Goldman Sachs 2002 Annual Report Download - page 64

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Consolidated Statem ents of Earnings
GO L D M A N SA CH S 2002 A N N UAL R EPO RT 61
YEAR ENDED NOVEMBER
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 2002 2001 2000
Revenues
Investment banking $ 2,572 $ 3,677 $ 5,339
Trading and principal investments 4,063 6,254 6,528
Asset management and securities services 4,950 4,587 3,737
Interest income 11,269 16,620 17,396
Total revenues 22,854 31,138 33,000
Interest expense 8,868 15,327 16,410
Revenues, net of interest expense 13,986 15,811 16,590
Operating expenses
Compensation and benefits 6,744 7,700 7,773
Nonrecurring acquisition awards ——290
Amortization of employee initial public offering and acquisition awards 293 464 428
Brokerage, clearing and exchange fees 852 843 573
Market development 306 406 506
Communications and technology 528 604 435
Depreciation and amortization 617 613 441
Amortization of goodwill and identifiable intangible assets 127 260 45
Occupancy 637 591 440
Professional services and other 629 634 639
Total non-compensation expenses 3,696 3,951 3,079
Total operating expenses 10,733 12,115 11,570
Pre-tax earnings 3,253 3,696 5,020
Provision for taxes 1,139 1,386 1,953
Net earnings $ 2,114 $ 2,310 $ 3,067
Earnings per share
Basic $ 4.27 $ 4.53 $ 6.33
Diluted 4.03 4.26 6.00
Average common shares outstanding
Basic 495.6 509.7 484.6
Diluted 525.1 541.8 511.5
The accompanying notes are an integral part of these consolidated financial statements.