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Condensed Consolidated Statements Of Operations (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues:        
Auction and related revenues $ 353,564 $ 269,801 $ 463,925 $ 365,428
Finance revenues 3,184 2,023 6,099 4,636
Dealer revenues 11,642 8,337 16,257 10,857
License fee revenues 1,270 1,129 2,711 1,834
Other revenues 135 120 385 534
Total revenues 369,795 281,410 489,377 383,289
Expenses:        
Direct costs of services 26,293 21,159 35,212 28,030
Dealer cost of sales 8,312 6,527 14,255 8,315
Marketing expenses 3,296 3,251 7,836 6,216
Salaries and related costs 96,504 74,321 148,462 120,939
General and administrative expenses 40,258 32,376 73,384 63,619
Depreciation and amortization expense 4,241 4,081 8,342 8,452
Restructuring charges, net 2,226 (21) 2,268 98
Total expenses 181,130 141,694 289,759 235,669
Operating income 188,665 139,716 199,618 147,620
Interest income 547 385 3,137 738
Interest expense (10,559) (11,717) (20,947) (23,336)
Other expense (765) (933) (369) (872)
Income before taxes 177,888 127,451 181,439 124,150
Equity in earnings of investees, net of taxes 152 36 53 244
Income tax expense 50,806 41,248 51,837 40,332
Net income $ 127,234 $ 86,239 $ 129,655 $ 84,062
Basic earnings per share - Sotheby's common shareholders (see Note 3) $ 1.87 $ 1.27 $ 1.91 $ 1.24
Diluted earnings per share - Sotheby's common shareholders (see Note 3) $ 1.81 $ 1.26 $ 1.85 $ 1.22
Weighted average basic shares outstanding 67,405 66,337 67,188 66,167
Weighted average diluted shares outstanding 69,491 67,041 69,252 66,972
Cash dividends paid per common share $ 0.05 $ 0.05 $ 0.10 $ 0.10