American Express 2014 Annual Report Download - page 124

AMERICAN EXPRESS COMPANY
CONSOLIDATED FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA
(Millions, except per share amounts, share data, percentages and where
indicated) 2014 2013 2012 2011 2010
Operating Results
Total revenues net of interest expense(a) $34,292$ 32,974 $ 31,555 $ 29,962 $ 27,582
Expenses(a) 23,257 23,254 23,392 21,894 19,411
Provisions for losses 2,044 1,832 1,712 1,112 2,207
Income from continuing operations 5,885 5,359 4,482 4,899 4,057
Income (loss) from discontinued operations ———36—
Net income $ 5,885 $ 5,359 $ 4,482 $ 4,935 $ 4,057
Return on average equity(b) 29.1% 27.8% 23.1% 27.7% 27.5%
Return on average assets(c) 3.8% 3.5% 3.0% 3.3% 2.8%
Balance Sheet
Cash and cash equivalents $ 22,288 $ 19,486 $ 22,250 $ 24,893 $ 16,356
Accounts receivable, net 47,000 47,185 45,914 44,109 40,434
Loans, net 70,104 66,585 64,309 61,166 57,616
Investment securities 4,431 5,016 5,614 7,147 14,010
Total assets 159,103 153,375 153,140 153,337 146,689
Customer deposits 44,171 41,763 39,803 37,898 29,727
Travelers Cheques outstanding and other prepaid products 3,673 4,240 4,601 5,123 5,618
Short-term borrowings(d) 3,480 5,021 3,314 4,337 3,620
Long-term debt 57,955 55,330 58,973 59,570 66,416
Shareholders’ equity $20,673$ 19,496 $ 18,886 $ 18,794 $ 16,230
Average shareholders’ equity to average total assets ratio 13.1% 12.6% 12.9% 12.0% 10.2%
Common Share Statistics
Earnings per share:
Income from continuing operations:
Basic $5.58$ 4.91 $ 3.91 $ 4.11 $ 3.37
Diluted 5.56 4.88 3.89 4.09 3.35
Income (loss) from discontinued operations:
Basic —— — 0.03 —
Diluted —— — 0.03 —
Net income:
Basic 5.58 4.91 3.91 4.14 3.37
Diluted 5.56 4.88 3.89 4.12 3.35
Cash dividends declared per share 1.01 0.89 0.80 0.72 0.72
Dividend payout ratio(e) 18.1% 18.1% 20.5% 17.4% 21.4%
Book value per share 20.21 18.32 17.09 16.15 13.56
Market price per share:
High 96.24 90.79 61.42 53.8 49.19
Low 78.41 58.31 47.40 41.30 36.6
Close $93.04$ 90.73 $ 57.48 $ 47.17 $ 42.92
Average common shares outstanding for earnings per share:
Basic 1,045 1,082 1,135 1,178 1,188
Diluted 1,051 1,089 1,141 1,184 1,195
Shares outstanding at period end 1,023 1,064 1,105 1,164 1,197
Other Statistics
Number of employees at period end (thousands):
U.S. 22 26 27 29 29
Outside the U.S. 32 37 37 33 32
Total(f) 54 63 64 62 61
Number of shareholders of record 25,767 22,238 32,565 35,541 38,384
(a) In the first quarter of 2013, the Company reclassified $27 million on the December 31, 2012 Consolidated Statements of Income by reducing other revenue and
reducing marketing, promotion, rewards, and Card Member services expense, from amounts previously reported in order to conform to the current period
presentation.
(b) Return on average equity is calculated by dividing one-year period of net income by one-year average of total shareholders’ equity.
(c) Return on average assets is calculated by dividing one-year period of net income by one-year average of total assets.
(d) In the first quarter of 2012, the Company reclassified $913 million and $206 million on the December 31, 2011 and 2010 Consolidated Balance Sheets,
respectively, by increasing short-term borrowings and reducing other liabilities, from amounts previously reported in order to correct the effect of a
misclassification.
(e) Calculated on year’s dividends declared per share as a percentage of the year’s net income per basic share.
(f) Amounts include employees from discontinued operations.
124