Progress Energy 2008 Annual Report Download - page 58

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CONSOLIDATED FINANCIAL STATEMENTS
56
CONSOLIDATED STATEMENTS OF INCOME
(in millions except per share data)
Years ended December 31 2008 2007 2006
Operating revenues $9,167 $9,153 $8,724
Operating expenses
Fuel used in electric generation 3,021 3,145 3,008
Purchased power 1,299 1,184 1,100
Operation and maintenance 1,820 1,842 1,583
Depreciation, amortization and accretion 839 905 1,011
Taxes other than on income 508 501 500
Other (3) 30 35
Total operating expenses 7,484 7,607 7,237
Operating income 1,683 1,546 1,487
Other income (expense)
Interest income 24 34 59
Allowance for equity funds used during construction 122 51 21
Other, net (17) (7) (37)
Total other income, net 129 78 43
Interest charges
Interest charges 679 605 631
Allowance for borrowed funds used during construction (40) (17) (7)
Total interest charges, net 639 588 624
Income from continuing operations before income tax and minority interest 1,173 1,036 906
Income tax expense 395 334 339
Minority interest in subsidiaries’ income, net of tax (5) (9) (16)
Income from continuing operations 773 693 551
Discontinued operations, net of tax 57 (189) 20
Net income $830 $504 $571
Average common shares outstanding – basic 260 256 250
Basic earnings per common share
Income from continuing operations $2.97 $2.71 $2.20
Discontinued operations, net of tax 0.22 (0.74) 0.08
Net income $3.19 $1.97 $2.28
Diluted earnings per common share
Income from continuing operations $2.96 $2.70 $2.20
Discontinued operations, net of tax 0.22 (0.74) 0.08
Net income $3.18 $1.96 $2.28
Dividends declared per common share $2.465 $2.445 $2.425
See Notes to Consolidated Financial Statements.