Q1 2015 EARNINGS REVIEW
April 21, 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 2015
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 ending December 31, 2015. 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 ended December 31, 2014.
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 (OSOE)
5
Goals
Pilot Stores Underway
36 Month Implementation
Charlotte Market Rollout in
Progress
Result -
Increase Market Share and Customer Retention
1 Associate, 1 Price, 1 Hour
Improve Transparency; Increase Trust
Operational Efficiencies


6
STRATEGIC FOCUS
EchoPark
®
Hub Opened November 3
2 Neighborhood Stores
Opened in January 2015
Expect at least 1 more in 2015
and another in 2016


7
STRATEGIC FOCUS
ACQUISITIONS & OPEN POINTS
Open Points
Mercedes Benz in Dallas Market
Operational in 2016
Audi in Pensacola Market
Operational in 2016
Nissan in TN Market
Operational in late 2016 / early 2017
Exploring Acquisition and Open Point
Opportunities in Other Markets


8
STRATEGIC FOCUS
OWN OUR PROPERTIES
2007
2008
2011
2012
2013
2014
Q1
2015
Proj. -
2017
0%
12%
18%
23%
31%
36%
37%
49%


9
STRATEGIC FOCUS
RETURN CAPITAL TO SHAREHOLDERS
Unused Authorization of Approximately $ 68 million
Quarterly Dividend of $0.025 Per Share
Shares
(in thousands)
Average Price /
Share
$
(in millions)
2015 Activity
447
$ 24.89
$ 11.1


Q1 2015
FINANCIAL REVIEW


Q1 2015 FINANCIAL REVIEW
FRANCHISE DEALERSHIPS


ADJUSTED FRANCHISED OPERATIONS
B/(W) than Q1 2014
(amounts in millions, except per share data)
Q1 2015
$
%
Revenue
$ 2,220
$ 83
3.9%
Gross Profit
$ 333
$ 4
1.3%
SG&A as % of Gross
(1)
79.2%
50 bps
Operating Profit
(1)
$ 54
$ 1
2.2%
Interest & Other
$ 18
$ 1
3.4%
Pretax
(1)
$ 36
$ 2
5.2%
Diluted EPS
(1)
$ 0.43
$ .03
7.5%
12
Note –
Continuing operations includes results of sold stores after March 31, 2014.
(1) –
Amounts are adjusted.  See appendix for reconciliation of adjusted amounts to GAAP amounts


FRANCHISED SG&A TO GROSS WALK –
Q1
13
210 bps
Better than
Q1 2014 of
79.7%
(1) –
Amounts are adjusted.  See appendix for reconciliation of adjusted amounts to GAAP amounts
Q1 2015 Adjusted (1)
Less: OSOE
Less: Centralization
Initiatives
79.2%
(1.1%)
(0.5%)
77.6%
Q1 2015 Adj for


Q1 2015 FINANCIAL REVIEW
ECHOPARK
®


ECHOPARK
®
Q1 RESULTS
15
B/(W) than
Q1 2014
(amounts in millions, except per share data)
Q1 2015
$
Revenue
$ 15.7
$ 15.7
Gross Profit
$ 1.8
$ 1.8
Operating Profit (1)
($ 4.8)
($ 3.1)
Interest & Other
($ 0.1)
($ 0.1)
Pre-tax Profit (Loss) (1)
($ 4.9)
($ 3.2)
Store Level (retail units)
660
n/a
Diluted EPS (1)
($ 0.06)
($0.04)
(1) –
Amounts are adjusted.  See appendix for reconciliation of adjusted amounts to GAAP amounts


