Progress Energy 2010 Annual Report Download - page 60
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56
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF INCOME
(in millions except per share data)
Years ended December 31 2010 2009 2008
Operating revenues $10,190 $9,885 $9,167
Operating expenses
Fuel used in electric generation 3,300 3,752 3,021
Purchased power 1,279 911 1,299
Operation and maintenance 2,027 1,894 1,820
Depreciation,amortizationandaccretion 920 986 839
Taxes other than on income 580 557 508
Other 30 13 (3)
Total operating expenses 8,136 8,113 7,484
Operating income 2,054 1,772 1,683
Other income (expense)
Interest income 7 14 24
Allowance for equity funds used during construction 92 124 122
Other, net –6 (17)
Total other income, net 99 144 129
Interest charges
Interest charges 779 718 679
Allowance for borrowed funds used during construction (32) (39) (40)
Total interest charges, net 747 679 639
Income from continuing operations before income tax 1,406 1,237 1,173
Income tax expense 539 397 395
Income from continuing operations 867 840 778
Discontinued operations, net of tax (4) (79) 58
Net income 863 761 836
Net income attributable to noncontrolling interests, net of tax (7) (4) (6)
Net income attributable to controlling interests $856 $757 $830
Average common shares outstanding – basic 291 279 262
Basic and diluted earnings per common share
Income from continuing operations attributable to controlling interests, net of tax $2.96 $2.99 $2.95
Discontinued operations attributable to controlling interests, net of tax (0.01) (0.28) 0.22
Net income attributable to controlling interests $2.95 $2.71 $3.17
Dividends declared per common share $2.480 $2.480 $2.465
Amounts attributable to controlling interests
Income from continuing operations, net of tax $860 $836 $773
Discontinued operations, net of tax (4) (79) 57
Net income attributable to controlling interests $856 $757 $830
See Notes to Consolidated Financial Statements.