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14
RESULTS OF OPERATIONS
The financial results discussed below include revenues and expenses from transactions among FirstEnergy’s business segments.
Results of operations for the year ended December 31, 2011, include only ten months of Allegheny results which have been
segregated from the pre-merger companies (FirstEnergy and its subsidiaries prior to the merger) for reporting and analysis. A
reconciliation of segment financial results is provided in Note 19, Segment Information, of the Combined Notes to Consolidated
Financial Statements. Certain prior year amounts have been reclassified to conform to the current year presentation. These
reclassifications include, but are not limited to, the classification of discontinued operations associated with our sale of hydro assets
discussed in additional detail in Note 20, Discontinued Operations and Assets Held for Sale. Net income by business segment was
as follows:
Increase (Decrease)
2013 2012 2011 2013 vs 2012 2012 vs 2011
(In millions, except per share)
Net Income (Loss) By Business Segment:
Regulated Distribution $ 501 $ 540 $ 488 $ (39) $ 52
Regulated Transmission 214 226 194 (12) 32
Competitive Energy Services (220) 215 377 (435) (162)
Other and reconciling adjustments (1) (103) (210) (190) 107 (20)
Net Income $ 392 $ 771 $ 869 $ (379) $ (98)
Basic Earnings Per Share:
Continuing operations $ 0.90 $ 1.81 $ 2.19 $ (0.91) $ (0.38)
Discontinued operations (Note 20) 0.04 0.04 0.03 — 0.01
Net earnings per basic share $ 0.94 $ 1.85 $ 2.22 $ (0.91) $ (0.37)
Diluted Earnings Per Share:
Continuing operations $ 0.90 $ 1.80 $ 2.18 $ (0.90) $ (0.38)
Discontinued operations (Note 20) 0.04 0.04 0.03 — 0.01
Net earnings per diluted share $ 0.94 $ 1.84 $ 2.21 $ (0.90) $ (0.37)
(1) Consists primarily of interest expense related to holding company debt, corporate support services revenues and expenses and the
elimination of intersegment transactions.