Sallie Mae 2000 Annual Report Download - page 15

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CONSOLIDATED STATEMENTS OF INCOME USA Education, Inc.
Years ended December 31,
(Dollars and shares in thousands, except per share amounts) 2000 1999 1998
Interest income:
Student loans $2,854,231 $2,426,506 $2,094,488
Warehousing advances 56,410 67,828 101,905
Academic facilities financings 66,709 74,358 85,288
Investments 501,309 239,883 294,602
Total interest income 3,478,659 2,808,575 2,576,283
Interest expense 2,836,871 2,114,785 1,924,997
Net interest income 641,788 693,790 651,286
Less: provision for losses 32,119 34,358 36,597
Net interest income after provision for losses 609,669 659,432 614,689
Other income:
Gains on student loan securitizations 91,846 35,280 117,068
Servicing and securitization revenue 295,646 288,584 280,863
Gains on sales of student loans 67 27,169 —
Gains on sales of securities 18,555 15,832 10,734
Guarantor servicing fees 127,522 ——
Other 153,996 83,925 87,646
Total other income 687,632 450,790 496,311
Operating expenses 532,710 358,570 360,869
Integration charge 53,000 ——
Income before income taxes and minority interest in net earnings of subsidiary 711,591 751,652 750,131
Income taxes 235,880 240,127 237,973
Minority interest in net earnings of subsidiary 10,694 10,694 10,694
Net income 465,017 500,831 501,464
Preferred stock dividends 11,522 1,438 —
Net income attributable to common stock $ 453,495 $ 499,393 $ 501,464
Basic earnings per common share $ 2.84 $ 3.11 $ 2.99
Average common shares outstanding 159,482 160,577 167,684
Diluted earnings per common share $ 2.76 $ 3.06 $ 2.95
Average common and common equivalent shares outstanding 164,355 163,158 170,066
The financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Form 10-K to the
Securities and Exchange Commission.
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