Dow Chemical 2012 Annual Report Download - page 95
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69
The Dow Chemical Company and Subsidiaries
Consolidated Statements of Income
(In millions, except per share amounts) For the years ended December 31 2012 2011 2010
Net Sales $ 56,786 $ 59,985 $ 53,674
Cost of sales 47,792 51,029 45,780
Research and development expenses 1,708 1,646 1,660
Selling, general and administrative expenses 2,861 2,788 2,609
Amortization of intangibles 478 496 509
Goodwill impairment loss 220 — —
Restructuring charges 1,343 — 26
Acquisition-related integration expenses — 31 143
Asbestos-related credit ——54
Equity in earnings of nonconsolidated affiliates 536 1,223 1,112
Sundry income (expense) - net (27) (316) 125
Interest income 41 40 37
Interest expense and amortization of debt discount 1,269 1,341 1,473
Income Before Income Taxes 1,665 3,601 2,802
Provision for income taxes 565 817 481
Net Income 1,100 2,784 2,321
Net income (loss) attributable to noncontrolling interests (82) 42 11
Net Income Attributable to The Dow Chemical Company 1,182 2,742 2,310
Preferred stock dividends 340 340 340
Net Income Available for The Dow Chemical Company Common Stockholders $ 842 $ 2,402 $ 1,970
Per Common Share Data:
Earnings per common share - basic $ 0.71 $ 2.06 $ 1.75
Earnings per common share - diluted $ 0.70 $ 2.05 $ 1.72
Common stock dividends declared per share of common stock $ 1.21 $ 0.90 $ 0.60
Weighted-average common shares outstanding - basic 1,169.7 1,149.0 1,125.9
Weighted-average common shares outstanding - diluted 1,176.4 1,158.2 1,143.8
See Notes to the Consolidated Financial Statements.