Verizon Wireless 2009 Annual Report Download - page 44

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42
VERIZON COMMUNICATIONS INC. AND SUBSIDIARIES
Consolidated Statements of Income
(dollars in millions, except per share amounts)
Years Ended December 31, 2009 2008 2007
Operating Revenues $ 107,808 $ 97,354 $ 93,469
Operating Expenses
Cost of services and sales (exclusive of items shown below) 44,299 39,007 37,547
Selling, general and administrative expense 32,950 26,898 25,967
Depreciation and amortization expense 16,532 14,565 14,377
Total Operating Expenses 93,781 80,470 77,891
Operating Income 14,027 16,884 15,578
Equity in earnings of unconsolidated businesses 553 567 585
Other income and (expense), net 90 282 211
Interest expense (3,102) (1,819) (1,829)
Income Before Provision for Income Taxes, Discontinued Operations
and Extraordinary Item 11,568 15,914 14,545
Provision for income taxes (1,210) (3,331) (3,982)
Income Before Discontinued Operations and Extraordinary Item 10,358 12,583 10,563
Income from discontinued operations, net of tax –– 142
Extraordinary item, net of tax –– (131)
Net Income $ 10,358 $ 12,583 $ 10,574
Net income attributable to noncontrolling interest $ 6,707 $ 6,155 $ 5,053
Net income attributable to Verizon 3,651 6,428 5,521
Net Income $ 10,358 $ 12,583 $ 10,574
Basic Earnings Per Common Share(1)
Income before discontinued operations and extraordinary item
attributable to Verizon $ 1.29 $ 2.26 $ 1.90
Income from discontinued operations attributable to Verizon, net of tax –– 0.05
Extraordinary item attributable to Verizon, net of tax –– (0.05)
Net Income attributable to Verizon $ 1.29 $ 2.26 $ 1.91
Weighted-average shares outstanding (in millions) 2,841 2,849 2,898
Diluted Earnings Per Common Share(1)
Income before discontinued operations and extraordinary item
attributable to Verizon $ 1.29 $ 2.26 $ 1.90
Income from discontinued operations attributable to Verizon, net of tax –– 0.05
Extraordinary item attributable to Verizon, net of tax –– (0.05)
Net Income attributable to Verizon $ 1.29 $ 2.26 $ 1.90
Weighted-average shares outstanding (in millions) 2,841 2,850 2,902
(1) Total per share amounts may not add due to rounding
See Notes to Consolidated Financial Statements