Verizon Wireless 2013 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, 2013 2012 2011
Operating Revenues $ 120,550 $ 115,846 $ 110,875
Operating Expenses
Cost of services and sales (exclusive of items shown below) 44,887 46,275 45,875
Selling, general and administrative expense 27,089 39,951 35,624
Depreciation and amortization expense 16,606 16,460 16,496
Total Operating Expenses 88,582 102,686 97,995
Operating Income 31,968 13,160 12,880
Equity in earnings of unconsolidated businesses 142 324 444
Other income and (expense), net (166) (1,016) (14)
Interest expense (2,667) (2,571) (2,827)
Income Before (Provision) Benet For Income Taxes 29,277 9,897 10,483
(Provision) Benet for income taxes (5,730) 660 (285)
Net Income $ 23,547 $ 10,557 $ 10,198
Net income attributable to noncontrolling interests $ 12,050 $ 9,682 $ 7,794
Net income attributable to Verizon 11,497 875 2,404
Net Income $ 23,547 $ 10,557 $ 10,198
Basic Earnings Per Common Share
Net income attributable to Verizon $ 4.01 $ .31 $ .85
Weighted-average shares outstanding (in millions) 2,866 2,853 2,833
Diluted Earnings Per Common Share
Net income attributable to Verizon $ 4.00 $ .31 $ .85
Weighted-average shares outstanding (in millions) 2,874 2,862 2,839
See Notes to Consolidated Financial Statements