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56 UNITED TECHNOLOGIES CORPORATION
Consolidated Statement of Operations
(DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS; SHARES IN MILLIONS) 2012 2011 2010
Net Sales:
Product sales $ 40,729 $ 38,882 $ 36,615
Service sales 16,979 16,872 15,660
57,708 55,754 52,275
Costs and Expenses:
Cost of products sold 31,094 29,252 27,513
Cost of services sold 11,059 11,117 10,441
Research and development 2,371 1,951 1,656
Selling, general and administrative 6,452 6,161 5,798
50,976 48,481 45,408
Other income, net 952 573 31
Operating profit 7,684 7,846 6,898
Interest expense, net 773 496 650
Income from continuing operations before income taxes 6,911 7,350 6,248
Income tax expense 1,711 2,134 1,725
Net income from continuing operations 5,200 5,216 4,523
Discontinued operations (Note 3):
Income from operations 171 255 290
Gain on disposal 861 ––
Income tax expense (742) (97) (102)
Net income from discontinued operations 290 158 188
Net income 5,490 5,374 4,711
Less: Non-controlling interest in subsidiaries’ earnings 360 395 338
Net income attributable to common shareowners $ 5,130 $ 4,979 $ 4,373
Net income attributable to common shareowners:
Net income from continuing operations $ 4,847 $ 4,831 $ 4,195
Net income from discontinued operations $ 283 $ 148 $ 178
Earnings Per Share of Common Stock—Basic:
Net income from continuing operations $ 5.41 $ 5.41 $ 4.62
Net income attributable to common shareowners $ 5.73 $ 5.58 $ 4.82
Earnings Per Share of Common Stock—Diluted:
Net income from continuing operations $ 5.35 $ 5.33 $ 4.55
Net income attributable to common shareowners $ 5.66 $ 5.49 $ 4.74
Dividends Per Share of Common Stock $ 2.030 $ 1.865 $ 1.700
Weighted average number of shares outstanding:
Basic shares 895.2 892.3 907.9
Diluted shares 906.6 906.8 922.7
See accompanying Notes to Consolidated Financial Statements