Consolidated Statements of Income

(dollars in millions, except per share amounts)

Years Ended December 31,

2009

 

2008

 

2007

 

Operating Revenues

$

107,808

 

$

97,354

 

$

93,469

 

 

Operating Expenses

Cost of services and sales (exclusive of items shown below)

 

44,299

 

 

39,007

 

 

37,547

 

Selling, general and administrative expense

 

32,950

 

 

26,898

 

 

25,967

 

Depreciation and amortization expense

 

16,532

 

 

14,565

 

 

14,377

 

Total Operating Expenses

 

93,781

 

 

80,470

 

 

77,891

 

 

Operating Income

 

14,027

 

 

16,884

 

 

15,578

 

Equity in earnings of unconsolidated businesses

 

553

 

 

567

 

 

585

 

Other income and (expense), net

 

90

 

 

282

 

 

211

 

Interest expense

 

(3,102

)

 

(1,819

)

 

(1,829

)

Income Before Provision for Income Taxes, Discontinued Operations

                 

and Extraordinary Item

 

11,568

 

 

15,914

 

 

14,545

 

Provision for income taxes

 

(1,210

)

 

(3,331

)

 

(3,982

)

Income Before Discontinued Operations and Extraordinary Item

 

10,358

 

 

12,583

 

 

10,563

 

Income from discontinued operations, net of tax

 

 

 

 

 

142

 

Extraordinary item, net of tax

 

 

 

 

 

(131

)

Net Income

$

10,358

 

$

12,583

 

$

10,574

 

                   

Net income attributable to noncontrolling interest

$

6,707

 

$

6,155

 

$

5,053

 

Net income attributable to Verizon

 

3,651

 

 

6,428

 

 

5,521

 

Net Income

$

10,358

 

$

12,583

 

$

10,574

 

                   

Basic Earnings Per Common Share(1)

                 

Income before discontinued operations and extraordinary item

                 

attributable to Verizon

$

1.29

 

$

2.26

 

$

1.90

 

Income from discontinued operations attributable to Verizon, net of tax

 

 

 

 

 

0.05

 

Extraordinary item attributable to Verizon, net of tax

 

 

 

 

 

(0.05

)

Net Income attributable to Verizon

$

1.29

 

$

2.26

 

$

1.91

 

Weighted-average shares outstanding (in millions)

 

2,841

 

 

2,849

 

 

2,898

 

                   

Diluted Earnings Per Common Share(1)

                 

Income before discontinued operations and extraordinary item

                 

attributable to Verizon

$

1.29

 

$

2.26

 

$

1.90

 

Income from discontinued operations attributable to Verizon, net of tax

 

 

 

 

 

0.05

 

Extraordinary item attributable to Verizon, net of tax

 

 

 

 

 

(0.05

)

Net Income attributable to Verizon

$

1.29

 

$

2.26

 

$

1.90

 

Weighted-average shares outstanding (in millions)

 

2,841

 

 

2,850

 

 

2,902

 

(1) Total per share amounts may not add due to rounding

See Notes to Consolidated Financial Statements