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v3.5.0.2

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended
--- | ---
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2014
Service revenues and vehicle sales: |  |  |
Service revenues | $ 1,104,379 | $ 985,363 | $ 958,413
Vehicle sales | 164,070 | 160,716 | 205,076
Total service revenues and vehicle sales | 1,268,449 | 1,146,079 | 1,163,489
Operating expenses: |  |  |
Yard operations | 582,904 | 526,291 | 520,423
Cost of vehicle sales | 140,959 | 136,412 | 174,493
General and administrative | 138,116 | 138,975 | 164,535
Impairment of long-lived assets | 0 | 0 | 29,104
Total operating expenses | 861,979 | 801,678 | 888,555
Operating income | 406,470 | 344,401 | 274,934
Other (expense) income: |  |  |
Interest expense | (23,606) | (18,121) | (8,768)
Interest income | 1,449 | 817 | 491
Other income, net | 11,552 | 4,972 | 3,378
Total other expense | (10,605) | (12,332) | (4,899)
Income before income taxes | 395,865 | 332,069 | 270,035
Income taxes | 125,505 | 112,286 | 91,348
Net income | $ 270,360 | $ 219,783 | $ 178,687
Basic net income per common share | $ 2.36 | $ 1.75 | $ 1.42
Weighted average common shares outstanding | 114,423 | 125,914 | 125,693
Diluted net income per common share | $ 2.21 | $ 1.67 | $ 1.36
Diluted weighted average common shares outstanding | 122,147 | 131,425 | 131,230

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