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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, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Gross Sales $ 1,473,765 $ 1,386,830 $ 2,761,670 $ 2,672,216
Cash discounts (5,657) (5,413) (10,640) (10,552)
Net Sales 1,468,108 1,381,417 2,751,030 2,661,664
Cost of merchandise sold (1,204,143) (1,122,742) (2,251,233) (2,156,176)
Gross Margin 263,965 258,675 499,797 505,488
Selling, general and administrative expenses (218,379) (209,487) (432,159) (422,222)
Depreciation and amortization (9,000) (8,164) (18,017) (15,954)
Other income, net 645 30,181 1,202 32,073
Income from Operations 37,231 71,205 50,823 99,385
Interest expense, net (401) (683) (764) (1,460)
Income before Provision for Income Taxes 36,830 70,522 50,059 97,925
Provision for income taxes (14,904) (27,665) (20,154) (38,639)
Net Income 21,926 42,857 29,905 59,286
Less: Net income attributable to noncontrolling interests (35) (69) (68) (143)
Net Income attributable to Graybar Electric Company, Inc $ 21,891 $ 42,788 $ 29,837 $ 59,143
Net Income per share of Common Stock $ 1.40 [1] $ 2.74 [1] $ 1.91 [1] $ 3.79 [1]
Cash Dividends per share of Common Stock $ 0.30 [2] $ 0.30 [2] $ 0.60 [2] $ 0.60 [2]
Average Common Shares Outstanding 15,578 [1] 15,625 [1] 15,597 [1] 15,616 [1]
[1] (A)Adjusted for the declaration of a twenty percent (20%) stock dividend in 2012, shares related to which were issued in February 2013. Prior to the adjustment, the average common shares outstanding were 13,021 and 13,013 for the three and six months ended June 30, 2012, respectively.
[2] (B)Cash dividends declared were $4,676 and $3,912 for the three months ended June 30, 2013 and 2012, respectively. Cash dividends declared were $9,376 and $7,833 for the six months ended June 30, 2013 and 2012, respectively.