Verizon Wireless 2012 Annual Report Download - page 52

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50
VERIZON COMMUNICATIONS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share amounts)
Years Ended December 31, 2012 2011 2010
Operating Revenues $ 115,846 $ 110,875 $ 106,565
Operating Expenses
Cost of services and sales (exclusive of items shown below) 46,275 45,875 44,149
Selling, general and administrative expense 39,951 35,624 31,366
Depreciation and amortization expense 16,460 16,496 16,405
Total Operating Expenses 102,686 97,995 91,920
Operating Income 13,160 12,880 14,645
Equity in earnings of unconsolidated businesses 324 444 508
Other income and (expense), net (1,016) (14) 54
Interest expense (2,571) (2,827) (2,523)
Income Before (Provision) Benefit For Income Taxes 9,897 10,483 12,684
(Provision) Benefit for income taxes 660 (285) (2,467)
Net Income $ 10,557 $ 10,198 $ 10,217
Net income attributable to noncontrolling interest $ 9,682 $ 7,794 $ 7,668
Net income attributable to Verizon 875 2,404 2,549
Net Income $ 10,557 $ 10,198 $ 10,217
Basic Earnings Per Common Share
Net income attributable to Verizon $ .31 $ .85 $ .90
Weighted-average shares outstanding (in millions) 2,853 2,833 2,830
Diluted Earnings Per Common Share
Net income attributable to Verizon $ .31 $ .85 $ .90
Weighted-average shares outstanding (in millions) 2,862 2,839 2,833
See Notes to Consolidated Financial Statements