CarMax 2012 Annual Report Download - page 45

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CONSOLIDATED STATEMENTS OF EARNINGS
See accompanying notes to consolidated financial statements.
39
(In thousands except per share data) 2012 %
(3) 2011 (1)(2) %
(3) 2010 (1) %
(3)
SALES AND O PERATING REVENUES:
Used vehicle sales 7,826,911$ 78.2 7,210,017$ 80.3 6,192,278$ 82.9
New vehicle sales 200,584 2.0 198,532 2.2 186,481 2.5
Wholesale vehicle sales 1,721,647 17.2 1,301,703 14.5 844,868 11.3
Other sales and revenues 254,457 2.5 265,302 3.0 246,566 3.3
NET SALES AND O PERATING REVENUES 10,003,599 100.0 8,975,554 100.0 7,470,193 100.0
Cost of sales 8,624,838 86.2 7,674,326 85.5 6,371,323 85.3
GROSS PROFIT 1,378,761 13.8 1,301,228 14.5 1,098,870 14.7
CARMAX AUTO FINANCE INC O ME 262,185 2.6 219,983 2.5 175,217 2.3
Selling, general and administrative
expenses 940,786 9.4 878,805 9.8 792,201 10.6
Interes t expense 33,714 0.3 34,680 0.4 35,994 0.5
Other income 464 ʊ 480 ʊ 560 ʊ
Earnings before income taxes 666,910 6.7 608,206 6.8 446,452 6.0
Income tax provision 253,115 2.5 230,711 2.6 168,608 2.3
NET EARNINGS 413,795$ 4.1 377,495$ 4.2 277,844$ 3.7
W EIG H TED A V ER A G E C O MM O N S H A R ES :
Bas ic 226,282 223,449 219,527
Dilu ted 230,721 227,601 222,234
NET EARNINGS PER SHARE:
Bas ic 1.83$ 1.68$ 1.25$
Dilu ted 1.79$ 1.65$ 1.24$
Year s Ende d Fe br uar y 2 9 or 2 8
(1) As discussed in Note 2(K), fiscal 2011and 2010 reflect the revisions to correct our accounting for sale-leaseback transactions.
(2) As discussed in Note 2(E), fiscal 2011 reflects the adoption of ASU Nos. 2009-16 and 2009-17 effective March 1, 2010.
(3) Percents are calculated as a percentage of net sales and operating revenues and may not equal totals due to rounding.