CDW 2006 Annual Report Download - page 41

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31
CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Years Ended December 31,
2006 2005 2004
Net sales $ 6,785,473 $ 6,291,845 $ 5,737,774
Cost of sales 5,715,630 5,324,215 4,867,650
Gross profit 1,069,843 967,630 870,124
Selling and administrative expenses 530,120 433,482 386,563
Advertising expense 118,324 114,514 90,802
Litigation settlement 25,000 - -
Income from operations 396,399 419,634 392,759
Interest income 19,796 15,155 8,968
Other expense, net (1,844) (1,831) (1,867)
Income before income taxes 414,351 432,958 399,860
Income tax provision 148,271 160,866 158,415
Net income $ 266,080 $ 272,092 $ 241,445
Earnings per share:
Basic $ 3.37 $ 3.35 $ 2.90
Diluted $ 3.30 $ 3.26 $ 2.79
Weighted-average number of
common shares outstanding:
Basic 78,874 81,128 83,391
Diluted 80,651 83,566 86,552
Dividends per share $ 0.52 $ 0.43 $ 0.36
The accompanying notes are an integral part of the consolidated financial statements.