United Technologies 2011 Annual Report Download - page 59

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CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in millions, except per share amounts; shares in millions) 2011 2010 2009
Net Sales:
Product sales $ 41,289 $ 38,641 $ 37,332
Service sales 16,901 15,685 15,093
58,190 54,326 52,425
Costs and Expenses:
Cost of products sold 31,026 28,956 28,905
Cost of services sold 11,127 10,458 9,956
Research and development 2,058 1,746 1,558
Selling, general and administrative 6,464 6,024 6,036
50,675 47,184 46,455
Other income, net 584 44 407
Operating profit 8,099 7,186 6,377
Interest expense, net 494 648 617
Income before income taxes 7,605 6,538 5,760
Income tax expense 2,231 1,827 1,581
Net income 5,374 4,711 4,179
Less: Non-controlling interest in subsidiaries’ earnings 395 338 350
Net income attributable to common shareowners $ 4,979 $ 4,373 $ 3,829
EARNINGS PER SHARE OF COMMON STOCK:
Basic $5.58 $ 4.82 $ 4.17
Diluted $5.49 $ 4.74 $ 4.12
Dividends Per Share of Common Stock $1.865 $ 1.700 $ 1.540
Weighted average number of shares outstanding:
Basic shares 892.3 907.9 917.4
Diluted shares 906.8 922.7 928.8
See accompanying Notes to Consolidated Financial Statements
2011 ANNUAL REPORT 57