Verizon Wireless 2008 Annual Report Download - page 40

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38
VERIZON COMMUNICATIONS INC. AND SUBSIDIARIES
Consolidated Statements of Income
(dollars in millions, except per share amounts)
Years Ended December 31, 2008 2007 2006
Operating Revenues $ 97,354 $ 93,469 $ 88,182
Operating Expenses
Cost of services and sales (exclusive of items shown below) 39,007 37,547 35,309
Selling, general and administrative expense 26,898 25,967 24,955
Depreciation and amortization expense 14,565 14,377 14,545
Total Operating Expenses 80,470 77,891 74,809
Operating Income 16,884 15,578 13,373
Equity in earnings of unconsolidated businesses 567 585 773
Other income and (expense), net 282 211 395
Interest expense (1,819) (1,829) (2,349)
Minority interest (6,155) (5,053) (4,038)
Income Before Provision for Income Taxes, Discontinued Operations,
Extraordinary Item and Cumulative Eect of Accounting Change 9,759 9,492 8,154
Provision for income taxes (3,331) (3,982) (2,674)
Income Before Discontinued Operations, Extraordinary Item
and Cumulative Eect of Accounting Change 6,428 5,510 5,480
Income from discontinued operations, net of tax –142 759
Extraordinary item, net of tax –(131) –
Cumulative eect of accounting change, net of tax –– (42)
Net Income $ 6,428 $ 5,521 $ 6,197
Basic Earnings Per Common Share(1)
Income before discontinued operations, extraordinary item
and cumulative eect of accounting change $ 2.26 $ 1.90 $ 1.88
Income from discontinued operations, net of tax –.05 .26
Extraordinary item, net of tax –(.05) –
Cumulative eect of accounting change, net of tax –– (.01)
Net Income $ 2.26 $ 1.91 $ 2.13
Weighted-average shares outstanding (in millions) 2,849 2,898 2,912
Diluted Earnings Per Common Share(1)
Income before discontinued operations, extraordinary item
and cumulative eect of accounting change $ 2.26 $ 1.90 $ 1.88
Income from discontinued operations, net of tax –.05 .26
Extraordinary item, net of tax –(.05) –
Cumulative eect of accounting change, net of tax –– (.01)
Net Income $ 2.26 $ 1.90 $ 2.12
Weighted-average shares outstanding (in millions) 2,850 2,902 2,938
(1) Total per share amounts may not add due to rounding.
See Notes to Consolidated Financial Statements.