SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)



	Quarter
	First		Second		Third		Fourth		Full Year
	(In thousands, except per share data)
Years Ended December 31,
2018
Total revenues	$	2,860,026	$	2,943,462	$	2,889,058	$	2,908,812	$	11,601,358
Gross profit	419,763		438,163		435,101		432,066		1,725,093
Net income (loss)	35,814		56,463		34,777		30,718		157,772
Basic earnings (loss) per share ⁽¹⁾	1.70		2.72		1.74		1.62		7.83
Diluted earnings (loss) per share ⁽¹⁾	1.70		2.72		1.74		1.62		7.83
2017
Total revenues	$	2,518,829	$	2,672,195	$	3,012,292	$	2,920,405	$	11,123,721
Gross profit	383,522		404,892		431,420		425,675		1,645,509
Net income (loss)	33,939		39,133		29,881		110,489		213,442
Basic earnings (loss) per share ⁽¹⁾	1.58		1.84		1.43		5.27		10.08
Diluted earnings (loss) per share ⁽¹⁾	1.58		1.84		1.43		5.27		10.08

⁽¹⁾The sum of the quarterly income per share amounts may not equal the annual amount reported, as per share amounts are computed independently for each quarter and for the full year based on the respective weighted average common shares outstanding.

Net income for the second, third, and fourth quarters of 2018, includes approximately $4.3 million, $23.2 million and $16.5 million, respectively, of pre-tax impairment charges related to intangible franchise rights and property and equipment write-offs. The second quarter also includes a pre-tax gain of approximately $20.2 million related to real estate and dealership dispositions.

Net income for the third and fourth quarters of 2017, includes approximately $9.5 million and $10.0 million, respectively, of pre-tax impairment charges related to intangible franchise rights and property and equipment write-offs. The third quarter also included $14.7 million related to chargeback expense for reserves associated with expected finance and insurance product cancellations and property damage as a result of Hurricanes Harvey and Irma. The fourth quarter also included a provisional tax benefit of approximately $73.0 million related to the re-measurement of deferred tax assets and liabilities as a result of the U.S. tax reform bill enacted in December 2017.

For more information on non-cash impairment charges, see Note 16, "Asset Impairments.”