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Year Ended December 31, 2015 2014 2013
(Dollars and shares in thousands, except per share amounts)
Operating revenues
Service ............................................... $ 4,321,969 $ 4,328,654 $ 4,443,491
Equipment and product sales ................................. 854,272 680,784 457,745
Total operating revenues ................................. 5,176,241 5,009,438 4,901,236
Operating expenses
Cost of services (excluding Depreciation, amortization and accretion reported
below) .............................................. 1,190,910 1,164,658 1,118,183
Cost of equipment and products ............................... 1,224,031 1,346,811 1,107,133
Selling, general and administrative .............................. 1,780,463 1,865,807 1,947,778
Depreciation, amortization and accretion .......................... 844,361 836,532 1,018,077
Loss on impairment of assets ................................. –87,802 –
(Gain) loss on asset disposals, net ............................. 22,176 26,531 30,841
(Gain) loss on sale of business and other exit costs, net ................ (135,887) (15,846) (300,656)
(Gain) loss on license sales and exchanges ........................ (146,884) (112,993) (255,479)
Total operating expenses ............................... 4,779,170 5,199,302 4,665,877
Operating income (loss) .................................... 397,071 (189,864) 235,359
Investment and other income (expense)
Equity in earnings of unconsolidated entities ........................ 140,076 131,965 132,714
Interest and dividend income ................................. 38,783 16,957 9,092
Gain (loss) on investments ................................... –– 14,547
Interest expense ......................................... (141,719) (111,397) (98,811)
Other, net ............................................. 391 115 (37)
Total investment and other income ........................... 37,531 37,640 57,505
Income (loss) before income taxes ............................. 434,602 (152,224) 292,864
Income tax expense (benefit) ................................. 171,992 (4,932) 126,043
Net income (loss) ........................................ 262,610 (147,292) 166,821
Less: Net income (loss) attributable to noncontrolling interests, net of tax ...... 43,573 (10,937) 24,894
Net income (loss) attributable to TDS shareholders .................. 219,037 (136,355) 141,927
TDS Preferred dividend requirement ............................. (49) (49) (49)
Net income (loss) available to common shareholders ................ $ 218,988 $ (136,404) $ 141,878
Basic weighted average shares outstanding ....................... 108,645 108,485 108,490
Basic earnings (loss) per share attributable to TDS shareholders ........ $ 2.02 $ (1.26) $ 1.31
Diluted weighted average shares outstanding ...................... 109,910 108,485 109,132
Diluted earnings (loss) per share attributable to TDS shareholders ....... $ 1.98 $ (1.26) $ 1.29
Dividends per share to TDS shareholders ........................ $ 0.56 $ 0.54 $ 0.51
The accompanying notes are an integral part of these consolidated financial statements.
58
TELEPHONE AND DATA SYSTEMS, INC. CONSOLIDATED STATEMENT OF OPERATIONS