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44 NEWELL RUBBERMAID 2011 Annual Report
2011 Financial Statements and Related Information
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in millions, except per share data)
Year Ended December 31, 2011 2010 2009
Net sales $ 5,864.6 $ 5,658.2 $ 5,483.4
Cost of products sold 3,659.4 3,509.5 3,453.3
Gross margin 2,205.2 2,148.7 2,030.1
Selling, general and administrative expenses 1,515.3 1,447.8 1,354.8
Impairment charges 382.6 — —
Restructuring costs 50.1 77.4 100.0
Operating income 257.2 623.5 575.3
Nonoperating expenses:
Interest expense, net of interest income of $2.2, $3.5 and $6.3 in
2011, 2010 and 2009, respectively 86.2 118.4 140.0
Losses related to extinguishments of debt 4.8 218.6 4.7
Other expense (income), net 13.7 (7.3) 2.0
Net nonoperating expenses 104.7 329.7 146.7
Income before income taxes 152.5 293.8 428.6
Income tax expense 17.9 5.6 142.8
Income from continuing operations 134.6 288.2 285.8
(Loss) income from discontinued operations, net of tax (9.4) 4.6 (0.3)
Net income $ 125.2 $ 292.8 $ 285.5
Weighted-average shares outstanding:
Basic 293.6 282.4 280.8
Diluted 296.2 305.4 294.4
Earnings per share:
Basic:
Income from continuing operations $ 0.46 $ 1.02 $ 1.02
(Loss) income from discontinued operations (0.03) 0.02 —
Net income $ 0.43 $ 1.04 $ 1.02
Diluted:
Income from continuing operations $ 0.45 $ 0.94 $ 0.97
(Loss) income from discontinued operations (0.03) 0.02 —
Net income $ 0.42 $ 0.96 $ 0.97
Dividends per share $ 0.29 $ 0.20 $ 0.26
See Notes to Consolidated Financial Statements.