Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

v3.4.0.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Revenues:    
New vehicles $ 1,164,570 $ 1,202,323
Used vehicles 598,355 593,742
Wholesale vehicles 44,374 41,656
Total vehicles 1,807,299 1,837,721
Parts, service and collision repair 346,054 323,194
Finance, insurance and other, net 81,273 74,600
Total revenues 2,234,626 2,235,515
Cost of Sales:    
New vehicles (1,106,146) (1,138,973)
Used vehicles (557,824) (552,898)
Wholesale vehicles (45,452) (41,866)
Total vehicles (1,709,422) (1,733,737)
Parts, service and collision repair (180,054) (166,819)
Total cost of sales (1,889,476) (1,900,556)
Gross profit 345,150 334,959
Selling, general and administrative expenses (284,375) (270,862)
Impairment charges   (6,192)
Depreciation and amortization (18,470) (16,409)
Operating income (loss) 42,305 41,496
Other income (expense):    
Interest expense, floor plan (6,436) (4,778)
Interest expense, other, net (12,339) (13,219)
Other income (expense), net 104 90
Total other income (expense) (18,671) (17,907)
Income (loss) from continuing operations before taxes 23,634 23,589
Provision for income taxes for continuing operations - benefit (expense) (9,170) (9,200)
Income (loss) from continuing operations 14,464 14,389
Discontinued operations:    
Income (loss) from discontinued operations before taxes 261 (691)
Provision for income taxes for discontinued operations - benefit (expense) (101) 269
Income (loss) from discontinued operations 160 (422)
Net income (loss) $ 14,624 $ 13,967
Basic earnings (loss) per common share:    
Earnings (loss) per share from continuing operations $ 0.31 $ 0.28
Earnings (loss) per share from discontinued operations   (0.01)
Earnings (loss) per common share $ 0.31 $ 0.27
Weighted average common shares outstanding 46,950 50,854
Diluted earnings (loss) per common share:    
Earnings (loss) per share from continuing operations $ 0.31 $ 0.28
Earnings (loss) per share from discontinued operations   (0.01)
Earnings (loss) per common share $ 0.31 $ 0.27
Weighted average common shares outstanding 47,122 51,403
Dividends declared per common share $ 0.05 $ 0.025