Goldman Sachs 2009 Annual Report Download - page 158

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Quarterly Results (unaudited)
The following represents the  rm’s unaudited quarterly results for the  scal years ended December2009 and November2008.
These quarterly results were prepared in accordance with generally accepted accounting principles and re ect all adjustments
that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal
recurring nature.
Three Months Ended (1)
March June September December
(inmillions, exceptper share data) 2009 2009 2009 2009
Total non-interest revenues $7,518 $11,719 $10,682 $7,847
Interest income 4,362 3,470 3,000 3,075
Interest expense 2,455 1,428 1,310 1,307
Net interest income 1,907 2,042 1,690 1,768
Net revenues, including net interest income 9,425 13,761 12,372 9,615
Operating expenses (2) 6,796 8,732 7,578 2,238
Pre-tax earnings 2,629 5,029 4,794 7,377
Provision for taxes 815 1,594 1,606 2,429
Net earnings 1,814 3,435 3,188 4,948
Preferred stock dividends 155 717 160 161
Net earnings applicable to common shareholders $1,659 $ 2,718 $ 3,028 $4,787
Earningsper common share
Basic $ 3.48 $ 5.27 $ 5.74 $ 9.01
Diluted 3.39 4.93 5.25 8.20
Dividends declaredper common share – 0.35 0.35 0.35
Three Months Ended
(1)
February May August November
(inmillions, exceptper share data) 2008 2008 2008 2008
Total non-interest revenues $ 7,384 $8,145 $4,908 $(2,491)
Interest income 11,245 9,498 8,717 6,173
Interest expense 10,294 8,221 7,582 5,260
Net interest income 951 1,277 1,135 913
Net revenues, including net interest income 8,335 9,422 6,043 (1,578)
Operating expenses (2) 6,192 6,590 5,083 2,021
Pre-tax earnings/(loss) 2,143 2,832 960 (3,599)
Provision/(bene t) for taxes 632 745 115 (1,478)
Net earnings/(loss) 1,511 2,087 845 (2,121)
Preferred stock dividends 44 36 35 166
Net earnings/(loss) applicable to common shareholders $ 1,467 $2,051 $ 810 $(2,287)
Earnings/(loss)per common share
Basic $ 3.39 $ 4.80 $ 1.89 $ (4.97)
Diluted 3.23 4.58 1.81 (4.97)
Dividends declaredper common share 0.35 0.35 0.35 0.35
(1) Financial information for the three months ended March 2008, June 2008, September 2008 and December 2008 has not been included for the following
reasons: (i)the three months ended February 2008, May 2008, August 2008 and November2008 (collectively, the 2008 quarters) provide a meaningful
comparison for the three months ended March 2009, June 2009, September 2009 and December2009 (collectively, the 2009 quarters), respectively; (ii)there
are no seasonal or other factors that would impact the comparability of the results for the 2009 quarters with the results for the 2008 quarters; and (iii)it was
not practicable or cost justi ed to prepare this information.
(2) The timing and magnitude of changes in the  rm’s discretionary compensation accruals can have a signi cant effect on results in a given quarter.
Goldman Sachs 2009 Annual Report
156
Supplemental Financial Information