Current report filing

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 $ 4,220,746 $ 3,613,808 $ 3,199,748
Used vehicles 2,007,120 1,752,318 1,427,147
Wholesale vehicles 171,517 146,581 143,198
Total vehicles 6,399,383 5,512,707 4,770,093
Parts, service and collision repair 1,163,896 1,107,900 1,050,034
Finance, insurance and other 216,771 179,666 153,482
Total revenues 7,780,050 6,800,273 5,973,609
Cost of Sales:      
New vehicles (3,954,228) (3,379,121) (2,982,918)
Used vehicles (1,862,117) (1,614,505) (1,304,892)
Wholesale vehicles (177,180) (151,544) (148,579)
Total vehicles (5,993,525) (5,145,170) (4,436,389)
Parts, service and collision repair (592,649) (555,830) (520,885)
Total cost of sales (6,586,174) (5,701,000) (4,957,274)
Gross profit 1,193,876 1,099,273 1,016,335
Selling, general and administrative expenses (938,997) (882,827) (814,932)
Impairment charges (1,151) (249) (23,007)
Depreciation and amortization (40,387) (34,641) (34,324)
Operating income (loss) 213,341 181,556 144,072
Other income (expense):      
Interest expense, floor plan (19,360) (21,244) (19,525)
Interest expense, other, net (60,381) (62,947) (77,766)
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 (1,015) (7,526) (6,678)
Total other income (expense) (88,240) (103,514) (116,417)
Income (loss) from continuing operations before taxes 125,101 78,042 27,655
Provision for income taxes - benefit (expense) (48,083) 17,690 29,364
Income (loss) from continuing operations 77,018 95,732 57,019
Discontinued operations:      
Income (loss) from operations and the sale of dealerships (1,940) (7,859) (50,007)
Income tax benefit (expense) 1,176 2,056 24,536
Income (loss) from discontinued operations (764) (5,803) (25,471)
Net income (loss) $ 76,254 $ 89,929 $ 31,548
Basic earnings (loss) per common share:      
Earnings (loss) per share from continuing operations $ 1.45 $ 1.82 $ 1.29
Earnings (loss) per share from discontinued operations $ (0.01) $ (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 $ 1.30 $ 1.58 $ 1.07
Earnings (loss) per share from discontinued operations $ (0.01) $ (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