Fannie Mae 2004 Annual Report Download - page 97

Statement of Income Impact
The following table displays the impact of the restatement on the December 31, 2003 condensed consolidated
statement of income.
Table 6: Income Statement Impact of Restatement for the Year Ended December 31, 2003
As
Previously
Reported
(a)
Debt and
Derivatives Commitments
Investments
in Securities
MBS Trust
Consolidation
and Sale
Accounting
Financial
Guaranties
and Master
Servicing
Amortization
of Cost Basis
Adjustments
Other
Adjustments
Total
Restatement
Adjustments
As
Restated
Restatement Adjustments for:
(Dollars in millions, except per share data)
Net interest income . . . . . . . . . . . . . . $13,569 $ 8,098 $ — $ (162) $ 251 $ (948) $(1,355) $ 24 $ 5,908 $19,477
Guaranty fee income . . . . . . . . . . . . . . 2,411 — — (1) (247) 1,126 — (8) 870 3,281
Investment losses, net . . . . . . . . . . . . . (123) (53) (280) (241) (230) — (1) (303) (1,108) (1,231)
Derivatives fair value losses, net . . . . . . . (2,180) (2,567) (1,543) — — — — 1 (4,109) (6,289)
Debt extinguishments losses, net . . . . . . . (2,261) (430) — — — — — (1) (431) (2,692)
Loss from partnership investments . . . . . . (336) — — — — — — (301) (301) (637)
Fee and other income . . . . . . . . . . . . . 1,076 (692) (3) 72 — 14 — (127) (736) 340
Expenses . . . . . . . . . . . . . . . . . . . . 1,743 — — — — 17 (8) 211 220 1,963
Income before federal income taxes,
extraordinary gains (losses), and
cumulative effect of a change in
accounting principle . . . . . . . . . . . . . 10,413 4,356 (1,826) (332) (226) 175 (1,348) (926) (127) 10,286
Provision (benefit) for federal income
taxes . . . . . . . . . . . . . . . . . . . . . 2,693 1,525 (639) (116) (77) 56 (472) (536) (259) 2,434
Income before extraordinary gains (losses)
and cumulative effect of a change in
accounting principle . . . . . . . . . . . . . 7,720 2,831 (1,187) (216) (149) 119 (876) (390) 132 7,852
Extraordinary gains (losses), net of tax
effect . . . . . . . . . . . . . . . . . . . . . — — — — 195 — — — 195 195
Cumulative effect of change in accounting
principle, net of tax effect . . . . . . . . . 185 — (185) — 34 — — — (151) 34
Net income . . . . . . . . . . . . . . . . . . . 7,905 2,831 (1,372) (216) 80 119 (876) (390) 176 8,081
Preferred stock dividends and issuance costs
at redemption . . . . . . . . . . . . . . . . (150) — — — — — — — — (150)
Net income available to common
stockholders . . . . . . . . . . . . . . . . . $ 7,755 $ 2,831 $(1,372) $ (216) $ 80 $ 119 $ (876) $ (390) $ 176 $ 7,931
Basic earnings per share . . . . . . . . . . . . $ 7.93 $ 2.90 $ (1.40) $(0.22) $0.08 $ 0.13 $ (0.90) $(0.40) $ 0.19 $ 8.12
Diluted earnings per share . . . . . . . . . . . $ 7.91 $ 2.89 $ (1.40) $(0.22) $0.08 $ 0.12 $ (0.89) $(0.41) $ 0.17 $ 8.08
(a)
Certain amounts have been reclassified to conform to the current condensed income statements presentation, as
described in “Notes to Consolidated Financial Statements—Note 2, Summary of Significant Accounting Policies.”
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