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