Quest Diagnostics 2012 Annual Report Download - page 76

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F- 3
QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
(in thousands, except per share data)
2012 2011 2010
Net revenues $ 7,382,562 $ 7,391,932 $ 7,260,120
Operating costs and expenses:
Cost of services 4,364,699 4,362,928 4,275,535
Selling, general and administrative 1,745,200 1,743,089 1,658,842
Amortization of intangible assets 74,748 61,183 33,113
Other operating (income) expense, net (2,882) 238,091 9,047
Total operating costs and expenses 6,181,765 6,405,291 5,976,537
Operating income 1,200,797 986,641 1,283,583
Other income (expense):
Interest expense, net (164,689)(169,614)(143,467)
Equity earnings in unconsolidated joint ventures 25,625 28,954 29,557
Other income, net 6,662 2,813 5,311
Total non-operating expenses, net (132,402)(137,847)(108,599)
Income from continuing operations before taxes 1,068,395 848,794 1,174,984
Income tax expense 401,897 354,702 430,127
Income from continuing operations 666,498 494,092 744,857
Income (loss) from discontinued operations, net of taxes (74,364) 11,558 12,160
Net income 592,134 505,650 757,017
Less: Net income attributable to noncontrolling interests 36,413 35,083 36,123
Net income attributable to Quest Diagnostics $ 555,721 $ 470,567 $ 720,894
Amounts attributable to Quest Diagnostics’ stockholders:
Income from continuing operations $ 630,085 $ 459,009 $ 708,734
Income (loss) from discontinued operations, net of taxes (74,364) 11,558 12,160
Net income $ 555,721 $ 470,567 $ 720,894
Earnings per share attributable to Quest Diagnostics’ common
stockholders - basic:
Income from continuing operations $ 3.96 $ 2.88 $ 4.01
Income (loss) from discontinued operations (0.47) 0.07 0.07
Net income $ 3.49 $ 2.95 $ 4.08
Earnings per share attributable to Quest Diagnostics’ common
stockholders - diluted:
Income from continuing operations $ 3.92 $ 2.85 $ 3.98
Income (loss) from discontinued operations (0.46) 0.07 0.07
Net income $ 3.46 $ 2.92 $ 4.05
Dividends per common share $ 0.81 $ 0.47 $ 0.40
The accompanying notes are an integral part of these statements.