Goldman Sachs 2004 Annual Report Download - page 72

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consolidated฀statements฀of฀earnings
70฀฀฀G O L D M A N ฀ S A C H S ฀ 2 004฀ A N N U A L ฀ R E P O RT70฀฀฀G O L D M A N ฀ S A C H S ฀ 2 004฀ A N N U A L ฀ R E P O RT
฀ ฀ YEAR฀ENDED฀NOVEMBER
(IN฀MILLIONS,฀EXCEPT฀PER฀SHARE฀AMOUNTS)฀ 2004฀ 2003฀ 2002
Revenues
Investment banking $฀฀3,286 $฀฀2,400฀ $฀฀2,572
Trading and principal investments 11,984 8,555฀ 7,297
Asset management and securities services 2,655 1,917฀ 1,716
Interest income 11,914 10,751฀ 11,269
Total revenues 29,839 23,623฀ 22,854
Interest expense 8,888 7,600฀ 8,868
Cost of power generation 401 11 —
Revenues, net of interest expense and cost of power generation 20,550 16,012฀ 13,986
Operating expenses
Compensation and benefits 9,591 7,393฀ 6,744
Amortization of employee initial public offering and acquisition awards 61 122฀ 293
Brokerage, clearing and exchange fees 952 829฀ 852
Market development 374 264฀ 306
Communications and technology 461 478฀ 528
Depreciation and amortization 499 562฀ 617
Amortization of identifiable intangible assets 125 319฀ 127
Occupancy 646 722฀ 637
Professional fees 338 253฀ 215
Other expenses 827 625฀ 414
Total non-compensation expenses 4,222 4,052฀ 3,696
Total operating expenses 13,874 11,567฀ 10,733
Pre-tax earnings 6,676 4,445฀ 3,253
Provision for taxes 2,123 1,440฀ 1,139
Net earnings $฀฀4,553 $฀฀3,005฀ $฀฀2,114
Earnings per share
Basic $฀฀฀฀9.30 $฀฀฀฀6.15฀ $฀฀฀฀4.27
Diluted 8.92 5.87฀ 4.03
Average common shares outstanding
Basic 489.5 488.4฀ 495.6
Diluted 510.5 511.9฀ 525.1
The฀accompanying฀notes฀are฀an฀integral฀part฀of฀these฀consolidated฀financial฀statements.
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