Goldman Sachs 2007 Annual Report Download - page 88

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Consolidated Statements of Earnings
The accompanying notes are an integral part of these consolidated financial statements.
Year Ended November
(in millions, except per share amounts) 2007 2006 2005
Revenues
Investment banking $ 7,555 $ 5,613 $ 3,599
Trading and principal investments 29,714 24,027 15,452
Asset management and securities services 4,731 4,527 3,090
Interest income 45,968 35,186 21,250
Total revenues 87,968 69,353 43,391
Interest expense 41,981 31,688 18,153
Revenues, net of interest expense 45,987 37,665 25,238
Operating expenses
Compensation and benefits 20,190 16,457 11,758
Brokerage, clearing, exchange and distribution fees 2,758 1,985 1,416
Market development 601 492 378
Communications and technology 665 544 490
Depreciation and amortization 624 521 501
Amortization of identifiable intangible assets 195 173 124
Occupancy 975 850 728
Professional fees 714 545 475
Cost of power generation 335 406 386
Other expenses 1,326 1,132 709
Total non-compensation expenses 8,193 6,648 5,207
Total operating expenses 28,383 23,105 16,965
Pre-tax earnings 17,604 14,560 8,273
Provision for taxes 6,005 5,023 2,647
Net earnings 11,599 9,537 5,626
Preferred stock dividends 192 139 17
Net earnings applicable to common shareholders $11,407 $ 9,398 $ 5,609
Earnings per common share
Basic $ 26.34 $ 20.93 $ 11.73
Diluted 24.73 19.69 11.21
Average common shares outstanding
Basic 433.0 449.0 478.1
Diluted 461.2 477.4 500.2
86 Goldman Sachs 2007 Annual Report