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Summary of Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2011
Summary of Quarterly Financial Data [Abstract] |
Summary of Quarterly Financial Data (Unaudited) |
14. | Summary of Quarterly Financial Data (Unaudited)
The following table summarizes Sonic’s results of operations as presented in the Consolidated Statements of Income by quarter for the years ended December 31, 2011 and 2010:
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
|  | (In thousands, except per share data) |
Year Ended December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues(1) |  | $ | 1,839,376 |  |  | $ | 1,968,252 |  |  | $ | 1,992,849 |  |  | $ | 2,070,797 |
Gross profit(1) |  | $ | 291,168 |  |  | $ | 309,732 |  |  | $ | 302,924 |  |  | $ | 305,295 |
Net income (loss)(2) |  | $ | 14,964 |  |  | $ | 21,351 |  |  | $ | 19,401 |  |  | $ | 20,538 |
Earnings (loss) per common share — Basic(2)(3) |  | $ | 0.28 |  |  | $ | 0.40 |  |  | $ | 0.37 |  |  | $ | 0.39 |
Earnings (loss) per common share — Diluted(2)(3) |  | $ | 0.26 |  |  | $ | 0.35 |  |  | $ | 0.33 |  |  | $ | 0.35 |
Year Ended December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues(1) |  | $ | 1,543,665 |  |  | $ | 1,722,026 |  |  | $ | 1,770,260 |  |  | $ | 1,844,893 |
Gross profit(1) |  | $ | 265,878 |  |  | $ | 282,476 |  |  | $ | 281,799 |  |  | $ | 284,525 |
Net income (loss)(2) |  | $ | 4,154 |  |  | $ | 8,436 |  |  | $ | 12,985 |  |  | $ | 64,354 |
Earnings (loss) per common share — Basic(2)(3) |  | $ | 0.08 |  |  | $ | 0.16 |  |  | $ | 0.25 |  |  | $ | 1.22 |
Earnings (loss) per common share — Diluted(2)(3) |  | $ | 0.08 |  |  | $ | 0.16 |  |  | $ | 0.23 |  |  | $ | 1.00 |
Note: | Operations are subject to seasonal variations. The first quarter generally contributes less operating profits than the second, third and fourth quarters. Parts and service demand remains more stable throughout the year. Amounts presented may differ from amounts previously reported on Form 10-Q due to the classification of certain franchises in discontinued and continuing operations in accordance with “Presentation of Financial Statements” in the ASC (see Note 2).
(1) | Results are for continuing operations.
(2) | Results include both continuing operations and discontinued operations.
(3) | The sum of net income per common share for the quarters may not equal the full year amount due to weighted average common shares being calculated on a quarterly versus annual basis.
Net income in the second quarter ended June 30, 2010 includes a pre-tax loss of $7.3 million on the repurchase of $200.0 million in aggregate principal amount of the 8.625% Senior Subordinated Notes. Net income in the fourth quarter ended December 31, 2010 includes income tax valuation allowance benefits related to state net operating loss carryforwards and other deferred income tax assets of $48.2 million. Net income in the fourth quarter ended December 31, 2011 includes impairment of property and equipment of approximately $1.0 million and lease adjustments and other charges of approximately $6.8 million.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=6952194&loc=d3e1280-108306 + Details
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