Operator: Thank you for standing by and welcome to AutoNation's First Quarter 2012 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question-and-answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time.
Now, I will turn the call over to Ms. Cheryl Scully, Treasurer and Vice President of Investor Relations for AutoNation.
Cheryl Scully - Treasurer and VP, IR: Good morning and welcome to AutoNation's first quarter 2012 conference call and webcast. Leading our call today will be Mike Jackson, our Chairman and Chief Executive Officer; Mike Maroone, our President and Chief Operating Officer, and Mike Short, our Chief Financial Officer. Following their remarks, we will open up the call for questions. Kate Keyser-Pearlman and I will also be available by phone following the call to address any additional questions that you may have.
Before we begin, let me read our brief statement regarding forward-looking comments and the use of non-GAAP financial measures. Certain statements and information on this call will constitute forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks which may cause the actual results or performance to differ materially from expectations. Additional discussions of factors that could cause actual results to differ materially are contained in our SEC filings. Certain non-GAAP financial measures as defined under SEC rules may be discussed on this call. Reconciliations are available on our Investor Relations website at investors.autonation.com, under Financials.
Now, I'll turn the call over to AutoNation's Chairman and Chief Executive Officer, Mike Jackson.
Mike Jackson - Chairman and CEO: Good morning. Thank you for joining us. Today we reported an all-time record quarterly earnings per share from continuing operations of $0.56 and for the first quarter a 22% increase as compared to $0.46 for the same period in the prior year. First quarter 2012 revenue totaled $3.7 billion compared to $3.3 billion in the year ago period, an increase of 10% driven primarily by stronger retail new vehicle unit sales. In the first quarter total U.S. industry new vehicle retail sales increased 7% based on CNW research data, comparison during the same period AutoNation’s new vehicle unit sales increased 10% or 8% on a same store basis. In the first quarter we repurchased 11.7 million shares or 9% of the shares outstanding as of December 31, 2011 of $405 million at an average price per share of $34.72. Since the year I arrived in 1999 we have bought back over 400 million shares for $7 billion at an average price of under $17 per share. In the first quarter we saw an industry selling rate of 14.5 million units, the best quarterly selling rate since the first quarter of 2008.
As we look at the rest of 2012 we believe that the improvements in new vehicle sales will continue and we've increased our planning assumption for 2012 industry new vehicle sales to mid 14 million units.