Sallie Mae 2012 Annual Report Download - page 197
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
19. Quarterly Financial Information (unaudited)
2012
(Dollars in millions, except per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Net interest income ........................................... $811 $746 $ 819 $832
Less: provisions for loan losses .................................. 253 243 270 314
Net interest income after provisions for loan losses .................. 558 503 549 518
Gains (losses) on derivative and hedging activities, net ............... (372) 6 (233) (28)
Other income ................................................ 264 197 226 282
Operating expenses ........................................... 262 239 244 252
Goodwill and acquired intangible assets amortization expense ......... 5 5 5 14
Restructuring expenses ........................................ 5 3 2 2
Income tax expense ........................................... 67 168 104 156
Net income from continuing operations ........................... 111 291 187 348
Income (loss) from discontinued operations, net of taxes .............. — — — —
Net income ................................................. 111 291 187 348
Less: net loss attributable to noncontrolling interest .................. (1) (1) (1) —
Net income attributable to SLM Corporation .................... 112 292 188 348
Preferred stock dividends ...................................... 5 5 5 5
Net income attributable to SLM Corporation common stock ........... $107 $287 $ 183 $343
Basic earnings per common share attributable to SLM Corporation:
Continuing operations ......................................... $ .21 $.59 $ .39 $.75
Discontinued operations ....................................... — — — —
Total ....................................................... $ .21 $.59 $ .39 $.75
Diluted earnings per common share attributable to SLM
Corporation:
Continuing operations ......................................... $ .21 $.59 $ .39 $.74
Discontinued operations ....................................... — — — —
Total ....................................................... $ .21 $.59 $ .39 $.74
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