Napa Auto Parts 2008 Annual Report Download - page 29

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consolidated statements of income
27
(in thousands, except per share amounts) Year ended December 31, 2008 2007 2006
Net sales $ 11,015,263 $ 10,843,195 $ 10,457,942
Cost of goods sold 7,742,773 7,625,972 7,353,447
Gross margin 3,272,490 3,217,223 3,104,495
Operating expenses:
Selling, administrative, and other expenses 2,359,829 2,278,155 2,217,882
Depreciation and amortization 88,698 87,702 73,423
Provision for doubtful accounts 23,883 13,514 16,472
Total operating expenses 2,472,410 2,379,371 2,307,777
Non-operating expenses (income):
Interest expense 31,721 31,327 31,576
Other (109) (10,220) (5,774)
Total non-operating expenses 31,612 21,107 25,802
Income before income taxes 768,468 816,745 770,916
Income taxes 293,051 310,406 295,511
Net income $ 475,417 $ 506,339 $ 475,405
Basic net income per common share $ 2.93 $ 2.99 $ 2.77
Diluted net income per common share $ 2.92 $ 2.98 $ 2.76
Weighted average common shares outstanding 162,351 169,129 171,576
Dilutive effect of stock options and non-vested
restricted stock awards 635 1,006 910
Weighted average common shares outstanding -
assuming dilution 162,986 170,135 172,486
See accompanying notes.