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Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Gross Sales$ 1,463,559$ 1,253,714$ 4,030,918$ 3,394,092
Cash discounts(5,588)(4,408)(14,809)(12,841)
Net Sales1,457,9711,249,3064,016,1093,381,251
Cost of merchandise sold(1,189,727)(1,015,311)(3,273,174)(2,743,056)
Gross Margin268,244233,995742,935638,195
Selling, general and administrative expenses(205,907)(189,860)(600,575)(549,623)
Depreciation and amortization(7,638)(9,990)(24,640)(29,683)
Other income, net1,0715452,6252,773
Income from Operations55,77034,690120,34561,662
Interest expense, net(1,624)(1,879)(5,286)(6,351)
Income before Provision for Income Taxes54,14632,811115,05955,311
Provision for income taxes(21,455)(12,886)(46,719)(22,254)
Net Income32,69119,92568,34033,057
Less: Net income attributable to noncontrolling interests(145)(82)(345)(180)
Net Income attributable to Graybar Electric Company, Inc.$ 32,546$ 19,843$ 67,995$ 32,877
Net Income per share of Common Stock$ 2.78$ 1.70$ 5.80$ 2.82
Cash Dividends per share of Common Stock$ 0.30$ 0.30$ 0.90$ 0.90
Average Common Shares Outstanding11,70411,63111,71211,661