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30 McDonald's Corporation 2015 Annual Report
Consolidated Statement of Income
In millions, except per share data Years ended December 31, 2015 2014 2013
REVENUES
Sales by Company-operated restaurants $ 16,488.3 $ 18,169.3 $ 18,874.2
Revenues from franchised restaurants 8,924.7 9,272.0 9,231.5
Total revenues 25,413.0 27,441.3 28,105.7
OPERATING COSTS AND EXPENSES
Company-operated restaurant expenses
Food & paper 5,552.2 6,129.7 6,361.3
Payroll & employee benefits 4,400.0 4,756.0 4,824.1
Occupancy & other operating expenses 4,024.7 4,402.6 4,393.2
Franchised restaurants-occupancy expenses 1,646.9 1,697.3 1,624.4
Selling, general & administrative expenses 2,434.3 2,487.9 2,385.6
Other operating (income) expense, net 209.4 18.6 (247.2)
Total operating costs and expenses 18,267.5 19,492.1 19,341.4
Operating income 7,145.5 7,949.2 8,764.3
Interest expense-net of capitalized interest of $9.4, $14.7 and $15.5 638.3 576.4 527.8
Nonoperating (income) expense, net (48.5) 0.8 32.0
Income before provision for income taxes 6,555.7 7,372.0 8,204.5
Provision for income taxes 2,026.4 2,614.2 2,618.6
Net income $ 4,529.3 $ 4,757.8 $ 5,585.9
Earnings per common share–basic $ 4.82 $4.85$5.59
Earnings per common share–diluted $ 4.80 $4.82$5.55
Dividends declared per common share $ 3.44 $3.28$3.12
Weighted-average shares outstanding–basic 939.4 980.5 998.4
Weighted-average shares outstanding–diluted 944.6 986.3 1,006.0
See Notes to consolidated financial statements.