Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Income (Unaudited)

v2.4.0.6
Condensed Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Revenues:    
New vehicles $ 1,064,453 $ 972,493
Used vehicles 517,052 474,555
Wholesale vehicles 45,341 35,046
Total vehicles 1,626,846 1,482,094
Parts, service and collision repair 301,748 287,100
Finance, insurance and other 59,248 49,102
Total revenues 1,987,842 1,818,296
Cost of Sales:    
New vehicles (999,633) (912,996)
Used vehicles (476,523) (436,982)
Wholesale vehicles (45,125) (35,492)
Total vehicles (1,521,281) (1,385,470)
Parts, service and collision repair (154,692) (145,588)
Total cost of sales (1,675,973) (1,531,058)
Gross profit 311,869 287,238
Selling, general and administrative expenses (247,480) (229,016)
Impairment charges (1) (17)
Depreciation and amortization (11,071) (9,895)
Operating income (loss) 53,317 48,310
Other income (expense):    
Interest expense, floor plan (4,473) (5,365)
Interest expense, other, net (15,080) (15,359)
Interest expense, non-cash, convertible debt (1,630) (1,694)
Interest income (expense / amortization), non-cash, cash flow swaps 22 178
Other income (expense), net 19 71
Total other income (expense) (21,142) (22,169)
Income (loss) from continuing operations before taxes 32,175 26,141
Provision for income taxes - benefit (expense) (12,709) (10,457)
Income (loss) from continuing operations 19,466 15,684
Discontinued operations:    
Income (loss) from operations and the sale of dealerships 1,706 (1,094)
Income tax benefit (expense) (674) 374
Income (loss) from discontinued operations 1,032 (720)
Net income (loss) $ 20,498 $ 14,964
Basic earnings (loss) per common share:    
Earnings (loss) per share from continuing operations $ 0.37 $ 0.30
Earnings (loss) per share from discontinued operations $ 0.02 $ (0.02)
Earnings (loss) per common share $ 0.39 $ 0.28
Weighted average common shares outstanding 52,224 52,416
Diluted earnings (loss) per common share:    
Earnings (loss) per share from continuing operations $ 0.33 $ 0.27
Earnings (loss) per share from discontinued operations $ 0.02 $ (0.01)
Earnings (loss) per common share $ 0.35 $ 0.26
Weighted average common shares outstanding 64,420 65,950
Dividends declared per common share $ 0.025 $ 0.025