Sallie Mae 2010 Annual Report Download - page 205
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22. Quarterly Financial Information (unaudited) (Continued)
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 ................................. 204,684 584,339 447,659 700,932
Restructuring expenses........................... 3,773 3,158 2,451 1,189
Operating expenses ............................. 253,114 273,464 281,518 310,300
Income tax expense (benefit) . . .................... (6,507) (39,260) 83,916 225,720
Net income (loss) from continuing operations .......... 23,113 (109,229) 172,267 457,858
Loss from discontinued operations, net of taxes ........ (44,499) (13,491) (13,157) (148,724)
Net income (loss) .............................. (21,386) (122,720) 159,110 309,134
Preferred stock dividends ......................... 26,395 25,800 42,627 51,014
Net income (loss) attributable to common stock ........ $(47,781) $(148,520) $ 116,483 $ 258,120
Basic earnings (loss) per common share:
Earnings (loss) from continuing operations .......... $ (.01) $ (.29) $ .28 $ .85
Earnings (loss) from discontinued operations ........ (.09) (.03) (.03) (.31)
Earnings (loss) from net income .................. $ (.10) $ (.32) $ .25 $ .54
Diluted earnings (loss) per common share:
Earnings (loss) from continuing operations .......... $ (.01) $ (.29) $ .28 $ .81
Earnings (loss) from discontinued operations ........ (.09) (.03) (.03) (.29)
Earnings (loss) from net income .................. $ (.10) $ (.32) $ .25 $ .52
F-102
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)