Verizon Wireless 2014 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, 2014 2013 2012
Operating Revenues $ 127,079 $ 120,550 $ 115,846
Operating Expenses
Cost of services and sales (exclusive of items shown below) 49,931 44,887 46,275
Selling, general and administrative expense 41,016 27,089 39,951
Depreciation and amortization expense 16,533 16,606 16,460
Total Operating Expenses 107,480 88,582 102,686
Operating Income 19,599 31,968 13,160
Equity in earnings of unconsolidated businesses 1,780 142 324
Other income and (expense), net (1,194) (166) (1,016)
Interest expense (4,915) (2,667) (2,571)
Income Before (Provision) Benet For Income Taxes 15,270 29,277 9,897
(Provision) Benet for income taxes (3,314) (5,730) 660
Net Income $ 11,956 $ 23,547 $ 10,557
Net income attributable to noncontrolling interests $ 2,331 $ 12,050 $ 9,682
Net income attributable to Verizon 9,625 11,497 875
Net Income $ 11,956 $ 23,547 $ 10,557
Basic Earnings Per Common Share
Net income attributable to Verizon $ 2.42 $ 4.01 $ .31
Weighted-average shares outstanding (in millions) 3,974 2,866 2,853
Diluted Earnings Per Common Share
Net income attributable to Verizon $ 2.42 $ 4.00 $ .31
Weighted-average shares outstanding (in millions) 3,981 2,874 2,862
See Notes to Consolidated Financial Statements