consolidated statements of income

(dollars in millions, except per share amounts)

Years Ended December 31,

 

2011

 

 

2010

 

 

2009

 

Operating Revenues

$

110,875

 

$

106,565

 

$

107,808

 

 

Operating Expenses

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

 

45,875

 

 

44,149

 

 

44,579

 

Selling, general and administrative expense

 

35,624

 

 

31,366

 

 

30,717

 

Depreciation and amortization expense

 

16,496

 

 

16,405

 

 

16,534

 

Total Operating Expenses

 

97,995

 

 

91,920

 

 

91,830

 

 

Operating Income

 

12,880

 

 

14,645

 

 

15,978

 

Equity in earnings of unconsolidated businesses

 

444

 

 

508

 

 

553

 

Other income and (expense), net

 

(14

)

 

54

 

 

91

 

Interest expense

 

(2,827

)

 

(2,523

)

 

(3,102

)

Income Before Provision For Income Taxes

 

10,483

 

 

12,684

 

 

13,520

 

Provision for income taxes

 

(285

)

 

(2,467

)

 

(1,919

)

Net Income

$

10,198

 

$

10,217

 

$

11,601

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interest

$

7,794

 

$

7,668

 

$

6,707

 

Net income attributable to Verizon

 

2,404

 

 

2,549

 

 

4,894

 

Net Income

$

10,198

 

$

10,217

 

$

11,601

 

 

 

Basic Earnings Per Common Share

Net income attributable to Verizon

$

.85

 

$

.90

 

$

1.72

 

Weighted-average shares outstanding (in millions)

 

2,833

 

 

2,830

 

 

2,841

 

 

Diluted Earnings Per Common Share

Net income attributable to Verizon

$

.85

 

$

.90

 

$

1.72

 

Weighted-average shares outstanding (in millions)

 

2,839

 

 

2,833

 

 

2,841

 

See Notes to Consolidated Financial Statements