Progress Energy 2007 Annual Report Download - page 70

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68
CONSOLIDATED STATEMENTS OF INCOME
(in millions except per share data)
Years ended December 31 2007 2006 2005
Operating revenues $9,153 $8,724 $7,948
Operating expenses
Fuel used in electric generation 3,145 3,008 2,359
Purchased power 1,184 1,100 1,048
Operation and maintenance 1,842 1,583 1,770
Depreciation and amortization 905 1,011 926
Taxes other than on income 501 500 460
Other 30 35 (3)
Total operating expenses 7,607 7,237 6,560
Operating income 1,546 1,487 1,388
Other income (expense)
Interest income 34 59 13
Other, net 44 (16) (1)
Total other income 78 43 12
Interest charges
Net interest charges 605 631 588
Allowance for borrowed funds used during construction (17) (7) (13)
Total interest charges, net 588 624 575
Income from continuing operations before income tax and minority interest 1,036 906 825
Income tax expense 334 339 298
Income from continuing operations before minority interest 702 567 527
Minority interest in subsidiaries’ income, net of tax (9) (16) (4)
Income from continuing operations 693 551 523
Discontinued operations, net of tax (189) 20 173
Cumulative effect of change in accounting principle, net of tax –– 1
Net income $504 $571 $697
Average common shares outstanding – basic 256 250 247
Basic earnings per common share
Income from continuing operations $2.71 $2.20 $2.12
Discontinued operations, net of tax (0.74) 0.08 0.70
Net income $1.97 $2.28 $2.82
Diluted earnings per common share
Income from continuing operations $2.70 $2.20 $2.12
Discontinued operations, net of tax (0.74) 0.08 0.70
Net income $1.96 $2.28 $2.82
Dividends declared per common share $2.45 $2.43 $2.38
See Notes to Consolidated Financial Statements.
CONSOLIDATED FINANCIAL STATEMENTS