Allegheny Power 2010 Annual Report Download - page 73

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58
FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended December 31,
(In millions, except per share amounts) 2010 2009 2008
REVENUES:
Electric utilities $ 9,815 $ 11,139 $ 12,061
Unregulated businesses 3,524 1,834 1,566
Total revenues* 13,339 12,973 13,627
EXPENSES:
Fuel 1,432 1,153 1,340
Purchased power 4,624 4,730 4,291
Other operating expenses 2,850 2,697 3,045
Provision for depreciation 746 736 677
A
mortization of regulatory assets 722 1,155 1,053
Deferral of regulatory assets - (136) (316)
General taxes 776 753 778
Impairment of long-lived assets 384 6 -
Total expenses 11,534 11,094 10,868
OPERATING INCOME 1,805 1,879 2,759
OTHER INCOME (EXPENSE):
Investment income 117 204 59
Interest expense (845) (978) (754)
Capitalized interest 165 130 52
Total other expense (563) (644) (643)
INCOME BEFORE INCOME TAXES 1,242 1,235 2,116
INCOME TAXES 482 245 777
NET INCOME 760 990 1,339
Loss attributable to noncontrolling interest (24) (16) (3)
EA
R
NINGS AVAILABLE TO FIRSTENERGY CORP. $ 784 $ 1,006 $ 1,342
BASIC EARNINGS PER SHARE OF COMMON STOC
K
$ 2.58 $ 3.31 $ 4.41
WEIGHTED AVERAGE NUMBER OF BASIC SHARES OUTSTANDING 304 304 304
DILUTED EARNINGS PER SHARE OF COMMON STOC
K
$ 2.57 $ 3.29 $ 4.38
WEIGHTED AVERAGE NUMBER OF DILUTED SHARES OUTSTANDING 305 306 307
* Includes $428 million, $395 million and $432 million of excise tax collections in 2010, 2009 and 2008, respectively.
The accompanying Combined Notes to the Consolidated Financial Statements are an integral part of these financial statements.