World Fuel Services 2012 Annual Report Download - page 65

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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
(In thousands, except earnings per share data)
For the Year ended December 31,
2011 2010
Revenue $38,945,338 $34,622,854 $19,131,147
Cost of revenue 38,271,891 33,987,851 18,689,006
Gross profit 673,447 635,003 442,141
Operating expenses:
Compensation and employee benefits 237,362 215,275 162,451
Provision for bad debt 4,790 8,173 4,262
General and administrative 174,272 154,583 94,562
416,424 378,031 261,275
Income from operations 257,023 256,972 180,866
Non-operating expenses, net:
Interest expense and other financing costs, net (19,097) (15,825) (4,745)
Other income (expense), net 1,669 (2,944) 1,409
(17,428) (18,769) (3,336)
Income before income taxes 239,595 238,203 177,530
Provision for income taxes 38,244 39,001 31,027
Net income including noncontrolling interest 201,351 199,202 146,503
Net income (loss) attributable to noncontrolling interest 12,006 5,173 (362)
Net income attributable to World Fuel $ 189,345 $ 194,029 $ 146,865
Basic earnings per common share $ 2.66 $ 2.74 $ 2.36
Basic weighted average common shares 71,154 70,687 62,168
Diluted earnings per common share $ 2.64 $ 2.71 $ 2.31
Diluted weighted average common shares 71,817 71,510 63,441
Comprehensive income:
Net income including noncontrolling interest $ 201,351 $ 199,202 $ 146,503
Other comprehensive (loss) income:
Foreign currency translation adjustment (9,606) (11,277) 958
Change in effective portion of cash flow hedges, net of
income tax expense of $36 112 — —
Other comprehensive (loss) income (9,494) (11,277) 958
Comprehensive income including noncontrolling interest 191,857 187,925 147,461
Comprehensive income (loss) attributable to noncontrolling
interest 12,006 5,173 (362)
Comprehensive income attributable to World Fuel $ 179,851 $ 182,752 $ 147,823
The accompanying notes are an integral part of these consolidated financial statements.
46
2012