EMC 2011 Annual Report Download - page 48

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Table of Contents
EMC CORPORATION
CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share amounts)
For the Year Ended December 31,
2011 2010 2009
Revenues:
Product sales $ 12,590,742 $ 10,892,857 $ 8,828,145
Services 7,416,846 6,122,269 5,197,765
20,007,588 17,015,126 14,025,910
Costs and expenses:
Cost of product sales 5,319,761 4,882,031 4,406,187
Cost of services 2,518,885 2,102,114 1,874,824
Research and development 2,149,787 1,888,015 1,627,509
Selling, general and administrative 6,479,382 5,375,305 4,595,625
Restructuring and acquisition-related charges 97,334 84,375 107,490
Operating income 3,442,439 2,683,286 1,414,275
Non-operating income (expense):
Investment income 129,248 142,536 140,430
Interest expense (170,466) (178,345) (182,499)
Other income (expense), net (151,951) (39,494) 2,370
Total non-operating income (expense) (193,169) (75,303) (39,699)
Income before provision for income taxes 3,249,270 2,607,983 1,374,576
Income tax provision 640,385 638,297 252,775
Net income 2,608,885 1,969,686 1,121,801
Less: Net income attributable to the non-controlling interest in VMware, Inc. (147,548) (69,691) (33,724)
Net income attributable to EMC Corporation $ 2,461,337 $ 1,899,995 $ 1,088,077
Net income per weighted average share, basic attributable to EMC Corporation common shareholders $ 1.20 $ 0.92 $ 0.54
Net income per weighted average share, diluted attributable to EMC Corporation common shareholders $ 1.10 $ 0.88 $ 0.53
Weighted average shares, basic 2,055,536 2,055,959 2,022,371
Weighted average shares, diluted 2,229,113 2,147,931 2,055,146
The accompanying notes are an integral part of the consolidated financial statements.
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