Sallie Mae 2009 Annual Report Download - page 234
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22. Quarterly Financial Information (unaudited)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2009
Net interest income .............................. $215,063 $ 383,701 $ 525,176 $598,786
Less: provisions for loan losses ..................... 250,279 278,112 321,127 269,442
Net interest income (loss) after provisions for loan losses. . (35,216) 105,589 204,049 329,344
Gains (losses) on derivative and hedging activities, net .... 104,025 (561,795) (111,556) (35,209)
Other income .................................. 249,632 608,626 469,051 663,572
Restructuring expenses ........................... 3,773 3,333 2,492 4,169
Operating expenses .............................. 295,116 308,164 312,904 339,122
Income tax expense (benefit) ....................... (5,517) (43,110) 80,423 206,568
Net income (loss) from continuing operations .......... 25,069 (115,967) 165,725 407,848
Loss from discontinued operations, net of taxes ......... (46,174) (6,542) (6,417) (98,557)
Net income (loss) ............................... (21,105) (122,509) 159,308 309,291
Less: net income attributable to noncontrolling interest . . . 281 211 198 157
Net income (loss) attributable to SLM Corporation ...... (21,386) (122,720) 159,110 309,134
Preferred stock dividends ......................... 26,395 25,800 42,627 51,014
Net income (loss) attributable to SLM Corporation
common stock................................ $(47,781) $(148,520) $ 116,483 $258,120
Basic earnings (loss) per common share:
Earnings (loss) from continuing operations. .......... $ — $ (.31) $ .26 $ .74
Earnings (loss) from discontinued operations ......... (.10) (.01) (.01) (.20)
Earnings (loss) from net income .................. $ (.10) $ (.32) $ .25 $ .54
Diluted earnings (loss) per common share:
Earnings (loss) from continuing operations. .......... $ — $ (.31) $ .26 $ .71
Earnings (loss) from discontinued operations ......... (.10) (.01) (.01) (.19)
Earnings (loss) from net income .................. $ (.10) $ (.32) $ .25 $ .52
F-107
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)