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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
REVENUES:        
New vehicle $ 926.2 $ 831.5 $ 1,756.7 $ 1,557.5
Used vehicle 507.6 445.3 981.0 862.2
Parts and service 188.2 168.2 364.9 327.6
Finance and insurance, net 67.6 58.4 128.8 111.8
Total revenues 1,689.6 1,503.4 3,231.4 2,859.1
COST OF SALES:        
New vehicle 875.6 779.7 1,656.5 1,460.3
Used vehicle 473.9 411.9 912.0 794.8
Parts and service 68.8 63.9 135.2 126.0
Total cost of sales 1,418.3 1,255.5 2,703.7 2,381.1
GROSS PROFIT 271.3 247.9 527.7 478.0
OPERATING EXPENSES:        
Selling, general and administrative 181.9 169.2 357.6 329.0
Depreciation and amortization 7.2 6.4 14.5 12.7
Other operating expense (income), net 0.0 0.1 0.3 (0.1)
Income from operations 82.2 72.2 155.3 136.4
OTHER EXPENSES:        
Floor plan interest expense (4.0) (3.3) (7.9) (6.3)
Other interest expense, net (10.5) (9.5) (20.8) (18.6)
Swap interest expense (0.5) (0.4) (1.0) (1.0)
Total other expenses, net (15.0) (13.2) (29.7) (25.9)
Income before income taxes 67.2 59.0 125.6 110.5
INCOME TAX EXPENSE 26.1 22.8 48.6 42.8
INCOME FROM CONTINUING OPERATIONS 41.1 36.2 77.0 67.7
DISCONTINUED OPERATIONS, net of tax 0.0 (0.3) 0.0 (0.4)
NET INCOME $ 41.1 $ 35.9 $ 77.0 $ 67.3
Basic—        
Continuing operations (in dollars per share) $ 1.53 $ 1.19 $ 2.84 $ 2.23
Discontinued operations (in dollars per share) 0.00 (0.01) 0.00 (0.01)
Net income (in dollars per share) 1.53 1.18 2.84 2.22
Diluted—        
Continuing operations (in dollars per share) 1.52 1.19 2.82 2.21
Discontinued operations (in dollars per share) 0.00 (0.01) 0.00 (0.01)
Net income (in dollars per share) $ 1.52 $ 1.18 $ 2.82 $ 2.20
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:        
Basic (in shares) 26.8 30.3 27.1 30.3
Restricted stock (in shares) 0.1 0.1 0.1 0.2
Performance share units (in shares) 0.1 0.1 0.1 0.1
Diluted (in shares) 27.0 30.5 27.3 30.6