Freeport-McMoRan 2011 Annual Report Download - page 70

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CONSOLIDATED STATEMENTS OF INCOME
68 | FREEPORT-McMoRan COPPER & GOLD INC.
Years Ended December 31, 2011 2010 2009
(In Millions, Except Per Share Amounts)
Revenues $ 20,880 $ 18,982 $ 15,040
Cost of sales:
Production and delivery 9,898 8,335 7,006
Depreciation, depletion and amortization 1,022 1,036 1,014
Total cost of sales 10,920 9,371 8,020
Selling, general and administrative expenses 415 381 321
Exploration and research expenses 271 143 90
Environmental obligations and shutdown costs 134 19 106
Total costs and expenses 11,740 9,914 8,537
Operating income 9,140 9,068 6,503
Interest expense, net (312) (462) (586)
Losses on early extinguishment of debt (68) (81) (48)
Other income (expense), net 58 (13) (53)
Income before income taxes and equity in affiliated companies’ net earnings 8,818 8,512 5,816
Provision for income taxes (3,087) (2,983) (2,307)
Equity in affiliated companies’ net earnings 16 15 25
Net income 5,747 5,544 3,534
Net income attributable to noncontrolling interests (1,187) (1,208) (785)
Preferred dividends — (63) (222)
Net income attributable to FCX common stockholders $ 4,560 $ 4,273 $ 2,527
Net income per share attributable to FCX common stockholders:
Basic $ 4.81 $ 4.67 $ 3.05
Diluted $ 4.78 $ 4.57 $ 2.93
Weighted-average common shares outstanding:
Basic 947 915 829
Diluted
955 949 938
Dividends declared per share of common stock $ 1.50 $ 1.125 $ 0.075
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.