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Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2017 | Mar. 31, 2016
REVENUES: |  |
New vehicle retail sales | $ 1,337,213 | $ 1,409,851
Used vehicle retail sales | 660,927 | 688,171
Used vehicle wholesale sales | 104,157 | 101,592
Parts and service sales | 319,698 | 308,592
Finance, insurance and other, net | 96,834 | 100,149
Total revenues | 2,518,829 | 2,608,355
COST OF SALES: |  |
New vehicle retail sales | 1,267,986 | 1,338,124
Used vehicle retail sales | 615,922 | 638,971
Used vehicle wholesale sales | 104,057 | 100,143
Parts and service sales | 147,342 | 142,016
Total cost of sales | 2,135,307 | 2,219,254
GROSS PROFIT | 383,522 | 389,101
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 289,779 | 293,664
DEPRECIATION AND AMORTIZATION EXPENSE | 13,606 | 12,464
ASSET IMPAIRMENTS | 0 | 932
INCOME FROM OPERATIONS | 80,137 | 82,041
OTHER EXPENSE: |  |
Floorplan interest expense | (11,942) | (11,010)
Other interest expense, net | (16,999) | (16,929)
INCOME BEFORE INCOME TAXES | 51,196 | 54,102
PROVISION FOR INCOME TAXES | (17,257) | (19,811)
NET INCOME | $ 33,939 | $ 34,291
BASIC EARNINGS PER SHARE | $ 1.58 | $ 1.47
Weighted average common shares outstanding | 20,692 | 22,448
DILUTED EARNINGS PER SHARE | $ 1.58 | $ 1.47
Weighted average common shares outstanding | 20,698 | 22,453
CASH DIVIDENDS PER COMMON SHARE | $ 0.24 | $ 0.22

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- Definition Interest expense incurred on borrowings under the floorplan line of the credit facility and arrangements with vehicle manufacturer affiliates for the financing of specific new, used and rental vehicle inventory. Interest expense also includes the net impact of interest rate swap settlements during the period, which are designed to hedge exposure to variable interest rates. + References No definition available. + Details
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- Definition Aggregate revenue recognized during the period derived from new vehicles sold to retail customers. Revenues from new vehicle retail sales are recognized upon completion of the sale and delivery to the customer. Conditions to completing a sale include having an agreement with the customer, including pricing, and the sales price must be reasonably expected to be collected. + References No definition available. + Details
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