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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$ 55,716$ 25,575
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization of property, plant and equipment30,04125,938
Provision for bad debt expense483756
Other amortization1,2461,242
Debt issuance cost amortization2,9922,702
Debt discount amortization, net of premium amortization3,9113,872
Stock - based compensation expense327419
Amortization of restricted stock2,3481,773
Deferred income taxes(1,280)(656)
Equity interest in earnings of investees(462)(585)
Asset impairment charges160132
Loss (gain) on disposal of franchises and property and equipment243(978)
Loss on exit of leased dealerships4,1952,321
Loss on retirement of debt8317,665
Non-cash adjustments - cash flow swaps5995,402
Changes in assets and liabilities that relate to operations:  
Receivables38,78965,667
Inventories87,744(82,768)
Other assets(6,188)(14,706)
Notes payable - floor plan - trade(53,640)221,573
Trade accounts payable and other liabilities25,621(27,288)
Total adjustments137,960212,481
Net cash provided by operating activities193,676238,056
CASH FLOWS FROM INVESTING ACTIVITIES:  
Purchases of land, property and equipment(135,897)(44,039)
Proceeds from sales of property and equipment653979
Proceeds from sale of franchises12924,644
Distributions from equity investees600600
Net cash used in investing activities(134,515)(17,816)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Net repayments on notes payable floor plan - non-trade(50,528)(212,722)
Borrowings on revolving credit facilities228,00240,000
Repayments on revolving credit facilities(210,002)(40,000)
Proceeds from issuance of mortgage notes61,4701,449
Proceeds from issuance of long-term debt 208,528
Principal payments on long-term debt(17,939)(4,673)
Repurchase of debt securities(52,585)(233,190)
Purchases of treasury stock(9,112)(1,073)
Income tax benefit associated with stock compensation plans1,143636
Income tax benefit associated with convertible hedge 205
Issuance of shares under stock compensation plans5241,188
Dividends paid(3,969) 
Net cash used in financing activities(52,996)(239,652)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS6,165(19,412)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD21,84230,035
CASH AND CASH EQUIVALENTS, END OF PERIOD28,00710,623
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:  
Change in fair value of cash flow hedging instruments (net of tax benefit of $2,242 and $830 in 2011 and 2010, respectively)(3,660)(1,353)
Cash paid (received) during the period for:  
Interest, including amount capitalized69,97374,778
Income taxes$ 18,982$ (15,289)