Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 14,624 $ 13,967
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of property, plant and equipment 18,468 16,408
Provision for bad debt expense 141 (2)
Other amortization 162 162
Debt issuance cost amortization 622 483
Debt discount amortization, net of premium amortization 73 36
Stock-based compensation expense 2,895 2,392
Deferred income taxes 4,141 4,063
Equity interest in earnings of investee (189) (32)
Asset impairment charges   6,192
Loss (gain) on disposal of dealerships and property and equipment (148) (95)
Loss (gain) on exit of leased dealerships (409) 503
Changes in assets and liabilities that relate to operations:    
Receivables 101,436 56,920
Inventories 5,849 31,675
Other assets 44,433 (5,089)
Notes payable - floor plan - trade (82,055) (62,041)
Trade accounts payable and other liabilities (6,403) (21,486)
Total adjustments 89,016 30,089
Net cash provided by (used in) operating activities 103,640 44,056
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of land, property and equipment (41,382) (46,767)
Proceeds from sales of property and equipment 769 635
Distributions from equity investee 375  
Net cash provided by (used in) investing activities (40,238) (46,132)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable - floor plan - non-trade (16,440) (9,199)
Borrowings on revolving credit facilities 76,777 120,534
Repayments on revolving credit facilities (77,290) (120,534)
Proceeds from issuance of long-term debt 33,755 25,618
Debt issuance costs (152)  
Principal payments on long-term debt (4,623) (4,446)
Purchases of treasury stock (74,415) (11,123)
Income tax benefit (expense) associated with stock compensation plans (377) 394
Issuance of shares under stock compensation plans 1 1,881
Dividends paid (1,873) (1,273)
Net cash provided by (used in) financing activities (64,637) 1,852
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,235) (224)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,625 4,182
CASH AND CASH EQUIVALENTS, END OF YEAR 2,390 3,958
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow interest rate swap agreements (net of tax benefit of $1,853 and $566 in the months ended March 31, 2016 and 2015, respectively) (3,025) (923)
Cash paid (received) during the period for:    
Interest, including amount capitalized 18,219 17,482
Income taxes $ 375 $ (667)