Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v2.4.0.8
Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenues:      
New vehicles $ 4,989,185 $ 4,715,924 $ 4,088,098
Used vehicles 2,176,034 2,053,477 1,930,852
Wholesale vehicles 175,328 183,326 167,075
Total vehicles 7,340,547 6,952,727 6,186,025
Parts, service and collision repair 1,230,178 1,162,319 1,125,672
Finance, insurance and other, net 272,443 250,422 209,109
Total revenues 8,843,168 8,365,468 7,520,806
Cost of Sales:      
New vehicles (4,699,582) (4,437,575) (3,826,739)
Used vehicles (2,025,634) (1,910,023) (1,790,994)
Wholesale vehicles (183,259) (189,301) (172,281)
Total vehicles (6,908,475) (6,536,899) (5,790,014)
Parts, service and collision repair (633,086) (593,416) (572,181)
Total cost of sales (7,541,561) (7,130,315) (6,362,195)
Gross profit 1,301,607 1,235,153 1,158,611
Selling, general and administrative expenses (1,003,125) (949,026) (899,424)
Impairment charges (9,872) (440) (200)
Depreciation and amortization (54,007) (45,285) (39,446)
Operating income (loss) 234,603 240,402 219,541
Other income (expense):      
Interest expense, floor plan (21,954) (19,454) (18,405)
Interest expense, other, net (55,485) (60,090) (66,857)
Other income (expense), net (28,143) (19,625) (1,017)
Total other income (expense) (105,582) (99,169) (86,279)
Income (loss) from continuing operations before taxes 129,021 141,233 133,262
Provision for income taxes - benefit (expense) (44,343) (49,972) (51,731)
Income (loss) from continuing operations 84,678 91,261 81,531
Discontinued operations:      
Income (loss) from operations and the sale of dealerships (4,017) (4,484) (10,101)
Income tax benefit (expense) 957 2,324 4,824
Income (loss) from discontinued operations (3,060) (2,160) (5,277)
Net income (loss) $ 81,618 $ 89,101 $ 76,254
Basic earnings (loss) per common share:      
Earnings (loss) per share from continuing operations $ 1.60 $ 1.68 $ 1.54
Earnings (loss) per share from discontinued operations $ (0.06) $ (0.04) $ (0.10)
Earnings (loss) per common share $ 1.54 $ 1.64 $ 1.44
Weighted average common shares outstanding 52,556 53,550 52,358
Diluted earnings (loss) per common share:      
Earnings (loss) per share from continuing operations $ 1.59 $ 1.56 $ 1.37
Earnings (loss) per share from discontinued operations $ (0.06) $ (0.03) $ (0.08)
Earnings (loss) per common share $ 1.53 $ 1.53 $ 1.29
Weighted average common shares outstanding 52,941 60,406 65,464
Dividends declared per common share $ 0.10 $ 0.10 $ 0.10