Q1 2015 FINANCIAL REVIEW
TOTAL ENTERPRISE


ADJUSTED TOTAL Q1 2015 RESULTS
B/(W) than Q1 2014
(amounts in millions, except per share data)
Q1 2015
$
%
Revenue
$ 2,236
$ 99
4.6%
Gross Profit
$ 335
$ 6
1.8%
Operating Profit
(1)
$ 49
($ 2)
(3.8%)
Interest & Other
$ 18
$ 1
2.7%
Continuing Ops:
Profit (after tax)
(1)
$ 19
($ 1)
(5.9%)
Diluted EPS
(1)
$ 0.37
($ 0.01)
(2.6%)
SG&A as % of Gross
(1)
80.6%
(40 bps)
Discontinued Ops Profit/(Loss)  (after tax)
($ 0.4)
$ 0.2
17
Note –
Continuing operations includes results of sold stores after March 31, 2014.
(1) –
Amounts are adjusted.  See appendix for reconciliation of adjusted amounts to GAAP amounts


TOTAL REVENUE & GROSS PROFIT Q1 2015
B/(W) than Q1 2014
(amounts in millions)
Q1 2015
$
%
New Retail Revenue
$ 1,190
$ 78
7.0%
Used Retail Revenue
$ 594
$ 34
6.1%
Fixed Operations Revenue
$ 323
$ 4
1.4%
F&I Revenue
$ 75
$ 5
7.2%
Total Revenue
$ 2,236
$ 99
4.6%
New Retail Gross
$ 63
($ 2)
(3.6%)
Used Retail Gross
$ 41
$ 0
0.4%
Fixed Operations Gross
$ 156
$ 4
2.8%
F&I Gross
$ 75
$ 5
7.2%
Total Gross
$ 335
$ 6
1.8%
18
(1) –
Amounts are adjusted.  See appendix for reconciliation of adjusted amounts to GAAP amounts


ADJUSTED TOTAL SG&A TO GROSS
19
80.6%
80.2%
Note –
2015 amounts are adjusted.  See appendix for reconciliation of adjusted amounts to GAAP amounts
Q1 2015
Q1 2014
4.6%
4.3%
48.1%
47.8%
5.4%
5.6%
22.5%
22.5%
Advertising
Comp
Rent
Other


ADJUSTED AND GAAP EPS SUMMARY
20
(amounts in millions, except per share date)
Q1 2015
Q1 2014
Pre-Tax
EPS
Pre-Tax
EPS
Adjusted Franchised EPS
$35.7
$ 0.43
$ 34.0
$0.40
Adjusted EchoPark®
EPS
($4.9)
($0.06)
($ 1.7)
($ 0.02)
Adjusted Total EPS
$ 30.8
$ 0.37
$32.2
$ 0.38
Adjustments:
Impairment
($ 6.2) 
($ 0.07)
$ 0.0
$ 0.0
Other
($ 1.1)
($ 0.02)
$ 0.0
$ 0.0 
GAAP EPS
$ 0.28
$ 0.38


CAPITAL SPEND
(amounts in millions)
YTD Q1
2015
Estimated
2015
Real Estate & Facility Related
$ 37.2
$200.9
All Other Cap Ex
9.7
46.3
Subtotal
$ 46.9
$ 247.2
Less: Mortgage Funding
(25.6)
(87.1)
Total Cash Used –
Cap Ex
$ 21.3
$ 160.1
Note –
Spending excludes the effect of  franchise acquisitions.
21


LIQUIDITY
(amounts in millions)
Q1 2015
Q4 2014
Cash
$4.0 
$ 4.2
Revolver Availability
161.1
165.6
Used floor plan availability
21.6
22.6
Floor plan deposit balance
56.0
57.5
Total
$242.7 
$ 249.9
22


DEBT COVENANTS
Covenant
Actual Q1
2015
Liquidity Ratio
>= 1.05
1.21
Fixed Charge Coverage Ratio
>= 1.20
1.64
Total Lease Adjusted Leverage
Ratio
<= 5.50
4.16
Compliant with all Covenants
23


OPERATIONS
REVIEW


NEW VEHICLE RETAIL
SAME STORE
Q1 2015
Q1 2014
B/(W)
Volume
30,981
28,980
6.9%
Selling Price
$ 38,028
$ 37,120
2.4%
Gross Margin %
5.3%
5.9%
(60 bps)
GPU
$ 2,018
$ 2,199
($ 182)
Gross Profit
$ 63 million
$ 64 million
(1.9%)
SAAR (includes fleet)
16.6 million
15.6 million
6.4%
25


