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GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31
(in thousands, except per share amounts) 2014 2013 2012
Operating Revenues
Education ................................................................. $2,160,417 $2,163,734 $2,184,532
Subscriber ................................................................. 746,047 755,662 732,370
Advertising ................................................................ 343,576 310,261 337,621
Other .................................................................... 285,126 178,254 118,063
3,535,166 3,407,911 3,372,586
Operating Costs and Expenses
Operating ................................................................. 1,562,360 1,532,497 1,535,237
Selling, general and administrative ............................................... 1,325,558 1,311,501 1,317,494
Depreciation of property, plant and equipment ...................................... 203,646 229,355 240,139
Amortization of intangible assets ................................................. 18,368 12,139 19,510
Impairment of goodwill and other long-lived assets ................................... 17,302 3,250 111,593
3,127,234 3,088,742 3,223,973
Income from Operations 407,932 319,169 148,613
Equity in earnings of affiliates, net ................................................ 100,370 13,215 14,086
Interest income ............................................................. 2,136 2,264 3,393
Interest expense ............................................................. (36,586) (36,067) (35,944)
Other income (expense), net ................................................... 853,259 (23,751) (5,456)
Income from Continuing Operations Before Income Taxes ............................. 1,327,111 274,830 124,692
Provision for Income Taxes ..................................................... 406,100 101,500 73,400
Income from Continuing Operations .............................................. 921,011 173,330 51,292
Income from Discontinued Operations, Net of Tax ................................... 372,249 64,015 80,895
Net Income .................................................................. 1,293,260 237,345 132,187
Net Loss (Income) Attributable to Noncontrolling Interests ............................. 583 (480) (74)
Net Income Attributable to Graham Holdings Company .............................. 1,293,843 236,865 132,113
Redeemable Preferred Stock Dividends ............................................ (847) (855) (895)
Net Income Attributable to Graham Holdings Company Common Stockholders ............ $1,292,996 $ 236,010 $ 131,218
Amounts Attributable to Graham Holdings Company Common Stockholders
Income from continuing operations ............................................... $ 920,747 $ 171,995 $ 50,323
Income from discontinued operations, net of tax ..................................... 372,249 64,015 80,895
Net income attributable to Graham Holdings Company common stockholders ............... $1,292,996 $ 236,010 $ 131,218
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic income per common share from continuing operations ............................ $ 139.44 $ 23.39 $ 6.40
Basic income per common share from discontinued operations ........................... 56.37 8.71 10.99
Basic net income per common share ............................................. $ 195.81 $ 32.10 $ 17.39
Basic average number of common shares outstanding ................................. 6,470 7,238 7,360
Diluted income per common share from continuing operations ........................... $ 138.88 $ 23.36 $ 6.40
Diluted income per common share from discontinued operations ......................... 56.15 8.69 10.99
Diluted net income per common share ............................................ $ 195.03 $ 32.05 $ 17.39
Diluted average number of common shares outstanding ................................ 6,559 7,333 7,404
See accompanying Notes to Consolidated Financial Statements.
2014 FORM 10-K 57