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Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Gross Sales $ 1,285,386 $ 1,191,507
Cash discounts (5,139) (4,339)
Net Sales 1,280,247 1,187,168
Cost of merchandise sold (1,033,434) (961,218)
Gross Margin 246,813 225,950
Selling, general and administrative expenses (212,735) (195,631)
Depreciation and amortization (7,790) (9,625)
Other income, net 1,892 720
Income from Operations 28,180 21,414
Interest expense, net (777) (1,850)
Income before Provision for Income Taxes 27,403 19,564
Provision for income taxes (10,974) (7,919)
Net Income 16,429 11,645
Less: Net income attributable to noncontrolling interests (74) (117)
Net Income attributable to Graybar Electric Company, Inc $ 16,355 $ 11,528
Net Income per share of Common Stock $ 1.26 [1] $ 0.89 [1]
Cash Dividends per share of Common Stock $ 0.30 [2] $ 0.30 [2]
Average Common Shares Outstanding 13,012 [1] 12,896 [1]
[1] (A)Adjusted for the declaration of a ten percent (10%) stock dividend in 2011, shares related to which were issued in February 2012. Prior to the adjustment, the average common shares outstanding were 11,724 for the three months ended March 31, 2011.
[2] (B)Cash dividends declared were $3,921 and $3,528 for the three months ended March 31, 2012 and 2011, respectively.