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Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information [Text Block]
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
 
 
Quarter
 
 
 
 
First
 
Second
 
Third
 
Fourth
 
Full Year
 
 
(In thousands, except per share data)
Year Ended December 31,
 
 
 
 
 
 
 
 
 
 
2016
 
 
 
 
 
 
 
 
 
 
Total revenues
 
$
2,608,355

 
$
2,782,449

 
$
2,823,176

 
$
2,673,632

 
$
10,887,612

Gross profit
 
389,101

 
410,119

 
406,668

 
389,181

 
1,595,069

Net income
 
34,291

 
46,580

 
35,366

 
30,828

 
147,065

Basic earnings per share (1)
 
1.47

 
2.12

 
1.65

 
1.44

 
6.67

Diluted earnings per share (1)
 
1.47

 
2.12

 
1.65

 
1.44

 
6.67

2015
 
 
 
 
 
 
 
 
 
 
Total revenues
 
$
2,432,854

 
$
2,726,480

 
$
2,800,569

 
$
2,672,602

 
$
10,632,505

Gross profit
 
363,884

 
391,573

 
398,382

 
380,133

 
1,533,972

Net income
 
35,815

 
46,310

 
45,261

 
(33,387
)
 
93,999

Basic earnings per share (1)
 
1.47

 
1.91

 
1.88

 
(1.41
)
 
3.91

Diluted earnings per share (1)
 
1.47

 
1.91

 
1.88

 
(1.41
)
 
3.90

(1) The sum of the quarterly income per share amounts may not equal the annual amount reported, as per share amounts are computed independently for each quarter and for the full year based on the respective weighted average common shares outstanding.
During the first, second, third and fourth quarters of 2016, the Company incurred charges of $0.9 million, $1.0 million, $10.9 million and $20.0 million, respectively, related to the impairment of assets. Included in these charges for the first, third and fourth quarters were impairments of the Company’s intangible assets of $0.2 million, $10.6 million and $19.2 million, respectively. In addition, during 2016, the Company sold five dealerships in the U.S., four dealerships in Brazil and one dealership in the U.K., and recognized an aggregate net pre-tax gain of $2.2 million, excluding related asset impairments of $0.6 million.
During the second, third and fourth quarters of 2015, the Company incurred charges of $1.0 million, $0.9 million and $85.7 million, respectively, related to the impairment of assets. Included in these charges for the fourth quarter was impairments of the Company’s intangible assets of $85.5 million. During 2015, the Company sold two dealerships in the U.S. and recognized a net pre-tax gain of $9.4 million.
For more information on non-cash impairment charges, refer to Note 15, “Asset Impairments.”