Humana 2003 Annual Report Download - page 68

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Humana Inc.
CONSOLIDATED STATEMENTS OF INCOME
For the year ended December 31,
2003 2002 2001
(in thousands, except per share results)
Revenues: ...................................................
Premiums ............................................... $11,825,283 $10,930,397 $ 9,938,961
Administrative services fees ................................. 271,676 244,396 137,090
Investment and other income ................................ 129,352 86,388 118,835
Total revenues ........................................ 12,226,311 11,261,181 10,194,886
Operating expenses: ...........................................
Medical ................................................. 9,879,421 9,138,196 8,279,844
Selling, general and administrative ............................ 1,858,028 1,775,069 1,545,129
Depreciation and amortization ............................... 126,779 120,730 161,531
Total operating expenses ............................... 11,864,228 11,033,995 9,986,504
Income from operations ........................................ 362,083 227,186 208,382
Interest expense ............................................... 17,367 17,252 25,302
Income before income taxes ..................................... 344,716 209,934 183,080
Provision for income taxes ...................................... 115,782 67,179 65,909
Net income .................................................. $ 228,934 $ 142,755 $ 117,171
Basic earnings per common share ................................ $ 1.44 $ 0.87 $ 0.71
Diluted earnings per common share ............................... $ 1.41 $ 0.85 $ 0.70
The accompanying notes are an integral part of the consolidated financial statements.
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