Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Revenues:    
New vehicles $ 1,146,620 $ 1,143,056
Used vehicles 559,816 526,182
Wholesale vehicles 41,598 51,792
Total vehicles 1,748,034 1,721,030
Parts, service and collision repair 318,771 296,642
Finance, insurance and other, net 69,581 65,494
Total revenues 2,136,386 2,083,166
Cost of Sales:    
New vehicles (1,079,947) (1,076,586)
Used vehicles (519,123) (488,152)
Wholesale vehicles (41,691) (52,995)
Total vehicles (1,640,761) (1,617,733)
Parts, service and collision repair (166,625) (152,413)
Total cost of sales (1,807,386) (1,770,146)
Gross profit 329,000 313,020
Selling, general and administrative expenses (263,973) (245,824)
Impairment charges (3) (15)
Depreciation and amortization (14,381) (12,134)
Operating income (loss) 50,643 55,047
Other income (expense):    
Interest expense, floor plan (4,689) (5,213)
Interest expense, other, net (13,818) (14,359)
Other income (expense), net 97 95
Total other income (expense) (18,410) (19,477)
Income (loss) from continuing operations before taxes 32,233 35,570
Provision for income taxes - benefit (expense) (12,249) (13,873)
Income (loss) from continuing operations 19,984 21,697
Discontinued operations:    
Income (loss) from operations and the sale of dealerships (965) (738)
Income tax benefit (expense) 367 332
Income (loss) from discontinued operations (598) (406)
Net income (loss) $ 19,386 $ 21,291
Basic earnings (loss) per common share:    
Earnings (loss) per share from continuing operations $ 0.38 $ 0.41
Earnings (loss) per share from discontinued operations $ (0.01) $ (0.01)
Earnings (loss) per common share $ 0.37 $ 0.40
Weighted average common shares outstanding 52,418 52,586
Diluted earnings (loss) per common share:    
Earnings (loss) per share from continuing operations $ 0.38 $ 0.41
Earnings (loss) per share from discontinued operations $ (0.02) $ (0.01)
Earnings (loss) per common share $ 0.36 $ 0.40
Weighted average common shares outstanding 52,946 52,931
Dividends declared per common share $ 0.025 $ 0.025