MoneyGram 2011 Annual Report Download - page 88

Table of Contents MONEYGRAM INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
FOR THE YEAR ENDED DECEMBER 31, 2011 2010 2009
(Amounts in thousands, except per share data)
REVENUE
Fee and other revenue $1,230,858 $1,145,312 $1,128,492
Investment revenue 16,911 21,341 33,219
Total revenue 1,247,769 1,166,653 1,161,711
EXPENSES
Fee and other commissions expense 547,573 500,759 497,105
Investment commissions expense 431 737 1,362
Total commissions expense 548,004 501,496 498,467
Compensation and benefits 235,696 226,422 199,053
Transaction and operations support 227,762 185,782 284,277
Occupancy, equipment and supplies 47,739 46,481 47,425
Depreciation and amortization 46,051 48,074 57,091
Total operating expenses 1,105,252 1,008,255 1,086,313
OPERATING INCOME 142,517 158,398 75,398
Other expenses
Net securities gains (32,816) (2,115) (7,790)
Interest expense 86,165 102,133 107,911
Debt extinguishment costs 37,522 — —
Other 11,876 — (2,401)
Total other expenses, net 102,747 100,018 97,720
Income (loss) before income taxes 39,770 58,380 (22,322)
Income tax (benefit) expense (19,636) 14,579 (20,416)
NET INCOME (LOSS) $ 59,406 $ 43,801 $ (1,906)
BASIC AND DILUTED LOSS PER COMMON SHARE $ (9.03) $ (8.77) $ (11.87)
Net loss available to common stockholders:
Net income (loss) as reported $ 59,406 $ 43,801 $ (1,906)
Accrued dividends on mezzanine equity (30,934) (125,005) (110,279)
Accretion on mezzanine equity (80,023) (10,020) (10,213)
Additional consideration issued from conversion of mezzanine equity (366,797) — —
Cash dividends paid on mezzanine equity (20,477) — —
Net loss available to common stockholders $ (438,825) $ (91,224) $ (122,398)
Weighted−average outstanding common shares and equivalents 48,576 10,398 10,312
See Notes to Consolidated Financial Statements
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