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, unless otherwise specified
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 58,719 $ 55,716
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization of property, plant and equipment 34,017 30,041
Provision for bad debt expense 347 483
Other amortization 1,170 1,246
Debt issuance cost amortization 2,279 2,992
Debt discount amortization, net of premium amortization 2,812 3,911
Stock - based compensation expense 122 327
Amortization of restricted stock, net of forfeitures 3,825 2,348
Deferred income taxes 14,414 (1,280)
Equity interest in earnings of investees (369) (462)
Asset impairment charges 57 160
Loss (gain) on disposal of dealerships and property and equipment (6,855) 243
Loss on exit of leased dealerships 3,462 4,195
(Gain) loss on retirement of debt 19,898 831
Non-cash adjustments - cash flow swaps (494) 599
Changes in assets and liabilities that relate to operations:    
Receivables 62,642 38,789
Inventories (195,212) 87,744
Other assets (9,550) (6,188)
Notes payable - floor plan - trade 87,543 (53,640)
Trade accounts payable and other liabilities (43,477) (710)
Total adjustments (23,369) 111,629
Net cash provided by (used in) operating activities 35,350 167,345
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of land, property and equipment (55,224) (135,897)
Proceeds from sales of property and equipment (873) 653
Proceeds from sale of dealerships 51,853 129
Distributions from equity investees 700 600
Net cash provided by (used in) investing activities (3,544) (134,515)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable floor plan - non-trade 13,970 (50,528)
Borrowings on revolving credit facilities 105,894 228,002
Repayments on revolving credit facilities (105,894) (210,002)
Proceeds from issuance of long-term debt 208,920 61,470
Debt issuance costs (4,472)   
Principal payments on long-term debt (7,831) (17,939)
Repurchase of debt securities (164,896) (52,585)
Purchases of treasury stock (16,371) (9,112)
Income tax benefit (expense) associated with stock compensation plans 1,939 1,143
Issuance of shares under stock compensation plans 1,488 524
Dividends paid (3,989) (3,969)
Net cash provided by (used in) financing activities 28,758 (52,996)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 60,564 (20,166)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 1,913 21,842
CASH AND CASH EQUIVALENTS, END OF YEAR 62,477 1,676
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow hedging instruments (net of tax benefit of $50 and $2,242 in the nine-month periods ended September 30, 2012 and 2011, respectively) (83) (3,660)
Issuance of common stock as consideration for extinguishment of debt securities (67,869)   
Cash paid (received) during the year for:    
Interest, including amount capitalized 64,542 69,973
Income taxes $ 25,749 $ 18,982