CVS 2011 Annual Report Download - page 49

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CVS CAREMARK 47 2011 ANNUAL REPORT
Consolidated Statements of Income
Year Ended December 31,
in millions, except per share amounts 2011 2010 2009
Net revenues $ 107,100 $ 95,778 $ 98,215
Cost of revenues 86,539 75,559 77,857
Gross profit 20,561 20,219 20,358
Operating expenses 14,231 14,082 13,933
Operating profit 6,330 6,137 6,425
Interest expense, net 584 536 525
Income before income tax provision 5,746 5,601 5,900
Income tax provision 2,258 2,179 2,200
Income from continuing operations 3,488 3,422 3,700
Income (loss) from discontinued operations, net of tax (31) 2 (4)
Net income 3,457 3,424 3,696
Net loss attributable to noncontrolling interest 4 3 —
Net income attributable to CVS Caremark $ 3,461 $ 3,427 $ 3,696
Basic earnings per common share:
Income from continuing operations attributable
to CVS Caremark $ 2.61 $ 2.51 $ 2.58
Loss from discontinued operations attributable
to CVS Caremark (0.02) — —
Net income attributable to CVS Caremark $ 2.59 $ 2.51 $ 2.58
Weighted average common shares outstanding 1,338 1,367 1,434
Diluted earnings per common share:
Income from continuing operations attributable
to CVS Caremark $ 2.59 $ 2.49 $ 2.55
Loss from discontinued operations attributable
to CVS Caremark (0.02) — —
Net income attributable to CVS Caremark $ 2.57 $ 2.49 $ 2.55
Weighted average common shares outstanding 1,347 1,377 1,450
Dividends declared per common share $ 0.500 $ 0.350 $ 0.305
See accompanying notes to consolidated financial statements.
127087_Financial.indd 47 3/9/12 9:42 PM