Charles Schwab 2011 Annual Report Download - page 76

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Consolidated Statements of Income
(In Millions, Except Per Share Amounts)
Year Ended December 31, 2011 2010 2009
Net Revenues
Asset management and administration fees 1,928$ 1,822$ 1,875$
Interest revenue 1,900 1,723 1,428
Interest expense (175) (199) (183)
Net interest revenue 1,725 1,524 1,245
Trading revenue 927 830 996
Other 160 135 175
Provision for loan losses (18) (27) (38)
Net impairment losses on securities
(1)
(31) (36) (60)
Total net revenues 4,691 4,248 4,193
Expenses Excluding Interest
Compensation and benefits 1,732 1,573 1,544
Professional services 387 341 275
Occupancy and equipment 301 272 318
Advertising and market development 228 196 191
Communications 220 207 206
Depreciation and amortization 155 146 159
Class action litigation and regulatory reserve 7320 -
Money market mutual fund charges - 132 -
Other 269 282 224
Total expenses excluding interest 3,299 3,469 2,917
Income before taxes on income 1,392 779 1,276
Taxes on income (528) (325) (489)
Net Income 864$ 454$ 787$
Weighted-Average Common Shares Outstanding — Diluted 1,229 1,194 1,160
Earnings Per Share — Basic .70$ .38$ .68$
Earnings Per Share — Diluted .70$ .38$ .68$
(1)
See Notes to Consolidated Financial Statements.
Net impairment losses on securities include total other-than-temporary impairment losses of $18 million,
$41 million, and $278 million, net of $(13) million, $5 million, and $218 million recognized in other
comprehensive income in 2011, 2010, and 2009, respectively.
THE CHARLES SCHWAB CORPORATION
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