HollyFrontier 2013 Annual Report Download - page 67
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59
HOLLYFRONTIER CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Years Ended December 31,
2013 2012 2011
Sales and other revenues $ 20,160,560 $ 20,090,724 $ 15,439,528
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization) 17,392,227 15,840,643 12,680,078
Operating expenses (exclusive of depreciation and amortization) 1,090,850 994,966 748,081
General and administrative expenses (exclusive of depreciation and
amortization) 127,963 128,101 120,114
Depreciation and amortization 303,446 242,868 159,707
Total operating costs and expenses 18,914,486 17,206,578 13,707,980
Income from operations 1,246,074 2,884,146 1,731,548
Other income (expense):
Earnings (loss) of equity method investments (2,072) 2,923 2,300
Interest income 5,556 4,786 1,284
Interest expense (68,050) (104,186) (78,323)
Loss on early extinguishment of debt (22,109) — —
Gain on sale of marketable equity securities — 326 —
Merger transaction costs — — (15,114)
(86,675) (96,151) (89,853)
Income before income taxes 1,159,399 2,787,995 1,641,695
Income tax provision:
Current 277,172 932,554 590,851
Deferred 114,404 95,408 (8,860)
391,576 1,027,962 581,991
Net income 767,823 1,760,033 1,059,704
Less net income attributable to noncontrolling interest 31,981 32,861 36,307
Net income attributable to HollyFrontier stockholders $ 735,842 $ 1,727,172 $ 1,023,397
Earnings per share attributable to HollyFrontier stockholders:
Basic $ 3.66 $ 8.41 $ 6.46
Diluted $ 3.64 $ 8.38 $ 6.42
Average number of common shares outstanding:
Basic 200,419 204,379 157,948
Diluted 201,234 205,274 158,756
See accompanying notes.
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