NetSpend 2014 Annual Report Download - page 42

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Consolidated Statements of Income
Years Ended December 31,
(in thousands, except per share data) 2014 2013 2012
Total revenues .................................................. $2,446,877 2,064,305 1,793,557
Cost of services ................................................. 1,668,892 1,369,438 1,189,341
Selling, general and administrative expenses ......................... 343,128 298,147 247,597
Merger and acquisition expenses .................................. 3,217 14,220 1,650
Total operating expenses ....................................... 2,015,237 1,681,805 1,438,588
Operating income ............................................. 431,640 382,500 354,969
Nonoperating expenses, net ...................................... (763) (804) (2,096)
Merger and acquisition expenses—bridge loan facility and financings .... (37,948) (29,220) —
Income before income taxes and equity in income of equity
investments ................................................ 392,929 352,476 352,873
Income taxes (Note 15) ........................................... 129,761 110,981 114,116
Income before equity in income of equity investments ............... 263,168 241,495 238,757
Equity in income of equity investments, net of tax (Note 12) ............ 17,583 13,047 10,171
Income from continuing operations, net of tax ....................... 280,751 254,542 248,928
Income from discontinued operations, net of tax ..................... 48,655 2,055 995
Net income .................................................. 329,406 256,597 249,923
Net income attributable to noncontrolling interests ................. (6,534) (11,847) (5,643)
Net income attributable to Total System Services, Inc. (TSYS) common
shareholders ................................................ $ 322,872 244,750 244,280
Basic earnings per share (EPS) attributable to TSYS common shareholders
(Note 26)
Income from continuing operations to TSYS common shareholders .... $ 1.48 1.31 1.31
Gain (loss) from discontinued operations to TSYS common
shareholders ................................................ 0.26 (0.01) (0.02)
Net income attributable to TSYS common shareholders* ............. $ 1.73 1.30 1.30
Diluted EPS attributable to TSYS common shareholders (Note 26)
Income from continuing operations to TSYS common shareholders .... $ 1.47 1.30 1.31
Gain (loss) from discontinued operations to TSYS common
shareholders ................................................ 0.25 (0.01) (0.02)
Net income attributable to TSYS common shareholders* ............. $ 1.72 1.29 1.29
Amounts attributable to TSYS common shareholders:
Income from continuing operations ............................... $ 275,216 246,893 247,149
Gain (loss) from discontinued operations .......................... 47,656 (2,143) (2,869)
Net income .................................................. $ 322,872 244,750 244,280
* EPS amounts may not total due to rounding
See accompanying Notes to Consolidated Financial Statements
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