World Fuel Services 2011 Annual Report Download - page 68

Download and view the complete annual report

Please find page 68 of the 2011 World Fuel Services annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 118

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118

WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except earnings per share data)
For the Year ended December 31,
2010 2009
Revenue $34,622,854 $19,131,147 $11,295,177
Cost of revenue 33,987,851 18,689,006 10,919,586
Gross profit 635,003 442,141 375,591
Operating expenses:
Compensation and employee benefits 215,275 162,451 137,408
Provision for bad debt 8,173 4,262 4,552
General and administrative 154,583 94,562 79,636
378,031 261,275 221,596
Income from operations 256,972 180,866 153,995
Non-operating expenses, net:
Interest expense and other financing costs, net (15,825) (4,745) (3,663)
Other (expense) income, net (2,944) 1,409 (423)
(18,769) (3,336) (4,086)
Income before income taxes 238,203 177,530 149,909
Provision for income taxes 39,001 31,027 32,346
Net income including noncontrolling interest 199,202 146,503 117,563
Net income (loss) attributable to noncontrolling interest 5,173 (362) 424
Net income attributable to World Fuel $ 194,029 $ 146,865 $ 117,139
Basic earnings per common share $ 2.74 $ 2.36 $ 1.99
Basic weighted average common shares 70,687 62,168 59,003
Diluted earnings per common share $ 2.71 $ 2.31 $ 1.96
Diluted weighted average common shares 71,510 63,441 59,901
The accompanying notes are an integral part of these consolidated financial statements.
44
2011