Union Pacific 2005 Annual Report Download - page 51

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CONSOLIDATED STATEMENTS OF INCOME
Union Pacific Corporation and Subsidiary Companies
Millions, Except Per Share Amounts,
for the Years Ended December 31, 2005 2004 2003
Operating revenues ............................................. $13,578 $12,215 $11,551
Operating expenses:
Salaries, wages, and employee benefits ............................ 4,375 4,167 3,892
Fuel and utilities ............................................. 2,562 1,816 1,341
Equipment and other rents ..................................... 1,402 1,374 1,221
Depreciation ................................................ 1,175 1,111 1,067
Materials and supplies ......................................... 546 488 414
Casualty costs ............................................... 411 694 416
Purchased services and other costs ............................... 1,312 1,270 1,067
Total operating expenses ......................................... 11,783 10,920 9,418
Operating income .............................................. 1,795 1,295 2,133
Other income ................................................. 145 88 78
Interest expense ................................................ (504) (527) (574)
Income before income taxes ...................................... 1,436 856 1,637
Income taxes .................................................. (410) (252) (581)
Income from continuing operations ............................... 1,026 604 1,056
Income from discontinued operations, (including gain on sale of $211 in
2003) net of tax benefit of $96 in 2003 ............................ - - 255
Cumulative effect of accounting change, net of income tax expense of
$167 ....................................................... - - 274
Net income ................................................... $ 1,026 $ 604 $ 1,585
Share and Per Share
Basic:
Income from continuing operations ............................. $ 3.89 $ 2.33 $ 4.15
Income from discontinued operations ............................ - - 1.00
Cumulative effect of accounting change .......................... - - 1.08
Net income ................................................. $ 3.89 $ 2.33 $ 6.23
Diluted:
Income from continuing operations ............................. $ 3.85 $ 2.30 $ 4.07
Income from discontinued operations ............................ - - 0.95
Cumulative effect of accounting change .......................... - - 1.02
Net income ................................................. $ 3.85 $ 2.30 $ 6.04
Weighted average number of shares (Basic).......................... 263.4 259.1 254.4
Weighted average number of shares (Diluted) ....................... 266.5 262.2 268.0
Dividends declared ............................................. $ 1.20 $ 1.20 $ 0.99
The accompanying notes are an integral part of these Consolidated Financial Statements.
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