Sallie Mae 2013 Annual Report Download - page 223

SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
18. Quarterly Financial Information (unaudited) (Continued)
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 ................................................ 238 176 202 256
Operating expenses ........................................... 236 216 220 226
Goodwill and acquired intangible asset impairment and amortization
expense .................................................. 5 5 5 14
Restructuring and other reorganization expenses .................... 4 3 2 1
Income tax expense ........................................... 68 169 104 157
Net income from continuing operations ........................... 111 292 187 348
Income (loss) from discontinued operations, net of taxes .............. — (1) — —
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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