America Online 2015 Annual Report Download - page 40

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Consolidated Statements of Income
(dollars in millions, except per share amounts)
Years Ended December31, 2015 2014 2013
Operating Revenues
Service revenues and other $ 114,696 $ 116,122 $ 112,454
Wireless equipment revenues 16,924 10,957 8,096
Total Operating Revenues 131,620 127,079 120,550
Operating Expenses
Cost of services (exclusive of items shown below) 29,438 28,306 28,534
Wireless cost of equipment 23,119 21,625 16,353
Selling, general and administrative expense 29,986 41,016 27,089
Depreciation and amortization expense 16,017 16,533 16,606
Total Operating Expenses 98,560 107,480 88,582
Operating Income 33,060 19,599 31,968
Equity in (losses) earnings of unconsolidated businesses (86) 1,780 142
Other income and (expense), net 186 (1,194) (166)
Interest expense (4,920) (4,915) (2,667)
Income Before Provision For Income Taxes 28,240 15,270 29,277
Provision for income taxes (9,865) (3,314) (5,730)
Net Income $ 18,375 $ 11,956 $ 23,547
Net income attributable to noncontrolling interests $ 496 $ 2,331 $ 12,050
Net income attributable to Verizon 17,879 9,625 11,497
Net Income $ 18,375 $ 11,956 $ 23,547
Basic Earnings Per Common Share
Net income attributable to Verizon $ 4.38 $ 2.42 $ 4.01
Weighted- average shares outstanding (in millions) 4,085 3,974 2,866
Diluted Earnings Per Common Share
Net income attributable to Verizon $ 4.37 $ 2.42 $ 4.00
Weighted- average shares outstanding (in millions) 4,093 3,981 2,874
See Notes to Consolidated Financial Statements
38 Verizon Communications Inc. and Subsidiaries