eTrade 2011 Annual Report Download - page 98
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E*TRADE FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (LOSS)
(In thousands, except per share amounts)
Year Ended December 31,
2011 2010 2009
Revenue:
Operating interest income $ 1,532,339 $ 1,546,713 $ 1,832,558
Operating interest expense (312,380) (320,430) (571,956)
Net operating interest income 1,219,959 1,226,283 1,260,602
Commissions 436,243 431,000 547,993
Fees and service charges 130,452 142,377 192,516
Principal transactions 105,359 103,346 88,053
Gains on loans and securities, net 120,233 166,212 169,106
Other-than-temporary impairment (“OTTI”) (9,190) (41,510) (232,139)
Less: noncredit portion of OTTI recognized into (out of) other
comprehensive income (loss) (before tax) (5,717) 3,840 143,044
Net impairment (14,907) (37,670) (89,095)
Other revenues 39,260 46,327 47,841
Total non-interest income 816,640 851,592 956,414
Total net revenue 2,036,599 2,077,875 2,217,016
Provision for loan losses 440,614 779,412 1,498,112
Operating expense:
Compensation and benefits 333,646 325,044 366,232
Clearing and servicing 147,052 147,493 170,711
Advertising and market development 145,172 132,150 114,399
FDIC insurance premiums 105,442 77,728 94,258
Professional services 89,672 81,177 78,718
Occupancy and equipment 68,840 70,915 78,360
Communications 67,335 73,342 84,381
Depreciation and amortization 89,583 87,931 83,337
Amortization of other intangibles 26,151 28,475 29,737
Facility restructuring and other exit activities 7,706 14,346 20,652
Other operating expenses 154,305 103,976 122,544
Total operating expense 1,234,904 1,142,577 1,243,329
Income (loss) before other income (expense) and income tax expense
(benefit) 361,081 155,886 (524,425)
Other income (expense):
Corporate interest income 702 6,188 860
Corporate interest expense (177,829) (167,130) (282,688)
Gains (losses) on sales of investments, net 44 2,655 (1,714)
Gains (losses) on early extinguishment of debt 3,091 — (1,018,848)
Equity in loss of investments and venture funds (1,759) (740) (8,616)
Total other income (expense) (175,751) (159,027) (1,311,006)
Income (loss) before income tax expense (benefit) 185,330 (3,141) (1,835,431)
Income tax expense (benefit) 28,629 25,331 (537,669)
Net income (loss) $ 156,701 $ (28,472) $ (1,297,762)
Basic earnings (loss) per share $ 0.59 $ (0.13) $ (11.85)
Diluted earnings (loss) per share $ 0.54 $ (0.13) $ (11.85)
Shares used in computation of per share data:
Basic 267,291 211,302 109,544
Diluted 289,822 211,302 109,544
See accompanying notes to consolidated financial statements
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