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, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenues:      
New vehicles $ 4,715,924 $ 4,088,098 $ 3,513,842
Used vehicles 2,053,477 1,930,852 1,679,927
Wholesale vehicles 183,326 167,075 142,169
Total vehicles 6,952,727 6,186,025 5,335,938
Parts, service and collision repair 1,162,319 1,125,672 1,068,885
Finance, insurance and other 250,422 209,109 173,313
Total revenues 8,365,468 7,520,806 6,578,136
Cost of Sales:      
New vehicles (4,437,575) (3,826,739) (3,284,550)
Used vehicles (1,910,023) (1,790,994) (1,546,979)
Wholesale vehicles (189,301) (172,281) (146,629)
Total vehicles (6,536,899) (5,790,014) (4,978,158)
Parts, service and collision repair (593,416) (572,181) (535,413)
Total cost of sales (7,130,315) (6,362,195) (5,513,571)
Gross profit 1,235,153 1,158,611 1,064,565
Selling, general and administrative expenses (949,026) (899,424) (846,592)
Impairment charges (440) (200) (249)
Depreciation and amortization (45,285) (39,446) (33,687)
Operating income (loss) 240,402 219,541 184,037
Other income (expense):      
Interest expense, floor plan (19,454) (18,405) (20,239)
Interest expense, other, net (60,090) (66,857) (73,179)
Other income (expense), net (19,625) (1,017) (7,527)
Total other income (expense) (99,169) (86,279) (100,945)
Income (loss) from continuing operations before taxes 141,233 133,262 83,092
Provision for income taxes - benefit (expense) (49,972) (51,731) 15,770
Income (loss) from continuing operations 91,261 81,531 98,862
Discontinued operations:      
Income (loss) from operations and the sale of dealerships (4,484) (10,101) (12,908)
Income tax benefit (expense) 2,324 4,824 3,975
Income (loss) from discontinued operations (2,160) (5,277) (8,933)
Net income (loss) $ 89,101 $ 76,254 $ 89,929
Basic earnings (loss) per common share:      
Earnings (loss) per share from continuing operations $ 1.68 $ 1.54 $ 1.88
Earnings (loss) per share from discontinued operations $ (0.04) $ (0.10) $ (0.18)
Earnings (loss) per common share $ 1.64 $ 1.44 $ 1.70
Weighted average common shares outstanding 53,550 52,358 52,214
Diluted earnings (loss) per common share:      
Earnings (loss) per share from continuing operations $ 1.56 $ 1.37 $ 1.62
Earnings (loss) per share from discontinued operations $ (0.03) $ (0.08) $ (0.13)
Earnings (loss) per common share $ 1.53 $ 1.29 $ 1.49
Weighted average common shares outstanding 60,406 65,464 65,794
Dividends declared per common share $ 0.10 $ 0.10 $ 0.025