Consolidated Statements of Income – As Adjusted

(dollars in millions, except per share amounts)

Years Ended December 31,

 

2010

 

 

2009

 

 

2008

 

Operating Revenues

$

106,565

 

$

107,808

 

$

97,354

 

 

Operating Expenses

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

 

44,149

 

 

44,579

 

 

38,615

 

Selling, general and administrative expense

 

31,366

 

 

30,717

 

 

41,517

 

Depreciation and amortization expense

 

16,405

 

 

16,534

 

 

14,610

 

Total Operating Expenses

 

91,920

 

 

91,830

 

 

94,742

 

 

Operating Income

 

14,645

 

 

15,978

 

 

2,612

 

Equity in earnings of unconsolidated businesses

 

508

 

 

553

 

 

567

 

Other income and (expense), net

 

54

 

 

91

 

 

283

 

Interest expense

 

(2,523

)

 

(3,102

)

 

(1,819

)

Income Before (Provision) Benefit for Income Taxes

 

12,684

 

 

13,520

 

 

1,643

 

(Provision) benefit for income taxes

 

(2,467

)

 

(1,919

)

 

2,319

 

Net Income

$

10,217

 

$

11,601

 

$

3,962

 

 

Net income attributable to noncontrolling interest

$

7,668

 

$

6,707

 

$

6,155

 

Net income (loss) attributable to Verizon

 

2,549

 

 

4,894

 

 

(2,193

)

Net Income

$

10,217

 

$

11,601

 

$

3,962

 

 

Basic Earnings (Loss) Per Common Share

Net income (loss) attributable to Verizon

$

.90

 

$

1.72

 

$

(.77

)

Weighted-average shares outstanding (in millions)

 

2,830

 

 

2,841

 

 

2,849

 

 

Diluted Earnings (Loss) Per Common Share

Net income (loss) attributable to Verizon

$

.90

 

$

1.72

 

$

(.77

)

Weighted-average shares outstanding (in millions)

 

2,833

 

 

2,841

 

 

2,849

 

See Notes to Consolidated Financial Statements