CarMax 2011 Annual Report Download - page 51

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C O N S O L I D A T E D S T A T E M E N T S O F E A R N I N G S
See accompanying notes to consolidated financial statements.
41
(In thousands except per share data) 2011 (1) %(2) 2010 %(2) 2009 %(2)
SALES AND OPERATING REVENUES:
Used vehicle sales 7,210,017$ 80.3 6,192,278$ 82.9 5,690,658$ 81.6
New vehicle sales 198,532 2.2 186,481 2.5 261,940 3.8
Wholesale vehicle sales 1,301,703 14.5 844,868 11.3 779,785 11.2
Other sales and revenues 265,302 3.0 246,566 3.3 241,583 3.5
NET SALES AND OPERATING REVENUES 8,975,554 100.0 7,470,193 100.0 6,973,966 100.0
Cost of sales 7,674,326 85.5 6,371,323 85.3 6,005,796 86.1
GROSS PROFIT 1,301,228 14.5 1,098,870 14.7 968,170 13.9
CARMAX AUTO FINANCE INCOME 219,983 2.5 175,217 2.3 15,286 0.2
Selling, general and administrative
expenses 905,091 10.1 818,691 11.0 882,358 12.7
Interest expense 3,110 ― 3,460 ― 6,086 0.1
Interest income 480 ― 560 ― 1,786 ―
Earnings before income taxes 613,490 6.8 452,496 6.1 96,798 1.4
Income tax provision 232,612 2.6 170,828 2.3 37,585 0.5
NET EARNINGS 380,878$ 4.2 281,668$ 3.8 59,213$ 0.8
WEIGHTED AVERAGE COMMON SHARES:
Basic
223,449 219,527 217,537
Diluted
227,601 222,234 219,357
NET EARNINGS PER SHARE:
Basic 1.70$ 1.27$ 0.27$
Diluted 1.67$ 1.26$ 0.27$
Years Ended February 28
(1) As discussed in Note 2(E), fiscal 2011 reflects the adoption of ASU Nos. 2009-16 and 2009-17 effective March 1, 2010.
(2) Percents are calculated as a percentage of net sales and operating revenues and may not equal totals due to rounding.