Target 2013 Annual Report Download - page 40

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35
Consolidated Statements of Operations
(millions, except per share data) 2013 2012 2011
Sales $ 72,596 $ 71,960 $ 68,466
Credit card revenues —1,341 1,399
Total revenues 72,596 73,301 69,865
Cost of sales 51,160 50,568 47,860
Selling, general and administrative expenses 15,375 14,914 14,106
Credit card expenses —467 446
Depreciation and amortization 2,223 2,142 2,131
Gain on receivables transaction (391) (161) —
Earnings before interest expense and income taxes 4,229 5,371 5,322
Net interest expense 1,126 762 866
Earnings before income taxes 3,103 4,609 4,456
Provision for income taxes 1,132 1,610 1,527
Net earnings $ 1,971 $ 2,999 $ 2,929
Basic earnings per share $ 3.10 $ 4.57 $ 4.31
Diluted earnings per share $ 3.07 $ 4.52 $ 4.28
Weighted average common shares outstanding
Basic 635.1 656.7 679.1
Dilutive effect of share-based awards(a) 6.7 6.6 4.8
Diluted 641.8 663.3 683.9
(a) Excludes 2.3 million, 5.0 million and 15.5 million share-based awards for 2013, 2012 and 2011, respectively, because their effects were antidilutive.
See accompanying Notes to Consolidated Financial Statements.