CVS 2012 Annual Report Download - page 53

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CVS CAREMARK 2012 ANNUAL REPORT
51
Year Ended December 31,
In millions, except per share amounts
2012 2011 2010
Net revenues $ 123,133 $ 107,100 $ 95,778
Cost of revenues 100,627 86,539 75,559
Gross profit 22,506 20,561 20,219
Operating expenses 15,278 14,231 14,082
Operating profit 7,228 6,330 6,137
Interest expense, net 557 584 536
Loss on early extinguishment of debt 348 — —
Income before income tax provision 6,323 5,746 5,601
Income tax provision 2,441 2,258 2,179
Income from continuing operations 3,882 3,488 3,422
Income (loss) from discontinued operations, net of tax (7) (31) 2
Net income 3,875 3,457 3,424
Net loss attributable to noncontrolling interest 2 4 3
Net income attributable to CVS Caremark $ 3,877 $ 3,461 $ 3,427
Basic earnings per common share:
Income from continuing operations attributable to CVS Caremark $ 3.06 $ 2.61 $ 2.51
Income (loss) from discontinued operations attributable to CVS Caremark (0.01) (0.02) —
Net income attributable to CVS Caremark $ 3.05 $ 2.59 $ 2.51
Weighted average common shares outstanding 1,271 1,338 1,367
Diluted earnings per common share:
Income from continuing operations attributable to CVS Caremark $ 3.03 $ 2.59 $ 2.49
Income (loss) from discontinued operations attributable to CVS Caremark (0.01) (0.02) —
Net income attributable to CVS Caremark $ 3.03 $ 2.57 $ 2.49
Weighted average common shares outstanding 1,280 1,347 1,377
Dividends declared per common share $ 0.65 $ 0.50 $ 0.35
See accompanying notes to consolidated financial statements.
Consolidated Statements of Income