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Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Gross Sales $ 1,318,121 $ 1,287,905
Cash discounts (5,321) (4,983)
Net Sales 1,312,800 1,282,922
Cost of merchandise sold (1,063,343) (1,047,090)
Gross Margin 249,457 235,832
Selling, general and administrative expenses (219,925) (213,780)
Depreciation and amortization (9,677) (9,017)
Other income, net 729 557
Income from Operations 20,584 13,592
Interest expense, net (390) (363)
Income before Provision for Income Taxes 20,194 13,229
Provision for income taxes (8,844) (5,250)
Net Income 11,350 7,979
Less: Net income attributable to noncontrolling interests (29) (33)
Net Income attributable to Graybar Electric Company, Inc. $ 11,321 $ 7,946
Net Income per share of Common Stock(A) $ 0.71 [1] $ 0.50 [1]
Cash Dividends per share of Common Stock(B) $ 0.30 [2] $ 0.30 [2]
Average Common Shares Outstanding(A) 15,969 [1] 16,025 [1]
[1] (A)Adjusted for the declaration of a two and a half percent (2.5%) stock dividend in 2013, shares related to which were issued in February 2014. Prior to the adjustment, the average common shares outstanding were 15,634 for the three months ended March 31, 2013.
[2] (B)Cash dividends declared were $4,792 and $4,700 for the three months ended March 31, 2014 and 2013, respectively.