75.2%
78.6%
77.1%
December 31,
(In thousands)
This release contains certain non-GAAP financial measures (the "Adjusted" amounts) as defined under SEC rules, such as, but not limited to, adjusted income
from continuing operations and related earnings per share data.  The Company has reconciled these measures to the most directly comparable GAAP measures
(the "Reported" amounts) 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.
December 31,
(In thousands)


43
NON-GAAP RECONCILIATIONS
Fourth Quarter Ended
Year Ended
2014
2013
2014
2013
Operating Profit Reconciliation:
As Reported
62,470
$           
59,264
$           
233,613
$         
234,603
$         
Pre-tax Adjustments:
Fire and severe storm damage
961
                   
-
                   
3,965
                
-
                   
Legal and other
575
                   
-
                   
1,105
                
-
                   
Impairment charges
6,379
                
9,873
                
6,586
                
9,872
                
Gain on disposal of franchises
(254)
                 
-
                   
(10,743)
           
-
                   
Total pre-tax adjustments
7,661
                
9,873
                
913
                   
9,872
                
Adjusted Operating Profit
70,131
$           
69,137
$           
234,526
$         
244,475
$         
Profit from Continuing Operations (after-tax) Reconciliation:
As Reported
26,957
$           
29,562
$           
98,559
$           
84,678
$           
After-tax Adjustments:
Fire and severe storm damage
594
                   
-
                   
2,683
                
-
                   
Legal and other
355
                   
-
                   
749
                   
-
                   
Impairment charges
3,943
                
6,022
                
4,459
                
6,022
                
Gain on disposal of franchises
(157)
                 
-
                   
(7,273)
              
-
                   
Permanent tax difference from disposals
853
                   
-
                   
853
                   
-
                   
Debt Refinancing
-
                   
-
                   
-
                   
17,704
              
Total after-tax adjustments
5,588
                
6,022
                
1,471
                
23,726
              
Adjusted Profit from Continuing Operations (after-tax)
32,545
$           
35,584
$           
100,030
$         
108,404
$         
December 31,
(In thousands)
December 31,
(In thousands)


NON-GAAP RECONCILIATIONS
44
Fourth Quarter Ended December 31, 2014
Income (Loss)
Income (Loss)
From Continuing
From Discontinued
Operations
Average
Net Income (Loss)
Weighted
Per
Per
Per
Average
Share
Share
Share
Shares
Amount
Amount
Amount
Amount
Amount
Amount
(In thousands, except per share amounts)
Reported:
Earnings (loss) and shares . . . . . . . . . . . . . . . . . .
51,272
        
26,957
$     
(831)
$       
26,126
$     
Effect of participating securities:
Non-vested restricted stock
and stock units . . . . . . . . . . . . . . . . . . . . . . .
(86)
            
-
                
(86)
              
Basic earnings (loss) and shares . . . . . . . . . . . . .
51,272
        
26,871
$     
0.52
$       
(831)
$       
(0.01)
$     
26,040
$     
0.51
$       
Effect of dilutive securities:
Stock compensation plans . . . . . . . . . . . . . . . .
562
              
Diluted earnings (loss) and shares (1) . . . . . . . . ..
51,834
        
26,871
$     
0.52
$       
(831)
$       
(0.02)
$     
26,040
$     
0.50
$       
Adjustments (net of tax):
Fire and severe storm damage . . . . . . . . . . . . . . .
594
$          
0.01
$       
-
$              
-
$        
594
$          
0.01
$       
Legal and other. . . . . . . . . . . . . . . . . . . . . . . . . . ..
355
            
-
          
-
                
-
          
355
            
-
          
Impairment charges. . . . . . . . . . . . . . . . . . . . . . .
3,943
         
0.08
         
-
                
-
          
3,943
         
0.08
         
Gain on disposal of franchises . . . . . . . . . . . . . .
(157)
          
-
          
-
                
-
          
(157)
           
