Xcel Energy 2013 Annual Report Download - page 96
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78
XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(amounts in thousands, except per share data)
Year Ended Dec. 31
2013 2012 2011
Operating revenues
Electric. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,034,045 $ 8,517,296 $ 8,766,593
Natural gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,804,679 1,537,374 1,811,926
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,198 73,553 76,251
Total operating revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,914,922 10,128,223 10,654,770
Operating expenses
Electric fuel and purchased power. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,018,672 3,623,935 3,991,786
Cost of natural gas sold and transported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,082,751 880,939 1,163,890
Cost of sales — other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,323 29,067 30,391
Operating and maintenance expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,273,532 2,176,095 2,140,289
Conservation and demand side management program expenses. . . . . . . . . . . . . . . . . 260,726 260,527 281,378
Depreciation and amortization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 977,863 926,053 890,619
Taxes (other than income taxes) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 420,500 408,924 374,815
Total operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,067,367 8,305,540 8,873,168
Operating income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,847,555 1,822,683 1,781,602
Other income, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,972 6,175 9,255
Equity earnings of unconsolidated subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,020 29,971 30,527
Allowance for funds used during construction — equity . . . . . . . . . . . . . . . . . . . . . . . 87,683 62,840 51,223
Interest charges and financing costs
Interest charges — includes other financing costs of $30,135,
$24,087 and $24,019, respectively. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575,199 601,552 591,300
Allowance for funds used during construction — debt . . . . . . . . . . . . . . . . . . . . . . . . (39,179)(35,315) (28,181)
Total interest charges and financing costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 536,020 566,237 563,119
Income before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,432,210 1,355,432 1,309,488
Income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 483,976 450,203 468,316
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 948,234 905,229 841,172
Dividend requirements on preferred stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 3,534
Premium on redemption of preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 3,260
Earnings available to common shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 948,234 $ 905,229 $ 834,378
Weighted average common shares outstanding:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 496,073 487,899 485,039
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 496,532 488,434 485,615
Earnings per average common share:
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.91 $ 1.86 $ 1.72
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.91 1.85 1.72
Cash dividends declared per common share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.11 $ 1.07 $ 1.03
See Notes to Consolidated Financial Statements