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Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Gross Sales $ 1,386,830 $ 1,375,852 $ 2,672,216 $ 2,567,359
Cash discounts (5,413) (4,882) (10,552) (9,221)
Net Sales 1,381,417 1,370,970 2,661,664 2,558,138
Cost of merchandise sold (1,122,742) (1,122,229) (2,156,176) (2,083,447)
Gross Margin 258,675 248,741 505,488 474,691
Selling, general and administrative expenses (209,487) (199,037) (422,222) (394,668)
Depreciation and amortization (8,164) (7,377) (15,954) (17,002)
Other income, net (30,181) (834) (32,073) (1,554)
Income from Operations 71,205 43,161 99,385 64,575
Interest expense, net (683) (1,812) (1,460) (3,662)
Income before Provision for Income Taxes 70,522 41,349 97,925 60,913
Provision for income taxes (27,665) (17,345) (38,639) (25,264)
Net Income 42,857 24,004 59,286 35,649
Less: Net income attributable to noncontrolling interests (69) (83) (143) (200)
Net Income attributable to Graybar Electric Company, Inc $ 42,788 $ 23,921 $ 59,143 $ 35,449
Net Income per share of Common Stock $ 3.29 [1] $ 1.86 [1] $ 4.54 [1] $ 2.75 [1]
Cash Dividends per share of Common Stock $ 0.30 [2] $ 0.30 [2] $ 0.60 [2] $ 0.60 [2]
Average Common Shares Outstanding 13,021 [1] 12,885 [1] 13,013 [1] 12,888 [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 11,714 and 11,716 for the three and six months ended June 30, 2011, respectively.
[2] (B)Cash dividends declared were $3,912 and $3,525 for the three months ended June 30, 2012 and 2011, respectively. Cash dividends declared were $7,833 and $7,053 for the six months ended June 30, 2012 and 2011, respectively.