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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, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Gross Sales $ 1,523,857 $ 1,473,776 $ 2,841,978 $ 2,761,681
Cash discounts (6,482) (5,657) (11,803) (10,640)
Net Sales 1,517,375 1,468,119 2,830,175 2,751,041
Cost of merchandise sold (1,235,433) (1,204,154) (2,298,776) (2,251,244)
Gross Margin 281,942 263,965 531,399 499,797
Selling, general and administrative expenses (224,949) (218,379) (444,874) (432,159)
Depreciation and amortization (9,677) (9,000) (19,354) (18,017)
Other income, net 1,429 645 2,158 1,202
Income from Operations 48,745 37,231 69,329 50,823
Interest expense, net (368) (401) (758) (764)
Income before Provision for Income Taxes 48,377 36,830 68,571 50,059
Provision for income taxes (19,270) (14,904) (28,114) (20,154)
Net Income 29,107 21,926 40,457 29,905
Less: Net income attributable to noncontrolling interests (63) (35) (92) (68)
Net Income attributable to Graybar Electric Company, Inc. $ 29,044 $ 21,891 $ 40,365 $ 29,837
Net Income per share of Common Stock(A) $ 1.83 [1] $ 1.37 [1] $ 2.54 [1] $ 1.87 [1]
Cash Dividends per share of Common Stock(B) $ 0.30 [2] $ 0.30 [2] $ 0.60 [2] $ 0.60 [2]
Average Common Shares Outstanding(A) 15,842 [1] 15,967 [1] 15,890 [1] 15,987 [1]
[1] (A)Adjusted for the declaration of a two and a half percent (2.5%) stock dividend in 2013, shares related to which were issued in February 2014. Prior to the adjustment, the average common shares outstanding were 15,578 and 15,597 for the three and six months ended June 30, 2013, respectively.
[2] (B)Cash dividends declared were $4,756 and $4,676 for the three months ended June 30, 2014 and 2013, respectively. Cash dividends declared were $9,548 and $9,376 for the six months ended June 30, 2014 and 2013, respectively.