Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 55,716 $ 25,575
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property, plant and equipment 30,041 25,938
Provision for bad debt expense 483 756
Other amortization 1,246 1,242
Debt issuance cost amortization 2,992 2,702
Debt discount amortization, net of premium amortization 3,911 3,872
Stock - based compensation expense 327 419
Amortization of restricted stock 2,348 1,773
Deferred income taxes (1,280) (656)
Equity interest in earnings of investees (462) (585)
Asset impairment charges 160 132
Loss (gain) on disposal of franchises and property and equipment 243 (978)
Loss on exit of leased dealerships 4,195 2,321
Loss on retirement of debt 831 7,665
Non-cash adjustments - cash flow swaps 599 5,402
Changes in assets and liabilities that relate to operations:    
Receivables 38,789 65,667
Inventories 87,744 (82,768)
Other assets (6,188) (14,706)
Notes payable - floor plan - trade (53,640) 221,573
Trade accounts payable and other liabilities (710) (27,288)
Total adjustments 111,629 212,481
Net cash provided by operating activities 167,345 238,056
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of land, property and equipment (135,897) (44,039)
Proceeds from sales of property and equipment 653 979
Proceeds from sale of franchises 129 24,644
Distributions from equity investees 600 600
Net cash used in investing activities (134,515) (17,816)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net repayments on notes payable floor plan - non-trade (50,528) (212,722)
Borrowings on revolving credit facilities 228,002 40,000
Repayments on revolving credit facilities (210,002) (40,000)
Proceeds from issuance of mortgage notes 61,470 1,449
Proceeds from issuance of long-term debt   208,528
Principal payments on long-term debt (17,939) (4,673)
Repurchase of debt securities (52,585) (233,190)
Purchases of treasury stock (9,112) (1,073)
Income tax benefit associated with stock compensation plans 1,143 636
Income tax benefit associated with convertible hedge   205
Issuance of shares under stock compensation plans 524 1,188
Dividends paid (3,969)  
Net cash used in financing activities (52,996) (239,652)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (20,166) (19,412)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 21,842 30,035
CASH AND CASH EQUIVALENTS, END OF PERIOD 1,676 10,623
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow hedging instruments (net of tax benefit of $2,242 and $830 in 2011 and 2010, respectively) (3,660) (1,353)
Cash paid (received) during the period for:    
Interest, including amount capitalized 69,973 74,778
Income taxes $ 18,982 $ (15,289)