Fannie Mae 2005 Annual Report Download - page 318

Quarterly Statements of Income
The following table displays our unaudited interim condensed consolidated statements of income for the
quarters ended March 31, 2005, June 30, 2005, September 30, 2005 and December 31, 2005.
March 31,
2005
June 30,
2005
September 30,
2005
December 31,
2005
For the Quarter Ended
(Dollars and shares in millions, except per share amounts)
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,787 $ 2,897 $2,664 $2,157
Guaranty fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 870 1,208 832 869
Investment gains (losses), net . . . . . . . . . . . . . . . . . . . . . . . . . . (1,454) 596 (169) (307)
Derivatives fair value losses, net . . . . . . . . . . . . . . . . . . . . . . . . (749) (2,641) (539) (267)
Debt extinguishment gains (losses), net . . . . . . . . . . . . . . . . . . . (142) 18 86 (30)
Loss from partnership investments. . . . . . . . . . . . . . . . . . . . . . . (200) (210) (211) (228)
Feeandotherincome ............................... 353 459 298 416
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (363) (507) (567) (678)
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . (57) (125) (172) (87)
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (53) (22) (68) (93)
Income before federal income taxes and extraordinary gains
(losses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,992 1,673 2,154 1,752
Provision for federal income taxes. . . . . . . . . . . . . . . . . . . . . . . 217 333 406 321
Income before extraordinary gains (losses) . . . . . . . . . . . . . . . . . 1,775 1,340 1,748 1,431
Extraordinary gains (losses), net of tax effect . . . . . . . . . . . . . . . 65 (2) (3) (7)
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,840 $ 1,338 $1,745 $1,424
Preferred stock dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (121) (122) (122) (121)
Net income available to common stockholders . . . . . . . . . . . . . . $ 1,719 $ 1,216 $1,623 $1,303
Basic earnings (loss) per share:
Earnings before extraordinary gains (losses) . . . . . . . . . . . . . . $ 1.71 $ 1.25 $ 1.68 $ 1.35
Extraordinary gains (losses), net of tax effect . . . . . . . . . . . . . 0.06 — — (0.01)
Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.77 $ 1.25 $ 1.68 $ 1.34
Diluted earnings (loss) per share:
Earnings before extraordinary gains (losses) . . . . . . . . . . . . . . $ 1.70 $ 1.25 $ 1.66 $ 1.35
Extraordinary gains (losses), net of tax effect . . . . . . . . . . . . . 0.06 — — (0.01)
Diluted earnings per share. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.76 $ 1.25 $ 1.66 $ 1.34
Cash dividends per common share. . . . . . . . . . . . . . . . . . . . . . . $ 0.26 $ 0.26 $ 0.26 $ 0.26
Weighted-average common shares outstanding:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 969 970 970 970
Diluted
(1)
...................................... 998 971 998 998
(1)
For the quarter ended June 30, 2005, diluted shares excludes the effect of our convertible preferred stock as inclusion
would be antidilutive for that period.
F-89
FANNIE MAE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)