XML 52 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Parking services revenue:        
Lease contracts $ 42,414 $ 37,193 $ 79,958 $ 72,398
Management contracts 44,372 42,343 92,336 88,297
Total parking services revenue 86,786 79,536 172,294 160,695
Reimbursed management contract revenue 104,160 100,126 208,097 201,250
Total revenue 190,946 179,662 380,391 361,945
Cost of parking services:        
Lease contracts 38,000 34,286 73,387 67,785
Management contracts 24,018 23,215 52,510 50,707
Total cost of parking services, gross 62,018 57,501 125,897 118,492
Reimbursed management contract expense 104,160 100,126 208,097 201,250
Total cost of parking services 166,178 157,627 333,994 319,742
Gross profit:        
Lease contracts 4,414 2,907 6,571 4,613
Management contracts 20,354 19,128 39,826 37,590
Total gross profit 24,768 22,035 46,397 42,203
General and administrative expenses 14,868 [1] 11,597 [1] 29,913 [1] 22,779 [1]
Depreciation and amortization 1,807 1,677 3,535 3,210
Operating income 8,093 8,761 12,949 16,214
Other expenses (income):        
Interest expense 1,132 1,180 2,262 2,349
Interest income (135) (113) (205) (173)
Total other expenses (income) 997 1,067 2,057 2,176
Income before income taxes 7,096 7,694 10,892 14,038
Income tax expense 2,856 3,066 4,384 5,545
Net income 4,240 4,628 6,508 8,493
Less: Net income attributable to noncontrolling interest 85 85 157 171
Net income attributable to Standard Parking Corporation $ 4,155 $ 4,543 $ 6,351 $ 8,322
Net income per share:        
Basic (in dollars per share) $ 0.27 $ 0.29 $ 0.41 $ 0.53
Diluted (in dollars per share) $ 0.26 $ 0.28 $ 0.40 $ 0.52
Weighted average shares outstanding:        
Basic (in shares) 15,665,263 15,834,622 15,614,868 15,812,910
Diluted (in shares) 15,900,659 16,164,114 15,860,668 16,155,272
[1] Non-cash stock based compensation expense of $502 and $863 for the three and six months ended June 30, 2012, respectively, and $817 and $1,313 for the three and six months ended June 30, 2011, respectively, is included in general and administrative expenses.