Green Dot 2012 Annual Report Download - page 63
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53
GREEN DOT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31,
2012 2011 2010
(In thousands, except per share data)
Operating revenues:
Card revenues and other fees $ 224,745 $ 209,489 167,375
Cash transfer revenues 165,232 134,143 101,502
Interchange revenues 164,559 141,103 108,380
Stock-based retailer incentive compensation (8,251) (17,337) (13,369)
Total operating revenues 546,285 467,398 363,888
Operating expenses:
Sales and marketing expenses 209,870 168,747 122,890
Compensation and benefits expenses 114,930 87,671 70,102
Processing expenses 77,445 70,953 56,978
Other general and administrative expenses 71,900 56,578 44,599
Total operating expenses 474,145 383,949 294,569
Operating income 72,140 83,449 69,319
Interest income 4,074 910 365
Interest expense (76) (346) (52)
Income before income taxes 76,138 84,013 69,632
Income tax expense 28,919 31,930 27,400
Net income 47,219 52,083 42,232
Income attributable to preferred stock (7,599) (558) (14,659)
Net income allocated to common stockholders $ 39,620 $ 51,525 $ 27,573
Basic earnings per common share:
Class A common stock $ 1.11 $ 1.24 $ 1.06
Class B common stock $ 1.11 $ 1.24 $ 1.06
Basic weighted-average common shares issued and outstanding:
Class A common stock 29,698 22,238 2,980
Class B common stock 4,801 17,718 21,589
Diluted earnings per common share:
Class A common stock $ 1.07 $ 1.19 $ 0.98
Class B common stock $ 1.07 $ 1.19 $ 0.98
Diluted weighted-average common shares issued and outstanding:
Class A common stock 35,933 42,065 27,782
Class B common stock 6,150 19,822 24,796
See notes to consolidated financial statements