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Summary of Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract] |
Summary of Quarterly Financial Data (Unaudited) | 16. Summary of Quarterly Financial Data (Unaudited) The following table summarizes Sonic’s results of operations as presented in the accompanying consolidated statements of income by quarter for the years ended December 31, 2016 and 2015:
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
|  | (In thousands, except per share data) |
Year Ended December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues (1) |  | $ | 2,234,626 |  |  | $ | 2,382,312 |  |  | $ | 2,557,928 |  |  | $ | 2,556,913 |
Gross profit (1) |  | $ | 345,150 |  |  | $ | 353,305 |  |  | $ | 359,085 |  |  | $ | 371,734 |
Net income (loss) (2) |  | $ | 14,624 |  |  | $ | 22,822 |  |  | $ | 18,111 |  |  | $ | 37,636 |
Earnings (loss) per common share - Basic (2) (3) |  | $ | 0.31 |  |  | $ | 0.50 |  |  | $ | 0.40 |  |  | $ | 0.84 |
Earnings (loss) per common share - Diluted (2) (3) |  | $ | 0.31 |  |  | $ | 0.50 |  |  | $ | 0.40 |  |  | $ | 0.83 |
Year Ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues (1) |  | $ | 2,235,516 |  |  | $ | 2,423,740 |  |  | $ | 2,494,408 |  |  | $ | 2,470,635 |
Gross profit (1) |  | $ | 334,959 |  |  | $ | 355,554 |  |  | $ | 360,251 |  |  | $ | 363,848 |
Net income (loss) (2) |  | $ | 13,967 |  |  | $ | 14,781 |  |  | $ | 26,505 |  |  | $ | 31,058 |
Earnings (loss) per common share - Basic (2) (3) |  | $ | 0.27 |  |  | $ | 0.29 |  |  | $ | 0.53 |  |  | $ | 0.62 |
Earnings (loss) per common share - Diluted (2) (3) |  | $ | 0.27 |  |  | $ | 0.29 |  |  | $ | 0.52 |  |  | $ | 0.62 |
(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.
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. Net income for the fourth quarter ended December 31, 2016 includes a pre-tax benefit of approximately $14.8 million related to an original equipment manufacturer emissions-related settlement and a pre-tax benefit of approximately $0.4 million related to lease exit and storm damage accrual adjustments, offset partially by pre-tax impairment charges of approximately $1.8 million primarily related to the write-off of certain construction project costs and pre-tax charges of approximately $0.5 million related to lease exit accrual adjustments. Net income for the third quarter ended September 30, 2016 includes approximately $6.1 million of pre-tax impairment charges related to dealership facility construction projects, pre-tax charges of approximately $2.3 million related to storm damage and legal accrual adjustments and pre-tax charges of $1.0 million related to lease exit accrual adjustments. Net income for the first quarter ended March 31, 2016 includes pre-tax charges of approximately $6.0 million related to storm damage, offset partially by a pre-tax benefit of approximately $0.5 million related to lease exit accrual adjustments. Net income for the fourth quarter ended December 31, 2015 includes approximately $2.3 of pre-tax gain from the sale of dealership franchises, offset partially by approximately $1.3 million of pre-tax impairment charges. Net income for the second quarter ended June 30, 2015 includes a pre-tax gain of approximately $1.1 million from the sale of dealership franchises, offset by approximately $10.5 million of pre-tax impairment charges and approximately $4.2 million of pre-tax charges related to storm damage and legal settlements. Net income for the first quarter ended March 31, 2015 includes approximately $6.2 million of pre-tax impairment charges and approximately $0.9 million of pre-tax severance expense.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1570-108306 Reference 2: 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=68064558&loc=d3e765-108305 Reference 3: 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=68064558&loc=d3e725-108305 + Details
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