Napa Auto Parts 2006 Annual Report Download - page 29

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27
Consolidated Statements of Income
(in thousands, except per share amounts) Year ended December 31, 2006 2005 2004
Net sales $ 10,457,942 $ 9,783,050 $ 9,097,267
Cost of goods sold 7,182,447 6,718,964 6,267,544
Gross margin 3,275,495 3,064,086 2,829,723
Operating expenses:
Selling, administrative and other expenses 2,388,882 2,244,308 2,073,804
Depreciation and amortization 73,423 65,529 62,207
Provision for doubtful accounts 16,472 16,356 20,697
Total operating expenses 2,478,777 2,326,193 2,156,708
Non-operating expenses (income):
Interest expense 31,576 34,024 38,628
Other (5,774) (5,195) (1,532)
Total non-operating expenses 25,802 28,829 37,096
Income before income taxes 770,916 709,064 635,919
Income taxes 295,511 271,630 240,367
Net income $ 475,405 $ 437,434 $ 395,552
Basic net income per common share $ 2.77 $ 2.51 $ 2.26
Diluted net income per common share $ 2.76 $ 2.50 $ 2.25
Weighted average common shares outstanding 171,576 174,054 174,687
Dilutive effect of stock options and non-vested
restricted stock awards 910 953 973
Weighted average common shares outstanding -
assuming dilution 172,486 175,007 175,660
See accompanying notes.