Sallie Mae 2012 Annual Report Download - page 116

SLM CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
Years Ended December 31,
2012 2011 2010
Interest income:
FFELP Loans ................................................................. $3,251 $3,461 $3,345
Private Education Loans ........................................................ 2,481 2,429 2,353
Other loans .................................................................. 16 21 30
Cash and investments .......................................................... 21 19 26
Total interest income ............................................................. 5,769 5,930 5,754
Total interest expense ............................................................ 2,561 2,401 2,275
Net interest income .............................................................. 3,208 3,529 3,479
Less: provisions for loan losses ..................................................... 1,080 1,295 1,419
Net interest income after provisions for loan losses ..................................... 2,128 2,234 2,060
Other income (loss):
Gains (losses) on loans and investments, net ........................................ — (35) 325
Losses on derivative and hedging activities, net ...................................... (628) (959) (361)
Servicing revenue ............................................................. 376 381 405
Contingency revenue ........................................................... 356 333 330
Gains on debt repurchases ....................................................... 145 38 317
Other ....................................................................... 92 68 6
Total other income (loss) .......................................................... 341 (174) 1,022
Expenses:
Salaries and benefits ........................................................... 491 521 561
Other operating expenses ....................................................... 505 579 647
Total operating expenses ........................................................ 996 1,100 1,208
Goodwill and acquired intangible assets impairment and amortization expense ............. 28 24 699
Restructuring expenses ......................................................... 12 9 85
Total expenses .................................................................. 1,036 1,133 1,992
Income from continuing operations, before income tax expense ........................... 1,433 927 1,090
Income tax expense .............................................................. 497 328 493
Net income from continuing operations .............................................. 936 599 597
Income (loss) from discontinued operations, net of tax expense (benefit) .................... 1 33 (67)
Net income .................................................................... 937 632 530
Less: net loss attributable to noncontrolling interest ..................................... (2) (1) —
Net income attributable to SLM Corporation .......................................... 939 633 530
Preferred stock dividends ......................................................... 20 18 72
Net income attributable to SLM Corporation common stock .............................. $ 919 $ 615 $ 458
Basic earnings (loss) per common share attributable to SLM Corporation:
Continuing operations ............................................................ $ 1.93 $ 1.13 $ 1.08
Discontinued operations .......................................................... — .06 (.14)
Total ......................................................................... $ 1.93 $ 1.19 $ .94
Average common shares outstanding ................................................ 476 517 487
Diluted earnings (loss) per common share attributable to SLM Corporation:
Continuing operations ............................................................ $ 1.90 $ 1.12 $ 1.08
Discontinued operations .......................................................... — .06 (.14)
Total ......................................................................... $ 1.90 $ 1.18 $ .94
Average common and common equivalent shares outstanding ............................ 483 523 488
Dividends per common share attributable to SLM Corporation ............................ $ .50 $ .30 $ —
See accompanying notes to consolidated financial statements.
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