26
Q1 2015 vs. Q1 2014
(1)
(1) –
Industry includes fleet –
Sonic does not
NEW VEHICLE -
BRAND
15.4%
6.9%
2.3%
6.9%
5.2%
24.8%
5.0%
15.3%
3.6%
% Sonic Unit Sales
BMW
MB
Cadillac
Ford
GM
Honda
Lexus
Toyota
Audi
9%
13%
(14%)
(3%)
(4%)
11%
19%
12%
13%
8%
7%
(6%)
2%
6%
2%
19%
9%
14%
Sonic
Industry


USED VEHICLE RETAIL
SAME STORE
27
Q1 2015
Q1 2014
B/(W)
Retail Volume
27,079
26,601
1.8%
Used Retail GPU
$ 1,478
$ 1,477
$ 1
Used to New
0.87:1.00
0.92:1.00
(0.04)
Vehicles / store / month (97 stores)
93
91
2


FIXED OPS
SAME STORE
Q1 2015
B/(W) than 2014
(amounts in millions)
$
%
Revenue
$ 318
$ 10
3.2%
Gross Profit
$ 154
$ 7
4.9%
28
(5.0%)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Customer Pay
Warranty
Wholesale Parts
Internal & Sublet
(1.2%)
21.4%
1.8%
6.8%
YOY Gross % Change


OSOE


30
OSOE –
TOWN & COUNTRY TOYOTA
NEW RETAIL UNITS
155
140
198
156
177
246
251
182
167
182
153
200
257
100
120
140
160
180
200
220
240
260
280
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
13.2%
12.9%
14.2%
13.1%
14.6%
18.0%
20.8%
15.8%
16.0%
15.1%
15.8%
22.0%
20.5%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
24.0%
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
MARKET SHARE


31
OSOE –
TOWN & COUNTRY FORD
NEW RETAIL UNITS
MARKET SHARE
135
113
138
121
108
141
108
73
93
108
100
83
121
70
80
90
100
110
120
130
140
150
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
19.5%
18.3%
17.0%
16.9%
13.9%
18.5%
17.3%
12.3%
16.0%
13.3%
15.9%
15.7%
15.2%
10.0%
15.0%
20.0%
25.0%
30.0%
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15


32
OSOE –
FORT MILL FORD
NEW RETAIL UNITS
110
121
156
116
133
124
94
86
77
114
108
84
111
50
70
90
110
130
150
170
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-14
15.9%
18.5%
20.1%
16.3%
17.0%
15.4%
16.3%
14.9%
12.4%
14.5%
16.9%
14.8%
14.6%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
24.0%
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
MARKET SHARE


33
OSOE –
INFINITI OF CHARLOTTE
NEW RETAIL UNITS
40.7%
51.1%
30.0%
44.4%
43.5%
46.6%
40.5%
50.6%
40.5%
31.7%
42.6%
46.8%
49.5%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
37
45
30
34
31
30
36
40
30
34
30
35
53
25
30
35
40
45
50
55
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
MARKET SHARE


34
OSOE –
CADILLAC OF SOUTH CHARLOTTE
NEW RETAIL UNITS
47.5%
41.7%
38.7%
36.7%
40.4%
40.0%
37.1%
45.7%
32.2%
26.5%
41.3%
38.0%
38.8%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
Mar-14
Apr-14
May-14
Jun-14
Jul
-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
MARKET SHARE
38
40
42
32
39
46
34
39
23
39
32
28
35
20
25
30
35
40
45
50
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15


