Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF INCOME

v3.3.1.900
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues:      
New vehicles $ 5,265,401 $ 5,124,029 $ 4,989,185
Used vehicles 2,512,024 2,310,247 2,176,034
Wholesale vehicles 155,339 166,158 175,328
Total vehicles 7,932,764 7,600,434 7,340,547
Parts, service and collision repair 1,364,947 1,296,570 1,230,178
Finance, insurance and other, net 326,588 300,095 272,443
Total revenues 9,624,299 9,197,099 8,843,168
Cost of Sales:      
New vehicles (4,997,472) (4,835,403) (4,699,582)
Used vehicles (2,349,982) (2,153,001) (2,025,634)
Wholesale vehicles (162,707) (169,774) (183,259)
Total vehicles (7,510,161) (7,158,178) (6,908,475)
Parts, service and collision repair (699,526) (673,021) (633,086)
Total cost of sales (8,209,687) (7,831,199) (7,541,561)
Gross profit 1,414,612 1,365,900 1,301,607
Selling, general and administrative expenses (1,110,565) (1,067,433) (1,003,125)
Impairment charges (17,955) (6,594) (9,872)
Depreciation and amortization (68,799) (58,260) (54,007)
Operating income (loss) 217,293 233,613 234,603
Other income (expense):      
Interest expense, floor plan (21,326) (18,793) (21,954)
Interest expense, other, net (50,910) (53,190) (55,485)
Other income (expense), net 99 97 (28,143)
Total other income (expense) (72,137) (71,886) (105,582)
Income (loss) from continuing operations before taxes 145,156 161,727 129,021
Provision for income taxes for continuing operations - benefit (expense) (57,065) (63,168) (44,343)
Income (loss) from continuing operations 88,091 98,559 84,678
Discontinued operations:      
Income (loss) from discontinued operations before taxes (2,883) (2,164) (4,017)
Provision for income taxes for discontinued operations - benefit (expense) 1,103 822 957
Income (loss) from discontinued operations (1,780) (1,342) (3,060)
Net income (loss) $ 86,311 $ 97,217 $ 81,618
Basic earnings (loss) per common share:      
Earnings (loss) per share from continuing operations $ 1.74 $ 1.89 $ 1.60
Earnings (loss) per share from discontinued operations (0.03) (0.03) (0.06)
Earnings (loss) per common share $ 1.71 $ 1.86 $ 1.54
Weighted average common shares outstanding 50,489 52,065 52,556
Diluted earnings (loss) per common share:      
Earnings (loss) per share from continuing operations $ 1.73 $ 1.87 $ 1.59
Earnings (loss) per share from discontinued operations (0.03) (0.03) (0.06)
Earnings (loss) per common share $ 1.70 $ 1.84 $ 1.53
Weighted average common shares outstanding 50,883 52,563 52,941
Dividends declared per common share $ 0.11 $ 0.10 $ 0.10