IBM 2011 Annual Report Download - page 18

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16
Financial Highlights
International Business Machines Corporation and Subsidiary Companies
($ in millions except per share amounts)
For the year ended December 31: 2011 2010
Revenue $106,916 $ 99,870
Net income $ 15,855 $ 14,833
Operating (non-GAAP) earnings* $ 16,318 $ 15,023
Earnings per share of common stock
Assuming dilution $ 13.06 $ 11.52
Basic $ 13.25 $ 11.69
Diluted operating (non-GAAP)* $ 13.44 $ 11.67
Net cash provided by operating activities $ 19,846 $ 19,549
Capital expenditures, net 4,059 3,984
Share repurchases 15,046 15,375
Cash dividends paid on common stock 3,473 3,177
Per share of common stock 2.90 2.50
At December 31: 2011 2010
Cash, cash equivalents and marketable securities $ 11,922 $ 11,651
Total assets 116,433 113,452
Working capital 8,805 7,554
Total debt 31,320 28,624
Total equity 20,236 23,172
Common shares outstanding (in millions) 1,163 1,228
Market capitalization $213,886 $180,220
Stock price per common share $ 183.88 $ 146.76
Number of employees in IBM/wholly owned subsidiaries 433,362 426,751
* See page 38 for a reconciliation of net income to operating earnings.