-
          
Permanent tax difference from disposals . . . . . .
853
            
0.02
         
-
                
853
            
0.02
         
Total adjustments . . . . . . . . . . . . . . . . . . . . . .
5,588
$       
0.11
$       
-
$              
-
$        
5,588
$       
0.11
$       
Adjusted:
Earnings (loss) and
Diluted earnings (loss) per share . . . . . . . . . . .
32,545
$     
0.63
$       
(831)
$       
(0.02)
$     
31,714
$     
0.61
$       
(1) Expenses attributable to the EchoPark® initiative were $0.08 per fully diluted share in the fourth quarter of 2014.
Fourth Quarter Ended December 31, 2013
Income (Loss)
Income (Loss)
From Continuing
From Discontinued
Operations
Operations
Net Income (Loss)
Weighted
Per
Per
Per
Average
Share
Share
Share
Shares
Amount
Amount
Amount
Amount
Amount
Amount
(In thousands, except per share amounts)
Reported:
Earnings (loss) and shares . . . . . . . . . . . . . . . . . .
52,492
        
29,562
$     
(1,478)
$    
28,084
$     
Effect of participating securities:
Non-vested restricted stock
and stock units . . . . . . . . . . . . . . . . . . . . . . .
(208)
          
-
                
(208)
           
Basic earnings (loss) and shares . . . . . . . . . . . . .
52,492
        
29,354
$     
0.56
$       
(1,478)
$    
(0.03)
$     
27,876
$     
0.53
$       
Effect of dilutive securities:
Stock compensation plans . . . . . . . . . . . . . . . .
482
              
Diluted earnings (loss) and shares  (2). . . . . . . .. .
52,974
        
29,354
$     
0.55
$       
(1,478)
$    
(0.02)
$     
27,876
$     
0.53
$       
Adjustments (net of tax):
Impairment Charges . . . . . . . . . . . . . . . . . . . . . .
6,022
$       
0.11
$       
-
$              
-
$        
6,022
$       
0.11
$       
Effect of two-class method & rounding . . . . . . .
-
                 
0.01
         
-
                
(0.01)
       
-
                  
-
          
Total adjustments . . . . . . . . . . . . . . . . . . . . . .
6,022
$       
0.12
$       
-
$              
(0.01)
$     
6,022
$       
0.11
$       
Adjusted:
Earnings (loss) and
Diluted earnings (loss) per share . . . . . . . . . . .
35,584
$     
0.67
$       
(1,478)
$    
(0.03)
$     
34,106
$     
0.64
$       
(2) Expenses attributable to the EchoPark® initiative were $0.03 per fully diluted share in the fourth quarter of 2013.


45
NON-GAAP RECONCILIATIONS
Year Ended December 31, 2014
Income (Loss)
Income (Loss)
From Continuing
From Discontinued
Operations
Operations
Net Income (Loss)
Weighted
Per
Per
Per
Average
Share
Share
Share
Shares
Amount
Amount
Amount
Amount
Amount
Amount
(In thousands, except per share amounts)
Reported:
Earnings (loss) and shares . . . . . . . . . . . . . . . . . .
52,065
        
98,559
$     
(1,342)
$    
97,217
$     
Effect of participating securities:
Non-vested restricted stock
and stock units . . . . . . . . . . . . . . . . . . . . . . .
(311)
          
-
                
(311)
           
Basic earnings (loss) and shares . . . . . . . . . . . . .
52,065
        
98,248
$     
1.89
$       
(1,342)
$    
(0.03)
$     
96,906
$     
1.86
$       
Effect of dilutive securities:
Contingently convertible
debt (5.0% Convertible Notes) . . . . . . . . . . .
-
                  
