Goldman Sachs 2003 Annual Report Download - page 70

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Consolidated Statements of Earnings
68 GOLDMAN SACHS 2003 ANNUAL REPORT
The accompanying notes are an integral part of these consolidated financial statements.
YEAR ENDED NOVEMBER
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 2003 2002 2001
Revenues
Investment banking $ 2,400 $ 2,572 $ 3,677
Trading and principal investments 8,555 7,297 9,296
Asset management and securities services 1,917 1,716 1,545
Interest income 10,751 11,269 16,620
Total revenues 23,623 22,854 31,138
Interest expense 7,600 8,868 15,327
Cost of power generation 11 ——
Revenues, net of interest expense and cost of power generation 16,012 13,986 15,811
Operating expenses
Compensation and benefits 7,393 6,744 7,700
Amortization of employee initial public offering and acquisition awards 122 293 464
Brokerage, clearing and exchange fees 829 852 843
Market development 264 306 406
Communications and technology 478 528 604
Depreciation and amortization 562 617 613
Amortization of goodwill and identifiable intangible assets 319 127 260
Occupancy 722 637 591
Professional services and other 878 629 634
Total non-compensation expenses 4,052 3,696 3,951
Total operating expenses 11,567 10,733 12,115
Pre-tax earnings 4,445 3,253 3,696
Provision for taxes 1,440 1,139 1,386
Net earnings $ 3,005 $ 2,114 $ 2,310
Earnings per share
Basic $6.15 $ 4.27 $ 4.53
Diluted 5.87 4.03 4.26
Average common shares outstanding
Basic 488.4 495.6 509.7
Diluted 511.9 525.1 541.8