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
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 37,446 $ 28,749
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of property, plant and equipment 37,371 33,701
Provision for bad debt expense 248 1,425
Other amortization 325 325
Debt issuance cost amortization 1,250 966
Debt discount amortization, net of premium amortization 150 83
Stock-based compensation expense 5,634 4,743
Deferred income taxes 11,192 8,396
Net distributions from equity investee 35 82
Asset impairment charges 151 16,661
Loss (gain) on disposal of dealerships and property and equipment (149) (1,202)
Loss (gain) on exit of leased dealerships (139) 707
Changes in assets and liabilities that relate to operations:    
Receivables 70,389 65,824
Inventories 9,365 (129,446)
Other assets 46,560 (4,163)
Notes payable - floor plan - trade (106,336) 51,905
Trade accounts payable and other liabilities (6,773) (24,422)
Total adjustments 69,273 25,585
Net cash provided by (used in) operating activities 106,719 54,334
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of land, property and equipment (108,970) (82,922)
Proceeds from sales of property and equipment 887 775
Proceeds from sales of dealerships   1,250
Net cash provided by (used in) investing activities (108,083) (80,897)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable - floor plan - non-trade 29,915 (5,217)
Borrowings on revolving credit facilities 155,208 238,672
Repayments on revolving credit facilities (159,411) (229,674)
Proceeds from issuance of long-term debt 76,409 46,075
Debt issuance costs (293)  
Principal payments on long-term debt (9,633) (9,149)
Purchases of treasury stock (87,504) (14,766)
Income tax benefit (expense) associated with stock compensation plans (364) 416
Issuance of shares under stock compensation plans 6 2,132
Dividends paid (4,175) (2,556)
Net cash provided by (used in) financing activities 158 25,933
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,206) (630)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,625 4,182
CASH AND CASH EQUIVALENTS, END OF PERIOD 2,419 3,552
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow interest rate swap agreements (net of tax benefit of $2,916 and $19 in the six months ended June 30, 2016 and 2015, respectively) (4,760) (31)
Cash paid (received) during the period for:    
Interest, including amount capitalized 37,576 35,825
Income taxes $ 10,875 $ 7,768