-
                 
-
                
-
                  
Stock compensation plans . . . . . .. . . . . . . . . . .
498
              
Diluted earnings (loss) and shares (3). . . . . . . . .
52,563
        
98,248
$     
1.87
$       
(1,342)
$    
(0.03)
$     
96,906
$     
1.84
$       
Adjustments (net of tax):
Fire and severe storm damage . . . . . . . . . . . . . . .
2,685
$       
0.05
$       
-
$              
-
$        
2,685
$       
0.05
$       
Legal and other. . . . . . . . . . . . . . . . . . . . . . . . . . ..
749
            
0.01
         
-
                
-
          
749
            
0.01
         
Impairment charges. . . . . . . . . . . . . . . . . . . . . . .
4,459
         
0.08
         
-
                
-
          
4,459
         
0.08
         
Gain on disposal of franchises . . . . . . . . . . . . . .
(7,273)
       
(0.14)
       
-
                
-
          
(7,273)
        
(0.14)
       
Permanent tax difference from disposals . . . . . .
853
            
0.02
         
-
                
-
          
853
            
0.02
         
Lease exit adjustments . . . . . . . . . . . . . . . . . . . .
-
                 
-
          
(844)
         
(0.02)
       
(844)
           
(0.02)
       
Effect of two-class method & rounding . . . . . . .
-
                 
0.01
         
-
                
0.01
         
-
                  
0.02
         
Total adjustments . . . . . . . . . . . . . . . . . . . . . .
1,473
$       
0.03
$       
(844)
$       
(0.01)
$     
629
$          
0.02
$       
Adjusted:
Earnings (loss) and
Diluted earnings (loss) per share . . . . . . . . . . .
100,032
$   
1.90
$       
(2,186)
$    
(0.04)
$     
97,846
$     
1.86
$       
(3) Expenses attributable to the EchoPark® initiative were $0.18 per fully diluted share in the year ended December 31, 2014.
Year Ended December 31, 2013
Income (Loss)
Income (Loss)
From Continuing
From Discontinued
Operations
Operations
Net Income (Loss)
Weighted
Per
Per
Per
Average
Share
Share
Share
Shares
Amount
Amount
Amount
Amount
Amount
Amount
(In thousands, except per share amounts)
Reported:
Earnings (loss) and shares . . . . . . . . . . . . . . . . . .
52,556
        
84,678
$     
(3,060)
$    
81,618
$     
Effect of participating securities:
Non-vested restricted stock
and stock units . . . . . . . . . . . . . . . . . . . . . . .
(601)
          
-
                
(601)
           
Basic earnings (loss) and shares . . . . . . . . . . . . .
52,556
        
84,077
$     
1.60
$       
(3,060)
$    
(0.06)
$     
81,017
$     
1.54
$       
Effect of dilutive securities:
Stock compensation plans . . . . . . . . . . . . . . . .
385
              
Diluted earnings (loss) and shares (4) . . . . . . . . ..
52,941
        
84,077
$     
1.59
$       
(3,060)
$    
(0.06)
$     
81,017
$     
1.53
$       
Adjustments (net of tax):
Impairment Charges . . . . . . . . . . . . . . . . . . . . . .
6,022
$       
0.11
$       
-
$              
-
$        
6,022
$       
0.11
$       
Double-carry interest & refinancing . . . . . . . . . .
17,704
       
0.33
         
-
                
-
          
17,704
       
0.33
         
Debt extinguishment charges . . . . . . . . . . . . . . . .
-
                 
-
          
-
                
-
          
-
                  
-
          
Effect of two-class method & rounding . . . . . . .
-
                 
-
          
-
                
0.01
         
-
                  
0.01
         
Total adjustments . . . . . . . . . . . . . . . . . . . . . .
23,726
$     
0.44
$       
-
$              
0.01
$       
23,726
$     
0.45
$       
Adjusted:
Earnings (loss) and
Diluted earnings (loss) per share . . . . . . . . . . .
108,404
$   
2.03
$       
(3,060)
$    
(0.05)
$     
105,344
$   
1.98
$       
(4) Expenses attributable to the EchoPark® initiative were $0.07 per fully diluted share in the year ended December 31, 2014.