Exelon 2003 Annual Report Download - page 82

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80 Consolidated Statements of Income
EXELON CORPORATION AND SUBSIDIARY COMPANIES
For the Years Ended December 31,
in millions, except per share data 2003 2002 2001
Operating revenues $15,812 $14,955 $14,918
Operating expenses
Purchased power 3,459 3,262 3,156
Purchased power from AmerGen Energy Company, LLC 382 273 57
Fuel 2,534 1,727 1,877
Impairment of Boston Generating, LLC long-lived assets 945 ––
Operating and maintenance 4,587 4,345 4,394
Depreciation and amortization 1,126 1,340 1,449
Taxes other than income 581 709 623
Total operating expenses 13,614 11,656 11,556
Operating income 2,198 3,299 3,362
Other income and deductions
Interest expense, net of amounts capitalized (881) (966) (1,107)
Distributions on preferred securities of subsidiaries (39) (45) (49)
Equity in earnings of unconsolidated affiliates 33 80 62
Other, net (187) 300 79
Total other income and deductions (1,074) (631) (1,015)
Income before income taxes and cumulative effect of changes in accounting principles 1,124 2,668 2,347
Income taxes 331 998 931
Income before cumulative effect of changes in accounting principles 793 1,670 1,416
Cumulative effect of changes in accounting principles (net of income taxes of $69, $(90) and
$8 in 2003, 2002 and 2001, respectively) 112 (230) 12
Net income $ 905 $ 1,440 $ 1,428
Average shares of common stock outstanding
Basic 326 322 320
Diluted 329 325 322
Earnings per average common share—basic:
Income before cumulative effect of changes in accounting principles $ 2.44 $ 5.18 $ 4.42
Cumulative effect of changes in accounting principles 0.34 (0.71) 0.04
Net income $ 2.78 $ 4.47 $ 4.46
Earnings per average common share—diluted:
Income before cumulative effect of changes in accounting principles $ 2.41 $ 5.15 $ 4.39
Cumulative effect of changes in accounting principles 0.34 (0.71) 0.04
Net income $ 2.75 $ 4.44 $ 4.43
Dividends per common share $ 1.92 $ 1.76 $ 1.82
See Notes to Consolidated Financial Statements