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26 | McDonald’s Corporation 2013 Annual Report
Consolidated Statement of Income
In millions, except per share data Years ended December 31, 2013 2012 2011
REVENUES
Sales by Company-operated restaurants $ 18,874.2 $ 18,602.5 $ 18,292.8
Revenues from franchised restaurants 9,231.5 8,964.5 8,713.2
Total revenues 28,105.7 27,567.0 27,006.0
OPERATING COSTS AND EXPENSES
Company-operated restaurant expenses
Food & paper 6,361.3 6,318.2 6,167.2
Payroll & employee benefits 4,824.1 4,710.3 4,606.3
Occupancy & other operating expenses 4,393.2 4,195.2 4,064.4
Franchised restaurants-occupancy expenses 1,624.4 1,527.0 1,481.5
Selling, general & administrative expenses 2,385.6 2,455.2 2,393.7
Other operating (income) expense, net (247.2) (243.5) (236.8)
Total operating costs and expenses 19,341.4 18,962.4 18,476.3
Operating income 8,764.3 8,604.6 8,529.7
Interest expense-net of capitalized interest of $15.5, $15.9 and $14.0 521.9 516.6 492.8
Nonoperating (income) expense, net 37.9 9.0 24.7
Income before provision for income taxes 8,204.5 8,079.0 8,012.2
Provision for income taxes 2,618.6 2,614.2 2,509.1
Net income $ 5,585.9 $ 5,464.8 $ 5,503.1
Earnings per common share–basic $ 5.59 $ 5.41 $ 5.33
Earnings per common share–diluted $ 5.55 $ 5.36 $ 5.27
Dividends declared per common share $ 3.12 $ 2.87 $ 2.53
Weighted-average shares outstanding–basic 998.4 1,010.1 1,032.1
Weighted-average shares outstanding–diluted 1,006.0 1,020.2 1,044.9
See Notes to consolidated financial statements.