Napa Auto Parts 2005 Annual Report Download - page 26
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24
Consolidated Statements of Income
(in thousands, except per share data) Year ended December 31, 2005 2004 2003
Net sales $ 9,783,050 $ 9,097,267 $ 8,449,300
Cost of goods sold 6,718,964 6,267,544 5,826,684
3,064,086 2,829,723 2,622,616
Selling, administrative and other expenses 2,355,022 2,193,804 2,050,873
Income before income taxes and cumulative effect
of a change in accounting principle 709,064 635,919 571,743
Income taxes 271,630 240,367 218,101
Income before cumulative effect of a change in
accounting principle 437,434 395,552 353,642
Cumulative effect of a change in accounting principle ——(19,541)
Net income $ 437,434 $ 395,552 $ 334,101
Basic net income per common share:
Before cumulative effect of a change in accounting principle $ 2.51 $ 2.26 $ 2.03
Cumulative effect of a change in accounting principle ——(0.11)
Basic net income $ 2.51 $ 2.26 $ 1.92
Diluted net income per common share:
Before cumulative effect of a change in accounting principle $ 2.50 $ 2.25 $ 2.03
Cumulative effect of a change in accounting principle ——(0.12)
Diluted net income $ 2.50 $ 2.25 $ 1.91
Weighted average common shares outstanding 174,054 174,687 173,995
Dilutive effect of stock options and non-vested restricted stock awards 953 973 485
Weighted average common shares outstanding - assuming dilution 175,007 175,660 174,480
See accompanying notes.