Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v2.4.0.6
Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues:      
New vehicles $ 4,260,270 $ 3,646,200 $ 3,229,948
Used vehicles 2,037,348 1,776,581 1,451,870
Wholesale vehicles 173,569 149,041 147,002
Total vehicles 6,471,187 5,571,822 4,828,820
Parts, service and collision repair 1,181,643 1,128,054 1,071,825
Finance, insurance and other 218,444 180,968 154,696
Total revenues 7,871,274 6,880,844 6,055,341
Cost of Sales:      
New vehicles (3,991,272) (3,409,129) (3,010,790)
Used vehicles (1,890,070) (1,636,961) (1,327,878)
Wholesale vehicles (179,357) (154,082) (152,487)
Total vehicles (6,060,699) (5,200,172) (4,491,155)
Parts, service and collision repair (601,456) (565,994) (531,514)
Total cost of sales (6,662,155) (5,766,166) (5,022,669)
Gross profit 1,209,119 1,114,678 1,032,672
Selling, general and administrative expenses (952,436) (896,697) (829,220)
Impairment charges (1,151) (249) (23,460)
Depreciation and amortization (40,684) (35,110) (34,879)
Operating income (loss) 214,848 182,622 145,113
Other income (expense):      
Interest expense, floor plan (19,639) (21,536) (19,812)
Interest expense, other, net (60,682) (63,343) (78,284)
Interest expense, non-cash, convertible debt (6,724) (6,914) (679)
Interest expense / amortization, non-cash, cash flow swaps (760) (4,883) (11,769)
Other income (expense), net (1,014) (7,525) (6,677)
Total other income (expense) (88,819) (104,201) (117,221)
Income (loss) from continuing operations before taxes 126,029 78,421 27,892
Provision for income taxes - benefit (expense) (48,382) 17,504 29,275
Income (loss) from continuing operations 77,647 95,925 57,167
Discontinued operations:      
Income (loss) from operations and the sale of dealerships (2,868) (8,237) (50,244)
Income tax benefit (expense) 1,475 2,241 24,625
Income (loss) from discontinued operations (1,393) (5,996) (25,619)
Net income (loss) $ 76,254 $ 89,929 $ 31,548
Basic earnings (loss) per common share:      
Earnings (loss) per share from continuing operations $ 1.46 $ 1.82 $ 1.29
Earnings (loss) per share from discontinued operations $ (0.02) $ (0.12) $ (0.58)
Earnings (loss) per common share $ 1.44 $ 1.70 $ 0.71
Weighted average common shares outstanding 52,358 52,214 43,836
Diluted earnings (loss) per common share:      
Earnings (loss) per share from continuing operations $ 1.31 $ 1.58 $ 1.07
Earnings (loss) per share from discontinued operations $ (0.02) $ (0.09) $ (0.45)
Earnings (loss) per common share $ 1.29 $ 1.49 $ 0.62
Weighted average common shares outstanding 65,464 65,794 55,832
Dividends declared per common share $ 0.10 $ 0.025