Verizon Wireless 2011 Annual Report Download - page 54

Download and view the complete annual report

Please find page 54 of the 2011 Verizon Wireless annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

52
VERIZON COMMUNICATIONS INC. AND SUBSIDIARIES
cOnsOlidatEd statEMEnts OF incOME
(dollars in millions, except per share amounts)
Years Ended December 31, 2011 2010 2009
Operating Revenues $ 110,875 $ 106,565 $ 107,808
Operating Expenses
Cost of services and sales (exclusive of items shown below) 45,875 44,149 44,579
Selling, general and administrative expense 35,624 31,366 30,717
Depreciation and amortization expense 16,496 16,405 16,534
Total Operating Expenses 97,995 91,920 91,830
Operating Income 12,880 14,645 15,978
Equity in earnings of unconsolidated businesses 444 508 553
Other income and (expense), net (14) 54 91
Interest expense (2,827) (2,523) (3,102)
Income Before Provision For Income Taxes 10,483 12,684 13,520
Provision for income taxes (285) (2,467) (1,919)
Net Income $ 10,198 $ 10,217 $ 11,601
Net income attributable to noncontrolling interest $ 7,794 $ 7,668 $ 6,707
Net income attributable to Verizon 2,404 2,549 4,894
Net Income $ 10,198 $ 10,217 $ 11,601
Basic Earnings Per Common Share
Net income attributable to Verizon $ .85 $ .90 $ 1.72
Weighted-average shares outstanding (in millions) 2,833 2,830 2,841
Diluted Earnings Per Common Share
Net income attributable to Verizon $ .85 $ .90 $ 1.72
Weighted-average shares outstanding (in millions) 2,839 2,833 2,841
See Notes to Consolidated Financial Statements