Sallie Mae 2002 Annual Report Download - page 17

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15
Consolidated Statements of Income
Years Ended December 31,
(Dollars and shares in thousands, except per share amounts) 2002 2001 2000
Interest income:
Student loans $2,027,847 $2,527,818 $2,854,231
Academic facilities financings and other loans 96,025 125,540 142,947
Investments 87,889 344,173 481,481
Total interest income 2,211,761 2,997,531 3,478,659
Interest expense 1,202,620 2,124,115 2,836,871
Net interest income 1,009,141 873,416 641,788
Less: provision for losses 116,624 65,991 32,119
Net interest income after provision for losses 892,517 807,425 609,669
Other income:
Gains on student loan securitizations 337,924 75,199 91,846
Servicing and securitization revenue 629,294 634,320 295,646
(Losses) gains on sales of securities, net (255,356) (178,287) 18,622
Derivative market value adjustment (203,904) (452,425) —
Guarantor servicing and debt management fees 325,476 255,171 128,375
Other 187,220 183,639 153,143
Total other income 1,020,654 517,617 687,632
Operating expenses 689,772 707,654 532,710
Integration charge — — 53,000
Income before income taxes and minority interest
in net earnings of subsidiary 1,223,399 617,388 711,591
Income taxes 431,403 223,322 235,880
Minority interest in net earnings of subsidiary — 10,070 10,694
Net income 791,996 383,996 465,017
Preferred stock dividends 11,501 11,501 11,522
Net income attributable to common stock $ 780,495 $ 372,495 $ 453,495
Basic earnings per common share $ 5.06 $ 2.34 $ 2.84
Average common shares outstanding 154,098 159,078 159,482
Diluted earnings per common share $ 4.93 $ 2.28 $ 2.76
Average common and common equivalent shares outstanding 158,173 163,400 164,355
The financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Form 10-K to
the Securities and Exchange Commission.
SLM Corporation