35
OSOE –
NEXT STEPS
1.
We are still working on the pricing tool (in particular with Ford) we are a
few months away from completion
Drivers of the slowdown are “man”
hours available and new
technology
opportunities
simply
put
this
is
a
first
of
its
kind
and
we
are close to breaking the code
2.
CRM/Desk/F&I and Appraisal system is a major success in the stores all
technologies are running at 100%
3.
Operations team is requesting us to develop a two part rollout of the
technology from OSOE less the pricing (until pricing tool is 100%
operational)
Beginning in Q2 we would start the rollout of the CRM and the Desk
tool
Followed by a rollout out of the F&I and Appraisal tools (3 months
later per location)
4.
A rollout plan of the technology is under development


EchoPark
®


37
EchoPark
®
Openings:
122
183
185
292
6
34
31
69
0
6
19
35
143
135
188
0
50
100
150
200
250
300
350
Dec-14
Jan-15
Feb-15
Mar-15
Unit Volume
Total
Centennial
Highlands Ranch
HUB
Hub –
11/3/2014
Centennial –
12/26/2015
Highlands Ranch –
1/23/2015


Growth experienced in each revenue category
achieving record results
Gaining expense leverage in the franchised dealership
segment including OSOE expenses
Expect open points to drive future growth
Continued share repurchases with excess capital
Monitoring capital requirements as 2017 lease
maturities approach
SUMMARY
38



Appendix
40


NON-GAAP RECONCILIATIONS
41
Consolidated
Franchised Dealerships
EchoPark®
Three Months Ended
Three Months Ended
Three Months Ended
March 31,
March 31,
March 31,
2015
2014
2015
2014
2015
2014
(In millions)
SG&A Reconciliation:
As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . .
270.9
$              
264.0
$              
265.0
$              
262.3
$              
5.9
$                  
1.7
$                  
Pre-tax Adjustments:
Severance and other . . . . . . . . . . . . . . . . .. . . . . . . . . . . .
(1.1)
                  
-
                   
(1.1)
                  
-
                   
-
                   
-
                   
Total pre-tax adjustments . . . . . . . . . . . . . . . . . . . . .
(1.1)
                  
-
                   
(1.1)
                  
-
                   
-
                   
-
                   
Adjusted SG&A  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
269.8
$              
264.0
$              
263.9
$              
262.3
$              
5.9
$                  
1.7
$                  
SG&A as % of Gross Reconciliation:
As Reported . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . .
80.9%
80.2%
79.5%
79.7%
NM
NM
Pre-tax Adjustments:
Severance and other . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
(0.3%)
0.0%
(0.3%)
0.0%
NM
NM
Total pre-tax adjustments . . . . . . . . . . . . . . . . . . . . ..
(0.3%)
0.0%
(0.3%)
0.0%
NM
NM
Adjusted SG&A as % of Gross . . . . . . . . . . . . . . . . . . . . .. .
80.6%
80.2%
79.2%
79.7%
NM
NM
NM = Not meaningful
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.


42
NON-GAAP RECONCILIATIONS
Consolidated
Franchised Dealerships
EchoPark®
Three Months Ended
Three Months Ended
Three Months Ended
March 31,
March 31,
March 31,
2015
2014
2015
2014
2015
2014
(In millions)
Operating Profit Reconciliation:
As Reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . .
41.5
$                
50.6
$                
47.7
$                
52.3
$                
(6.2)
$                
(1.7)
$                
Pre-tax Adjustments:
Severance and other . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
1.1
                    
-
                   
1.1
                    
-
                   
-
                   
-
                   
Impairment charges . . .. . . . . . . . . . . . . . . . . . . . . . . . . . .
6.2
                    
-
                   
4.8
                    
-
                   
1.4
                    
-
                   
Total pre-tax adjustments . . . . . . . . . . . . . . . . . . . . .
7.3
                    
-
                   
5.9
                    
-
                   
1.4
                    
-
                   
Adjusted Operating Profit  . . . . . . . . . . . . . . . . . . . . . . . . . .
48.8
$                
50.6
$                
53.6
$                
52.3
$                
(4.8)
$                
(1.7)
$                
Pre-tax Profit from Continuing Operations Reconciliation:
As Reported . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . .
23.5
$                
32.2
$                
29.8
$                
33.9
$                
(6.3)
$                
(1.7)
$                
Pre-tax Adjustments:
Severance and other . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
1.1
                    
