Humana 2004 Annual Report Download - page 68

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Humana Inc.
CONSOLIDATED STATEMENTS OF INCOME
For the year ended December 31,
2004 2003 2002
(in thousands, except per share results)
Revenues:
Premiums ........................................... $12,689,432 $11,825,283 $10,930,397
Administrative services fees ............................ 272,796 271,676 244,396
Investment and other income ........................... 142,097 129,352 86,388
Total revenues ................................... 13,104,325 12,226,311 11,261,181
Operating expenses:
Medical ............................................ 10,669,647 9,879,421 9,138,196
Selling, general and administrative ....................... 1,877,864 1,858,028 1,775,069
Depreciation and amortization .......................... 117,792 126,779 120,730
Total operating expenses ........................... 12,665,303 11,864,228 11,033,995
Income from operations ................................... 439,022 362,083 227,186
Interest expense .......................................... 23,172 17,367 17,252
Income before income taxes ................................ 415,850 344,716 209,934
Provision for income taxes ................................. 135,838 115,782 67,179
Net income ............................................. $ 280,012 $ 228,934 $ 142,755
Basic earnings per common share ............................ $ 1.75 $ 1.44 $ 0.87
Diluted earnings per common share .......................... $ 1.72 $ 1.41 $ 0.85
The accompanying notes are an integral part of the consolidated financial statements.
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