Goldman Sachs 2012 Annual Report Download - page 109
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Consolidated Statements of Earnings
Year Ended December
in millions, except per share amounts 2012 2011 2010
Revenues
Investment banking $ 4,941 $ 4,361 $ 4,810
Investment management 4,968 4,691 4,669
Commissions and fees 3,161 3,773 3,569
Market making 11,348 9,287 13,678
Other principal transactions 5,865 1,507 6,932
Total non-interest revenues 30,283 23,619 33,658
Interest income 11,381 13,174 12,309
Interest expense 7,501 7,982 6,806
Net interest income 3,880 5,192 5,503
Net revenues, including net interest income 34,163 28,811 39,161
Operating expenses
Compensation and benefits 12,944 12,223 15,376
U.K. bank payroll tax —— 465
Brokerage, clearing, exchange and distribution fees 2,208 2,463 2,281
Market development 509 640 530
Communications and technology 782 828 758
Depreciation and amortization 1,738 1,865 1,889
Occupancy 875 1,030 1,086
Professional fees 867 992 927
Insurance reserves 598 529 398
Other expenses 2,435 2,072 2,559
Total non-compensation expenses 10,012 10,419 10,428
Total operating expenses 22,956 22,642 26,269
Pre-tax earnings 11,207 6,169 12,892
Provision for taxes 3,732 1,727 4,538
Net earnings 7,475 4,442 8,354
Preferred stock dividends 183 1,932 641
Net earnings applicable to common shareholders $ 7,292 $ 2,510 $ 7,713
Earnings per common share
Basic $ 14.63 $ 4.71 $ 14.15
Diluted 14.13 4.51 13.18
Average common shares outstanding
Basic 496.2 524.6 542.0
Diluted 516.1 556.9 585.3
The accompanying notes are an integral part of these consolidated financial statements.
Goldman Sachs 2012 Annual Report 107