Fannie Mae 2004 Annual Report Download - page 355

2004 Quarterly Statements of Income
The following table displays our unaudited interim condensed consolidated statements of income for the
quarters ended March 31, 2004, June 30, 2004, September 30, 2004 and December 31, 2004. As noted in the
table, the condensed consolidated statements of income and earnings per share, for the quarters ended
March 31, 2004 and June 30, 2004 have been restated from previously filed unaudited consolidated financial
statements.
As
Previously
Reported
(1)
As
Restated
As
Previously
Reported
(1)
As
Restated
September 30,
2004
December 31,
2004
(2)
March 31, 2004 June 30, 2004
For the Quarter Ended
(Dollars and shares in millions, except per share amounts)
Net interest income . . . . . . . . . . . . . . . . . . . . . . . $3,196 $ 5,062 $ 3,113 $ 4,836 $ 4,000 $4,183
Guaranty fee income . . . . . . . . . . . . . . . . . . . . . . 737 891 657 727 1,067 919
Investment gains (losses), net . . . . . . . . . . . . . . . . (8) 525 (273) (1,518) 887 (256)
Derivatives fair value gains (losses), net . . . . . . . . . (972) (6,446) (1,958) 2,269 (7,136) (943)
Debt extinguishment gains (losses), net . . . . . . . . . (27) (78) 24 (7) (21) (46)
Loss from partnership investments . . . . . . . . . . . . . (92) (145) (86) (177) (177) (203)
Fee and other income. . . . . . . . . . . . . . . . . . . . . . 158 56 208 413 103 (168)
Provision for credit losses . . . . . . . . . . . . . . . . . . . (32) (13) 12 (55) (65) (219)
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . (402) (456) (416) (415) (417) (978)
Income (loss) before federal income taxes and
extraordinary gains (losses) . . . . . . . . . . . . . . . . 2,558 (604) 1,281 6,073 (1,759) 2,289
Provision (benefit) for federal income taxes . . . . . . 659 (529) 169 1,753 (910) 710
Income (loss) before extraordinary gains (losses). . . 1,899 (75) 1,112 4,320 (849) 1,579
Extraordinary gains (losses), net of tax effect . . . . . — 10 — (3) (18) 3
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . $1,899 $ (65) $ 1,112 $ 4,317 $ (867) $1,582
Preferred stock dividends and issuance costs at
redemption . . . . . . . . . . . . . . . . . . . . . . . . . . . (43) (43) (40) (40) (41) (41)
Net income (loss) available to common
stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . $1,856 $ (108) $ 1,072 $ 4,277 $ (908) $1,541
Basic earnings (loss) per share:
Earnings before extraordinary gains (losses) . . . . $ 1.91 $ (0.12) $ 1.11 $ 4.41 $ (0.92) $ 1.59
Extraordinary gains (losses), net of tax effect . . . — 0.01 — — (0.02) —
Basic earnings (loss) per share . . . . . . . . . . . . . . $ 1.91 $ (0.11) $ 1.11 $ 4.41 $ (0.94) $ 1.59
Diluted earnings (loss) per share
Earnings before extraordinary gains (losses) . . . . $ 1.90 $ (0.12) $ 1.10 $ 4.40 $ (0.92) $ 1.59
Extraordinary gains (losses), net of tax effect . . . — 0.01 — — (0.02) —
Diluted earnings (loss) per share . . . . . . . . . . . . $ 1.90 $ (0.11) $ 1.10 $ 4.40 $ (0.94) $ 1.59
Weighted-average common shares outstanding
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 972 972 969 969 968 969
Diluted.............................. 975 972 970 973 968 972
(1)
Certain amounts have been reclassified to conform to the current condensed consolidated statement of income
presentation.
(2)
Includes the $400 million OFHEO and SEC penalty, $116 million impairment of capitalized software and a
$317 million impairment of securities.
F-104
FANNIE MAE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)