Sallie Mae 2005 Annual Report Download - page 196
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)
F-74
19. Income Taxes (Continued)
of the Company’s 1996 through 1999 income tax returns. The one unresolved issue from the 1996 through
1999 review has been appealed through the IRS’ administrative appeals process. The IRS is currently
completing its examination of the Company’s 2000 through 2002 income tax returns.
20. Quarterly Financial Information (unaudited)
2005
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Netinterestincome................................. $346,760 $ 329,788 $384,764 $390,133
Less:provisionsforlosses ........................... 46,523 78,948 12,217 65,318
Net interest income after provisions for losses ......... 300,237 250,840 372,547 324,815
Gains (losses) on derivative and hedging activities, net . . (34,251) (105,940) 316,469 70,270
Otherincome...................................... 408,349 617,836 185,145 549,474
Operatingexpenses................................. 262,291 287,413 291,961 296,663
Incometaxes ...................................... 186,466 176,573 149,821 215,907
Minority interest innet earningsofsubsidiaries ........ 2,194 2,235 1,029 954
Netincome........................................ 223,384 296,515 431,350 431,035
Preferredstockdividends ........................... 2,875 3,908 7,288 7,832
Net income attributable to common stock ............. $220,509 $ 292,607 $424,062 $423,203
Basicearningspercommonshare .................... $ .52 $ .70 $ 1.02 $ 1.02
Dilutedearningspercommonshare.................. $ .49 $ .66 $ .95 $ .96