-
                   
1.1
                    
-
                   
-
                   
-
                   
Impairment charges . . .. . . . . . . . . . . . . . . . . . . . . . . . . . .
6.2
                    
-
                   
4.8
                    
-
                   
1.4
                    
-
                   
Total after-tax adjustments . . . . . . . . . . . . . . . . . . . .
7.3
                    
-
                   
5.9
                    
-
                   
1.4
                    
-
                   
Adjusted Profit from Continuing Operations (after-tax) . . .
30.8
$                
32.2
$                
35.7
$                
33.9
$                
(4.9)
$                
(1.7)
$                
Profit from Continuing Operations (after-tax) Reconciliation:
As Reported . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . .
14.4
$                
20.0
$                
After-tax Adjustments:
Severance and other . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
0.6
                    
-
                   
Impairment charges . . .. . . . . . . . . . . . . . . . . . . . . . . . . . .
3.8
                    
-
                   
Total after-tax adjustments . . . . . . . . . . . . . . . . . . . .
4.4
                    
-
                   
Adjusted Profit from Continuing Operations (after-tax) . . .
18.8
$                
20.0
$                


NON-GAAP RECONCILIATIONS
43
Three Months Ended March 31, 2015
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 millions, except per share amounts)
Reported:
Earnings (loss) and shares . . . . . . . . . . . . . . .
50.9
             
14.4
$         
(0.4)
$        
14.0
$         
Effect of participating securities:
Non-vested restricted stock
and stock units . . . . . . . . . . . . . . . . . . . .
-
                 
-
                
-
                  
Basic earnings (loss) and shares . . . . . . . . . .
50.9
             
14.4
$         
0.28
$       
(0.4)
$        
(0.01)
$     
14.0
$         
0.27
$       
Effect of dilutive securities:
Stock compensation plans . . . . . . . . . . . . .
0.5
               
Diluted earnings (loss) and shares . . . . . .. . . .
51.4
             
14.4
$         
0.28
$       
(0.4)
$        
(0.01)
$     
14.0
$         
0.27
$       
Adjustments (net of tax):
Impairment charges . . . . . . . . . . . . . . . . . . . .
3.8
$           
0.07
$       
-
$              
-
$        
3.8
$           
0.07
$       
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.6
              
0.02
         
-
                
-
          
0.6
              
0.02
         
Total adjustments . . . . . . . . . . . . . . . . . . .
4.4
$           
0.09
$       
-
$              
-
$        
4.4
$           
0.09
$       
Adjusted:
Earnings (loss) and
Diluted earnings (loss) per share (1) . . . . .
18.8
$         
0.37
$       
(0.4)
$        
(0.01)
$     
18.4
$         
0.36
$       
(1) Expenses attributable to the EchoPark® initiative were $0.06 per fully diluted share in the three months ended March 31, 2015.


44
NON-GAAP RECONCILIATIONS
Three Months Ended March 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 millions, except per share amounts)
Reported:
Earnings (loss) and shares . . . . . . . . . . . . . . .
52.4
             
20.0
$         
(0.6)
$        
19.4
$         
Effect of participating securities:
Non-vested restricted stock
and stock units . . . . . . . . . . . . . . . . . . . .
(0.1)
           
-
                
(0.1)
             
Basic earnings (loss) and shares . . . . . . . . . .
52.4
             
19.9
$         
0.38
$       
(0.6)
$        
(0.01)
$     
19.3
$         
0.37
$       
Effect of dilutive securities:
Stock compensation plans . . . . . . . . . . . . .
0.5
               
Diluted earnings (loss) and shares  (2). .. . . . .
52.9
             
19.9
$         
0.38
$       
(0.6)
$        
(0.02)
$     
19.3
$         
0.36
$       
(2) Expenses attributable to the EchoPark® initiative were $0.02 per fully diluted share in the three months ended March 31, 2014.