OG&E 2013 Annual Report Download - page 39

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OGE Energy Corp. 33
(In millions, except per share data, year ended December 31) 2013 2012 2011
Operating revenues
Electric Utility operating revenues $2,259.7 $2,128.7 $2,211.5
Natural Gas Midstream Operations operating revenues (note 1) 608.0 1,542.5 1,704.4
Total operating revenues 2,867.7 3,671.2 3,915.9
Cost of sales
Electric Utility Fuel and purchased power 950.0 831.4 966.0
Natural Gas Midstream Operations cost of sales and fuel (note 1) 478.9 1,087.3 1,311.9
Total cost of sales 1,428.9 1,918.7 2,277.9
Operating expenses
Other operation and maintenance 489.2 601.5 581.2
Depreciation and amortization 297.3 371.0 307.1
Impairment of assets –0.4 6.3
Gain on insurance proceeds –(7.5) (3.0)
Taxes other than income 98.8 110.2 99.7
Total operating expenses 885.3 1,075.6 991.3
Operating income 553.5 676.9 646.7
Other income (expense)
Equity in earnings of unconsolidated affiliates (note 1) 101.9 ––
Allowance for equity funds used during construction 6.6 6.2 20.4
Other income 31.8 17.6 19.8
Other expense (22.2) (16.5) (21.7)
Net other income (expense) 118.1 7.3 18.5
Interest expense
Interest on long-term debt 145.6 158.9 146.1
Allowance for borrowed funds used during construction (3.4) (3.5) (10.4)
Interest on short-term debt and other interest charges 5.3 8.7 5.2
Interest expense 147.5 164.1 140.9
Income before taxes 524.1 520.1 524.3
Income tax expense 130.3 135.1 160.7
Net income 393.8 385.0 363.6
Less: net income attributable to noncontrolling interests 6.2 30.0 20.7
Net income attributable to OGE Energy $÷«387.6 $÷«355.0 $÷«342.9
Basic average common shares outstanding 198.2 197.1 195.8
Diluted average common shares outstanding 199.4 198.1 198.5
Basic earnings per average common share attributable to OGE Energy common shareholders $÷÷«1.96 $÷÷«1.80 $÷÷«1.75
Diluted earnings per average common share attributable to OGE Energy common shareholders $÷÷«1.94 $÷÷«1.79 $÷÷«1.73
Dividends declared per common share $«0.8513 $«0.7975 $«0.7588
The accompanying Notes to Consolidated Financial Statements are an integral part hereof.
CONSOLIDATED STATEMENTS OF INCOME