CVS 2014 Annual Report Download - page 54

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CVS Health
52
Consolidated Statements of Income
YEAR ENDED DECEMBER 31,
IN MILLIONS, EXCEPT PER SHARE AMOUNTS
2014 2013 2012
Net revenues
$ 139,367
$ 126,761 $ 123,120
Cost of revenues
114,000
102,978 100,632
Gross profit
25,367
23,783 22,488
Operating expenses
16,568
15,746 15,278
Operating profit
8,799
8,037 7,210
Interest expense, net
600
509 557
Loss on early extinguishment of debt
521
— 348
Income before income tax provision
7,678
7,528 6,305
Income tax provision
3,033
2,928 2,436
Income from continuing operations
4,645
4,600 3,869
Loss from discontinued operations, net of tax
(1)
(8) (7)
Net income
4,644
4,592 3,862
Net loss attributable to noncontrolling interest
—
— 2
Net income attributable to CVS Health
$ 4,644
$ 4,592 $ 3,864
Basic earnings per share:
Income from continuing operations attributable to CVS Health
$
3.98
$ 3.78 $ 3.05
Loss from discontinued operations attributable to CVS Health
$ —
$ (0.01) $ (0.01)
Net income attributable to CVS Health
$ 3.98
$ 3.77 $ 3.04
Weighted average shares outstanding
1,161
1,217 1,271
Diluted earnings per share:
Income from continuing operations attributable to CVS Health
$ 3.96
$ 3.75 $ 3.02
Loss from discontinued operations attributable to CVS Health
$ —
$ (0.01) $ (0.01)
Net income attributable to CVS Health
$ 3.96
$ 3.74 $ 3.02
Weighted average shares outstanding
1,169
1,226 1,280
Dividends declared per share
$ 1.10
$ 0.90 $ 0.65
See accompanying notes to consolidated financial statements.