Sallie Mae 2009 Annual Report Download - page 235
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22. Quarterly Financial Information (unaudited) (Continued)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2008
Net interest income ............................. $276,369 $402,543 $ 474,749 $ 210,559
Less: provisions for loan losses .................... 137,311 143,015 186,909 252,415
Net interest income (loss) after provisions for loan
losses ..................................... 139,058 259,528 287,840 (41,856)
Gains (losses) on derivative and hedging activities, net . . . (272,796) 362,043 (241,757) (292,903)
Other income ................................. 338,859 230,390 199,895 287,922
Restructuring expenses........................... 20,520 46,740 10,508 5,748
Operating expenses ............................. 346,046 344,302 353,739 270,864
Income tax expense (benefit) . . .................... (60,725) 167,519 (51,301) (132,263)
Net income (loss) from continuing operations .......... (100,720) 293,400 (66,968) (191,186)
Loss from discontinued operations, net of taxes ........ (3,149) (24,738) (91,029) (24,304)
Net income (loss) .............................. (103,869) 268,662 (157,997) (215,490)
Less: net income attributable to noncontrolling interest . . . (65) 2,926 544 527
Net income (loss) attributable to SLM Corporation ...... (103,804) 265,736 (158,541) (216,017)
Preferred stock dividends ......................... 29,025 27,391 27,474 27,316
Net income (loss) attributable to SLM Corporation
common stock ............................... $(132,829) $238,345 $(186,015) $(243,333)
Basic earnings (loss) per common share:
Earnings (loss) from continuing operations .......... $ (.27) $ .56 $ (.20) $ (.47)
Earnings (loss) from discontinued operations ........ (.01) (.05) (.20) (.05)
Earnings (loss) from net income .................. $ (.28) $ .51 $ (.40) $ (.52)
Diluted earnings (loss) per common share:
Earnings (loss) from continuing operations .......... $ (.27) $ .55 $ (.20) $ (.47)
Earnings (loss) from discontinued operations ........ (.01) (.05) (.20) (.05)
Earnings (loss) from net income .................. $ (.28) $ .50 $ (.40) $ (.52)
F-108
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)