O'Reilly Auto Parts 2005 Annual Report Download - page 37

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(In thousands, except per share data)
years ended december 31, 2005 2004 2003
Product sales $2,045,318 $1,721,241 $1,511,816
Cost of goods sold, including warehouse and
distribution expenses 1,152,815 978,076 873,481
Gross profit 892,503 743,165 638,335
Operating, selling, general and administrative expenses 639,979 552,707 473,060
Operating income 252,524 190,458 165,275
Other income (expense):
Interest expense (5,062) (4,700) (6,864)
Interest income 1,582 901 298
Other, net 2,025 1,078 1,333
Total other income (expense) (1,455) (2,721) (5,233)
Income before income taxes and cumulative
effect of accounting change 251,069 187,737 160,042
Provision for income taxes 86,803 70,063 59,955
Income before cumulative effect of accounting change 164,266 117,674 100,087
Cumulative effect of accounting change, net of tax - 21,892 -
Net Income $ 164,266 $ 139,566 $ 100,087
Basic income per common share:
Income before cumulative effect of accounting change $ 1.47 $ 1.07 $ 0.93
Cumulative effect of accounting change - 0.20 -
Net income per common share $ 1.47 $ 1.27 $ 0.93
Weighted-average common shares outstanding 111,613 110,020 107,816
Income per common share—assuming dilution:
Income before cumulative effect of accounting change $ 1.45 $ 1.05 $ 0.92
Cumulative effect of accounting change -0.20 -
Net income per common share-assuming dilution $ 1.45 $1.25 $ 0.92
Adjusted weighted-average common shares outstanding 113,385 111,423 109,060
See accompanying notes.
O’REILLY AUTOMOTIVE 2005 ANNUAL REPORT
35
consolidated statements of income