Nike 2011 Annual Report Download - page 35

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35NIKE,INC.-Form10-K
PARTII
ITEM8Financial Statements and Supplemental Data
Consolidated Statements of Income
(Inmillions, except per share data)
Year Ended May31,
2011 2010 2009
Revenues $ 20,862 $ 19,014 $ 19,176
Cost of sales 11,354 10,214 10,572
Gross margin 9,508 8,800 8,604
Demand creation expense 2,448 2,356 2,352
Operating overhead expense 4,245 3,970 3,798
Total selling and administrative expense 6,693 6,326 6,150
Restructuring charges (Note16) — — 195
Goodwill impairment (Note4) — — 199
Intangible and other asset impairment (Note4) — — 202
Interest expense (income), net (Notes6, 7 and 8) 4 6 (10)
Other (income), net (Note17) (33) (49) (89)
Income before income taxes 2,844 2,517 1,957
Income taxes (Note9) 711 610 470
Net income $ 2,133 $ 1,907 $ 1,487
Basic earnings per common share (Notes1 and12) $ 4.48 $ 3.93 $ 3.07
Diluted earnings per common share (Notes1 and12) $ 4.39 $ 3.86 $ 3.03
Dividends declared per common share $ 1.20 $ 1.06 $ 0.98
The accompanying notes to consolidated financial statements are an integral part of this statement.