Eversource 2008 Annual Report Download - page 49

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CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended December 31,
(Thousands of Dollars, except share information) 2008 2007 2006
Operating Revenues $ 5,800,095 $ 5,822,226 $ 6,877,687
Operating Expenses:
Operation
Fuel, purchased and net interchange power 2,996,180 3,350,673 4,630,798
Other 1,021,704 961,285 1,121,534
Maintenance 254,038 211,589 193,706
Depreciation 278,588 265,297 240,559
Amortization of regulatory assets, net 186,396 40,674 16,292
Amortization of rate reduction bonds 204,859 201,039 188,247
Taxes other than income taxes 267,565 252,188 250,580
Total operating expenses 5,209,330 5,282,745 6,641,716
Operating Income 590,765 539,481 235,971
Interest Expense:
Interest on long-term debt 193,883 162,841 141,579
Interest on rate reduction bonds 50,231 61,580 74,242
Other interest 25,031 15,824 22,375
Interest expense, net 269,145 240,245 238,196
Other Income, Net 50,428 61,639 64,394
Income from Continuing Operations Before
Income Tax Expense/(Benefit) 372,048 360,875 62,169
Income Tax Expense/(Benefit) 105,661 109,420 (76,326 )
Income from Continuing Operations Before Preferred Dividends of Subsidiary 266,387 251,455 138,495
Preferred Dividends of Subsidiary 5,559 5,559 5,559
Income from Continuing Operations 260,828 245,896 132,936
Discontinued Operations (Note 14):
Income from Discontinued Operations - 435 31,321
Gains from Sale/Disposition of Discontinued Operations - 2,054 504,314
Income Tax Expense - 1,902 197,993
Income from Discontinued Operations - 587 337,642
Net Income $ 260,828 $ 246,483 $ 470,578
Basic Earnings Per Common Share:
Income from Continuing Operations $ 1.68 $ 1.59 $ 0.86
Income from Discontinued Operations - - 2.20
Basic Earnings Per Common Share $ 1.68 $ 1.59 $ 3.06
Fully Diluted Earnings Per Common Share:
Income from Continuing Operations $ 1.67 $ 1.59 $ 0.86
Income from Discontinued Operations - - 2.19
Fully Diluted Earnings Per Common Share $ 1.67 $ 1.59 $ 3.05
Basic Common Shares Outstanding (weighted average) 155,531,846 154,759,727 153,767,527
Fully Diluted Common Shares Outstanding (weighted average) 155,999,240 155,304,361 154,146,669
The accompanying notes are an integral part of these consolidated financial statements.
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