American Express 2012 Annual Report Download - page 62

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AMERICAN EXPRESS COMPANY
CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31 (Millions, except per share amounts) 2012 2011 2010
Revenues
Non-interest revenues
Discount revenue $ 17,739 $ 16,734 $ 14,880
Net card fees 2,506 2,448 2,321
Travel commissions and fees 1,940 1,971 1,773
Other commissions and fees 2,317 2,269 2,031
Other 2,452 2,164 1,927
Total non-interest revenues 26,954 25,586 22,932
Interest income
Interest on loans 6,511 6,272 6,564
Interest and dividends on investment securities 246 327 443
Deposits with banks and other 97 97 66
Total interest income 6,854 6,696 7,073
Interest expense
Deposits 480 528 546
Long-term debt and other 1,746 1,792 1,877
Total interest expense 2,226 2,320 2,423
Net interest income 4,628 4,376 4,650
Total revenues net of interest expense 31,582 29,962 27,582
Provisions for losses
Charge card 742 770 595
Cardmember loans 1,149 253 1,527
Other 99 89 85
Total provisions for losses 1,990 1,112 2,207
Total revenues net of interest expense after provisions for losses 29,592 28,850 25,375
Expenses
Marketing, promotion, rewards and cardmember services 9,971 9,930 8,738
Salaries and employee benefits 6,597 6,252 5,566
Other, net 6,573 5,712 5,107
Total 23,141 21,894 19,411
Pretax income from continuing operations 6,451 6,956 5,964
Income tax provision 1,969 2,057 1,907
Income from continuing operations 4,482 4,899 4,057
Income from discontinued operations, net of tax —36 —
Net income $ 4,482 $ 4,935 $ 4,057
Earnings per Common Share — Basic: (Note 18)
Income from continuing operations attributable to common shareholders(a) $3.91$ 4.11 $ 3.37
Income from discontinued operations —0.03 —
Net income attributable to common shareholders(a) $3.91$ 4.14 $ 3.37
Earnings per Common Share — Diluted: (Note 18)
Income from continuing operations attributable to common shareholders(a) $3.89$ 4.09 $ 3.35
Income from discontinued operations —0.03 —
Net income attributable to common shareholders(a) $3.89$ 4.12 $ 3.35
Average common shares outstanding for earnings per common share:
Basic 1,135 1,178 1,188
Diluted 1,141 1,184 1,195
(a) Represents income from continuing operations or net income, as applicable, less earnings allocated to participating share awards and other items of $49 million, $58
million and $51 million for the years ended December 31, 2012, 2011 and 2010, respectively.
See Notes to Consolidated Financial Statements.
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