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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Revenues $ 2,174,264 $ 2,263,228 $ 5,971,665 $ 7,500,761
Cost of sales and fuel (exclusive of items shown separately below) 1,265,674 1,414,528 3,483,060 4,996,699
Operations and maintenance 173,548 218,305 538,782 632,332
Depreciation and amortization 153,245 121,430 426,014 350,552
Impairment charges (Note A) 0 0 604,024 0
General taxes 31,381 26,830 97,651 91,257
(Gain) loss on sale of assets (17) (16) (560) 2,882
Operating income 550,433 482,151 822,694 1,427,039
Equity in net earnings from investments (Note I) 38,046 37,576 108,001 115,175
Impairment of equity investments (Note A) 0 0 (37,730) 0
Allowance for equity funds used during construction 3,084 15,792 22,347 45,175
Other income 8,175 6,643 34,390 21,685
Other expense (4,496) (6,065) (14,667) (14,024)
Interest expense (net of capitalized interest of $13,821, $27,610, $61,439 and $73,601, respectively) (176,371) (129,577) (535,955) (362,490)
Income before income taxes 418,871 406,520 399,080 1,232,560
Income taxes (106,555) (97,365) (94,300) (274,234)
Net income 312,316 309,155 304,780 958,326
Less: Preferred stock dividends 275 275 825 825
Net income available to common shareholders $ 312,041 $ 308,880 $ 303,955 $ 957,501
Basic earnings per common share (Note G) $ 0.70 $ 0.75 $ 0.71 $ 2.32
Diluted earnings per common share (Note G) $ 0.70 $ 0.74 $ 0.71 $ 2.31
Average shares (thousands)        
Basic 445,103 413,816 426,369 413,443
Diluted 445,510 415,578 426,997 415,277
Commodity Sales        
Revenues        
Revenues $ 1,852,198 $ 1,947,834 $ 5,004,375 $ 6,567,634
Services        
Revenues        
Revenues $ 322,066 $ 315,394 $ 967,290 $ 933,127