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Condensed Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Parking services revenue:        
Lease contracts $ 37,193 $ 34,162 $ 72,398 $ 67,278
Management contracts 42,343 42,081 88,297 82,156
Total parking services revenue 79,536 76,243 160,695 149,434
Reimbursed management contract revenue 100,126 100,757 201,250 206,812
Total revenue 179,662 177,000 361,945 356,246
Cost of parking services:        
Lease contracts 34,286 31,217 67,785 62,988
Management contracts 23,215 22,278 50,707 44,542
Total cost of parking services 57,501 53,495 118,492 107,530
Reimbursed management contract expense 100,126 100,757 201,250 206,812
Total cost of parking services 157,627 154,252 319,742 314,342
Gross profit:        
Lease contracts 2,907 2,945 4,613 4,290
Management contracts 19,128 19,803 37,590 37,614
Total gross profit 22,035 22,748 42,203 41,904
General and administrative expenses 11,597 [1] 12,218 [1] 22,779 [1] 23,778 [1]
Depreciation and amortization 1,677 1,570 3,210 3,030
Operating income 8,761 8,960 16,214 15,096
Other expenses (income):        
Interest expense 1,180 1,398 2,349 2,888
Interest income (113) (52) (173) (105)
Total other expenses (income) 1,067 1,346 2,176 2,783
Income before income taxes 7,694 7,614 14,038 12,313
Income tax expense 3,066 3,021 5,545 4,868
Net income 4,628 4,593 8,493 7,445
Less: Net income attributable to noncontrolling interest 85 85 171 92
Net income attributable to Standard Parking Corporation $ 4,543 $ 4,508 $ 8,322 $ 7,353
Net income per share:        
Basic $ 0.29 $ 0.29 $ 0.53 $ 0.48
Diluted $ 0.28 $ 0.28 $ 0.52 $ 0.46
Weighted average shares outstanding:        
Basic 15,834,622 15,531,726 15,812,910 15,461,904
Diluted 16,164,114 15,877,258 16,155,272 15,841,713
[1] Non-cash stock based compensation expense of $817 and $1,313 for the three and six months ended June 30, 2011, respectively, and $729 and $1,237 for the three and six months ended June 30, 2010, respectively, is included in general and administrative expenses.