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Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Gross Sales $ 1,394,800 $ 1,463,559 $ 4,067,016 $ 4,030,918
Cash discounts (5,508) (5,588) (16,060) (14,809)
Net Sales 1,389,292 1,457,971 4,050,956 4,016,109
Cost of merchandise sold (1,133,046) (1,189,727) (3,289,222) (3,273,174)
Gross Margin 256,246 268,244 761,734 742,935
Selling, general and administrative expenses (213,396) (205,907) (635,618) (600,575)
Depreciation and amortization (8,059) (7,638) (24,013) (24,640)
Other income, net (915) (1,071) (32,988) (2,625)
Income from Operations 35,706 55,770 135,091 120,345
Interest expense, net (416) (1,624) (1,876) (5,286)
Income before Provision for Income Taxes 35,290 54,146 133,215 115,059
Provision for income taxes (15,210) (21,455) (53,849) (46,719)
Net Income 20,080 32,691 79,366 68,340
Less: Net income attributable to noncontrolling interests (68) (145) (211) (345)
Net Income attributable to Graybar Electric Company, Inc $ 20,012 $ 32,546 $ 79,155 $ 67,995
Net Income per share of Common Stock $ 1.54 [1] $ 2.53 [1] $ 6.09 [1] $ 5.28 [1]
Cash Dividends per share of Common Stock $ 0.30 [2] $ 0.30 [2] $ 0.90 [2] $ 0.90 [2]
Average Common Shares Outstanding 12,973 [1] 12,874 [1] 12,996 [1] 12,883 [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 11,704 and 11,712 for the three and nine months ended September 30, 2011, respectively.
[2] (B)Cash dividends declared were $3,896 and $3,519 for the three months ended September 30, 2012 and 2011, respectively. Cash dividends declared were $11,729 and $10,572 for the nine months ended September 30, 2012 and 2011, respectively.