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, 2013
Mar. 31, 2012
Revenues:    
New vehicles $ 1,143,056 $ 1,031,390
Used vehicles 526,182 501,864
Wholesale vehicles 51,792 43,673
Total vehicles 1,721,030 1,576,927
Parts, service and collision repair 296,642 292,555
Finance, insurance and other 65,494 57,584
Total revenues 2,083,166 1,927,066
Cost of Sales:    
New vehicles (1,076,586) (967,673)
Used vehicles (488,152) (462,467)
Wholesale vehicles (52,995) (43,439)
Total vehicles (1,617,733) (1,473,579)
Parts, service and collision repair (152,413) (149,733)
Total cost of sales (1,770,146) (1,623,312)
Gross profit 313,020 303,754
Selling, general and administrative expenses (245,824) (237,149)
Impairment charges (15) (1)
Depreciation and amortization (12,134) (10,895)
Operating income (loss) 55,047 55,709
Other income (expense):    
Interest expense, floor plan (5,213) (4,263)
Interest expense, other, net (14,359) (16,409)
Other income (expense), net 95 20
Total other income (expense) (19,477) (20,652)
Income (loss) from continuing operations before taxes 35,570 35,057
Provision for income taxes - benefit (expense) (13,873) (13,912)
Income (loss) from continuing operations 21,697 21,145
Discontinued operations:    
Income (loss) from operations and the sale of dealerships (738) (1,176)
Income tax benefit (expense) 332 529
Income (loss) from discontinued operations (406) (647)
Net income (loss) $ 21,291 $ 20,498
Basic earnings (loss) per common share:    
Earnings (loss) per share from continuing operations $ 0.41 $ 0.40
Earnings (loss) per share from discontinued operations $ (0.01) $ (0.01)
Earnings (loss) per common share $ 0.40 $ 0.39
Weighted average common shares outstanding 52,586 52,224
Diluted earnings (loss) per common share:    
Earnings (loss) per share from continuing operations $ 0.41 $ 0.36
Earnings (loss) per share from discontinued operations $ (0.01) $ (0.01)
Earnings (loss) per common share $ 0.40 $ 0.35
Weighted average common shares outstanding 52,931 64,420
Dividends declared per common share $ 0.025 $ 0.025