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FS-5
NORTHEAST UTILITIES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended December 31,
(Thousands of Dollars, except share information) 2009 2008 2007
Operating Revenues $ 5,439,430 $ 5,800,095 $ 5,822,226
Operating Expenses:
Operation -
Fuel, purchased and net interchange power 2,629,619 2,996,180 3,350,673
Other 1,001,190 1,021,704 961,285
Maintenance 234,173 254,038 211,589
Depreciation 309,618 278,588 265,297
Amortization of regulatory assets, net 13,315 186,396 40,674
Amortization of rate reduction bonds 217,941 204,859 201,039
Taxes other than income taxes 282,199 267,565 252,188
Total operating expenses 4,688,055 5,209,330 5,282,745
Operating Income 751,375 590,765 539,481
Interest Expense:
Interest on long-term debt 224,712 193,883 162,841
Interest on rate reduction bonds 36,524 50,231 61,580
Other interest 12,401 25,031 15,824
Interest expense, net 273,637 269,145 240,245
Other Income, Net 37,801 50,428 61,639
Income from Continuing Operations Before Income Tax Expense 515,539 372,048 360,875
Income Tax Expense 179,947 105,661 109,420
Income from Continuing Operations 335,592 266,387 251,455
Discontinued Operations (Note 1B):
Income from discontinued operations - - 435
Gains from sale/disposition of discontinued operations - - 2,054
Income tax expense - - 1,902
Income from Discontinued Operations - - 587
Net Income 335,592 266,387 252,042
Net Income Attributable to Noncontrolling Interest:
Preferred dividends of subsidiary 5,559 5,559 5,559
Net Income Attributable to Controlling Interest $ 330,033 $ 260,828 $ 246,483
Basic Earnings Per Common Share:
Income from Continuing Operations Attributable to Controlling Interest $ 1.91 $ 1.68 $ 1.59
Income from Discontinued Operations Attributable to Controlling Interest - - -
Basic Earnings Per Common Share $ 1.91 $ 1.68 $ 1.59
Fully Diluted Earnings Per Common Share:
Income from Continuing Operations Attributable to Controlling Interest $ 1.91 $ 1.67 $ 1.59
Income from Discontinued Operations Attributable to Controlling Interest - - -
Fully Diluted Earnings Per Common Share $ 1.91 $ 1.67 $ 1.59
Weighted Average Common Shares Outstanding:
Basic 172,567,928 155,531,846 154,759,727
Fully Diluted 172,717,246 155,999,240 155,304,361
Amounts Attributable to Controlling Interest:
Income from Continuing Operations $ 330,033 $ 260,828 $ 245,896
Income from Discontinued Operations - - 587
Net Income Attributable to Controlling Interest $ 330,033 $ 260,828 $ 246,483
The accompanying notes are an integral part of these consolidated financial statements.