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Table of Content
56
HOLLYFRONTIER CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Years Ended December 31,
2014 2013 2012
Sales and other revenues $ 19,764,327 $ 20,160,560 $ 20,090,724
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization):
Cost of products sold (exclusive of lower of cost or market inventory
valuation adjustment) 17,228,385 17,392,227 15,840,643
Lower of cost or market inventory valuation adjustment 397,478 — —
17,625,863 17,392,227 15,840,643
Operating expenses (exclusive of depreciation and amortization) 1,144,940 1,090,850 994,966
General and administrative expenses (exclusive of depreciation and
amortization) 114,609 127,963 128,101
Depreciation and amortization 363,381 303,446 242,868
Total operating costs and expenses 19,248,793 18,914,486 17,206,578
Income from operations 515,534 1,246,074 2,884,146
Other income (expense):
Earnings (loss) of equity method investments (2,007) (2,072) 2,923
Interest income 4,430 5,556 4,786
Interest expense (43,646) (68,050) (104,186)
Loss on early extinguishment of debt (7,677) (22,109) —
Gain on sale of assets 866 — 326
(48,034) (86,675) (96,151)
Income before income taxes 467,500 1,159,399 2,787,995
Income tax provision:
Current 334,834 277,172 932,554
Deferred (193,662) 114,404 95,408
141,172 391,576 1,027,962
Net income 326,328 767,823 1,760,033
Less net income attributable to noncontrolling interest 45,036 31,981 32,861
Net income attributable to HollyFrontier stockholders $ 281,292 $ 735,842 $ 1,727,172
Earnings per share attributable to HollyFrontier stockholders:
Basic $ 1.42 $ 3.66 $ 8.41
Diluted $ 1.42 $ 3.64 $ 8.38
Average number of common shares outstanding:
Basic 197,243 200,419 204,379
Diluted 197,428 201,234 205,274
See accompanying notes.