OG&E 2011 Annual Report Download - page 47

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OGE Energy Corp. 45
(In millions, except per share data, year ended December 31) 2011 2010 2009
Operating revenues
Electric Utility operating revenues $2,211.5 $2,109.9 $1,751.2
Natural Gas Midstream Operations operating revenues 1,704.4 1,607.0 1,118.5
Total operating revenues 3,915.9 3,716.9 2,869.7
Cost of goods sold (exclusive of depreciation and amortization shown below)
Electric Utility cost of goods sold 966.0 952.6 748.7
Natural Gas Midstream Operations cost of goods sold 1,311.9 1,234.8 809.0
Total cost of goods sold 2,277.9 2,187.4 1,557.7
Gross margin on revenues 1,638.0 1,529.5 1,312.0
Operating expenses
Other operation and maintenance 581.2 549.8 466.8
Depreciation and amortization 307.1 291.3 262.6
Impairment of assets 6.3 1.1 3.1
Gain on insurance proceeds (3.0) ––
Taxes other than income 99.7 93.4 87.6
Total operating expenses 991.3 935.6 820.1
Operating income 646.7 593.9 491.9
Other income (expense)
Interest income 0.5 –1.4
Allowance for equity funds used during construction 20.4 11.4 15.1
Other income 19.3 13.7 27.5
Other expense (21.7) (17.9) (16.3)
Net other income 18.5 7.2 27.7
Interest expense
Interest on long-term debt 146.1 139.3 137.3
Allowance for borrowed funds used during construction (10.4) (5.5) (8.3)
Interest on short-term debt and other interest charges 5.2 5.9 8.4
Interest expense 140.9 139.7 137.4
Income before taxes 524.3 461.4 382.2
Income tax expense 160.7 161.0 121.1
Net income 363.6 300.4 261.1
Less: net income attributable to noncontrolling interests 20.7 5.1 2.8
Net income attributable to OGE Energy $÷«342.9 $÷«295.3 $÷«258.3
Basic average common shares outstanding 97.9 97.3 96.2
Diluted average common shares outstanding 99.2 98.9 97.2
Basic earnings per average common share attributable to OGE Energy common shareholders $÷÷«3.50 $÷÷«3.03 $÷÷«2.68
Diluted earnings per average common share attributable to OGE Energy common shareholders $÷÷«3.45 $÷÷«2.99 $÷÷«2.66
Dividends declared per common share $«1.5175 $«1.4625 $«1.4275
The accompanying Notes to Consolidated Financial Statements are an integral part hereof.
CONSOLIDATED STATEMENTS OF INCOME