XML 29 R4.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
REVENUES:        
New vehicle retail sales $ 809,881 $ 785,851 $ 1,594,595 $ 1,431,972
Used vehicle retail sales 353,047 340,142 676,494 619,751
Used vehicle wholesale sales 60,607 55,678 122,558 98,190
Parts and service sales 204,091 194,063 399,041 379,498
Finance, insurance and other, net 46,519 42,775 90,759 80,251
Total revenues 1,474,145 1,418,509 2,883,447 2,609,662
COST OF SALES:        
New vehicle retail sales 755,617 740,740 1,497,559 1,347,487
Used vehicle retail sales 318,499 307,596 613,046 560,768
Used vehicle wholesale sales 58,940 54,558 118,397 95,407
Parts and service sales 96,878 88,963 188,459 174,827
Total cost of sales 1,229,934 1,191,857 2,417,461 2,178,489
GROSS PROFIT 244,211 226,652 465,986 431,173
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 183,051 182,465 358,935 348,871
DEPRECIATION AND AMORTIZATION EXPENSE 6,581 6,679 13,036 13,164
ASSET IMPAIRMENTS 142 1,482 364 1,482
INCOME FROM OPERATIONS 54,437 36,026 93,651 67,656
OTHER EXPENSE:        
Floorplan interest expense (6,521) (8,633) (13,281) (16,199)
Other interest expense, net (8,225) (6,267) (16,167) (13,371)
Loss on redemption of long-term debt       (3,872)
INCOME BEFORE INCOME TAXES 39,691 21,126 64,203 34,214
PROVISION FOR INCOME TAXES (15,008) (8,357) (24,158) (13,464)
NET INCOME $ 24,683 $ 12,769 $ 40,045 $ 20,750
BASIC EARNINGS PER SHARE $ 1.10 $ 0.55 $ 1.78 $ 0.9
Weighted average common shares outstanding 22,533 23,084 22,558 23,110
DILUTED EARNINGS PER SHARE $ 1.06 $ 0.54 $ 1.72 $ 0.88
Weighted average common shares outstanding 23,183 23,638 23,223 23,663
CASH DIVIDENDS PER COMMON SHARE $ 0.11   $ 0.22