NetSpend 2013 Annual Report Download - page 35

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Consolidated Statements of Income
Years Ended December 31,
(in thousands, except per share data) 2013 2012 2011
Total revenues .................................................. $2,132,353 1,870,972 1,808,966
Cost of services ................................................. 1,436,331 1,262,310 1,257,970
Selling, general and administrative expenses ......................... 295,555 249,360 227,251
Merger and acquisition expenses .................................. 14,220 1,650 1,289
Total operating expenses ....................................... 1,746,106 1,513,320 1,486,510
Operating income ............................................. 386,247 357,652 322,456
Nonoperating expenses, net ...................................... (1,108) (2,798) (5,905)
Merger and acquisition expenses—bridge loan facility and bonds ....... (29,220) ——
Income before income taxes and equity in income of equity
investments ................................................ 355,919 354,854 316,551
Income taxes (Note 14) ........................................... 112,369 115,102 102,597
Income before equity in income of equity investments ............... 243,550 239,752 213,954
Equity in income of equity investments, net of tax (Note 11) ............ 13,047 10,171 8,708
Net income .................................................. 256,597 249,923 222,662
Net income attributable to noncontrolling interests ................. (11,847) (5,643) (2,103)
Net income attributable to Total System Services, Inc. (TSYS) common
shareholders ................................................ $ 244,750 244,280 220,559
Basic earnings per share (EPS) attributable to TSYS common shareholders
(Note 25) .................................................... $ 1.30 1.30 1.15
Diluted EPS attributable to TSYS common shareholders (Note 25) ....... $ 1.29 1.29 1.15
See accompanying Notes to Consolidated Financial Statements
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