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|
PORTLAND
GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in millions, except per share amounts)
(Unaudited) |
|
|
Three
Months Ended
December 31,
|
|
Years
Ended
December 31, |
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
Revenues, net |
|
$ |
479 |
|
$ |
455 |
|
$ |
1,813 |
|
$ |
1,783 |
|
| Operating expenses: |
|
| Purchased power and fuel |
|
|
215 |
|
|
216 |
|
|
760 |
|
|
829 |
| Production and distribution |
|
|
54 |
|
|
47 |
|
|
201 |
| |
174 |
| Administrative and other |
|
|
60 |
|
|
46 |
|
|
218 |
|
|
186 |
| Depreciation and amortization |
|
|
57 |
|
|
65 |
|
|
227 |
|
|
238 |
| Taxes other than income taxes |
|
|
24 |
|
|
22 |
|
|
98 |
|
|
89 |
| Total operating expenses |
|
|
410 |
|
|
396 |
|
|
1,504 |
|
|
1,516 |
| Income from operations |
|
|
69 |
|
|
59 |
|
|
309 |
|
|
267 |
|
| Other income: |
|
Allowance for equity funds used
during construction |
|
|
2 |
|
|
1 |
|
|
5 |
|
|
13 |
| Miscellaneous income, net |
|
|
2 |
|
|
3 |
|
|
1 |
|
|
4 |
|
| Other income, net |
|
|
4 |
|
|
4 |
|
|
6 |
|
|
17 |
|
Interest expense |
|
|
28 |
|
|
28 |
|
|
110 |
|
|
110 |
| Income before income taxes |
|
|
45 |
|
|
35 |
|
|
205 |
|
|
174 |
| Income taxes |
|
|
16 |
|
|
13 |
|
|
58 |
|
|
53 |
| Net income |
|
$ |
29 |
|
$ |
22 |
|
$ |
147 |
|
$ |
121 |
Less: net loss attributable to
noncontrolling interests |
|
|
— |
|
|
(3) |
|
|
— |
|
|
(4) |
|
|
Net income attributable to
Portland General Electric
Company |
|
$ |
29 |
|
$ |
25 |
|
$ |
147 |
|
$ |
125 |
|
Weighted-average shares outstanding
(in thousands): |
|
|
| Basic |
|
|
73,346 |
|
|
75,299 |
|
|
75,333 |
|
|
75,275 |
| Diluted |
|
|
75,364 |
|
|
75,318 |
|
|
75,350 |
|
|
75,291 |
|
| Earnings per share—Basic
and diluted |
|
$ |
0.38 |
|
$ |
0.34 |
|
$ |
1.95 |
|
$ |
1.66 |
|
|
Dividends declared per common share |
|
$ |
0.265 |
|
$ |
0.260 |
|
$ |
1.055 |
|
$ |
1.035 |
|