World Fuel Services 2014 Annual Report Download - page 49

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44
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
(In thousands, except earnings per share data)
For the Year ended December 31,
2014 2013 2012
Revenue $ 43,386,389 $ 41,561,947 $ 38,945,338
Cost of revenue 42,572,767 40,809,189 38,271,891
Gross profit 813,622 752,758 673,447
Operating expenses:
Compensation and employee benefits 319,842 288,021 237,362
Provision for bad debt 3,757 11,745 4,790
General and administrative 220,875 188,634 174,272
544,474 488,400 416,424
Income from operations 269,148 264,358 257,023
Non-operating income (expenses), net:
Interest expense and other financing costs, net (25,237) (17,287) (19,097)
Other income (expense), net 25,640 (406) 1,669
403 (17,693) (17,428)
Income before income taxes 269,551 246,665 239,595
Provision for income taxes 51,144 39,505 38,244
Net income including noncontrolling interest 218,407 207,160 201,351
Net (loss) income attributable to noncontrolling interest (3,340) 4,085 12,006
Net income attributable to World Fuel $ 221,747 $ 203,075 $ 189,345
Basic earnings per common share $ 3.13 $ 2.85 $ 2.66
Basic weighted average common shares 70,750 71,224 71,154
Diluted earnings per common share $ 3.11 $ 2.83 $ 2.64
Diluted weighted average common shares 71,323 71,800 71,817
Comprehensive income:
Net income including noncontrolling interest $ 218,407 $ 207,160 $ 201,351
Other comprehensive (loss) income:
Foreign currency translation adjustments (30,896) (13,189) (9,606)
Cash flow hedges, net of income taxes of $36 for 2013 and 2012,
respectively — (112) 112
(30,896) (13,301) (9,494)
Comprehensive income including noncontrolling interest 187,511 193,859 191,857
Comprehensive (loss) income attributable to noncontrolling interest (3,340) 4,085 12,006
Comprehensive income attributable to World Fuel $ 190,851 $ 189,774 $ 179,851
The accompanying notes are an integral part of these consolidated financial statements.