Sallie Mae 2011 Annual Report Download - page 201
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
19. Quarterly Financial Information (unaudited)
2011
(Dollars in millions, except per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Net interest income ................................. $898 $868 $885 $879
Less: provisions for loan losses ....................... 303 291 409 292
Net interest income after provisions for loan losses ........ 595 577 476 587
Gains (losses) on derivative and hedging activities, net .... (242) (510) (480) 272
Other income ..................................... 236 182 180 187
Operating expenses ................................. 303 268 285 243
Goodwill and acquired intangible assets amortization
expense ........................................ 6 6 6 5
Restructuring expenses .............................. 4 2 1 3
Income tax expense (benefit) ......................... 99 (10) (46) 285
Net income (loss) from continuing operations ............ 177 (17) (70) 510
Income (loss) from discontinued operations, net of taxes . . . (2) 11 23 1
Net income (loss) .................................. 175 (6) (47) 511
Less: net income (loss) attributable to noncontrolling
interest ........................................ — — — —
Net income (loss) attributable to SLM Corporation ..... 175 (6) (47) 511
Preferred stock dividends ............................ 4 4 5 5
Net income (loss) attributable to SLM Corporation common
stock .......................................... $171 $ (10) $ (52) $ 506
Basic earnings (loss) per common share attributable to
SLM Corporation:
Continuing operations .............................. $ .32 $(.04) $ (.14) $1.00
Discontinued operations ............................. — .02 .04 —
Total ............................................ $ .32 $(.02) $ (.10) $1.00
Diluted earnings (loss) per common share attributable to
SLM Corporation:
Continuing operations .............................. $ .32 $(.04) $ (.14) $ .99
Discontinued operations ............................. — .02 .04 —
Total ............................................ $ .32 $(.02) $ (.10) $ .99
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