EX-99.2 4 d05796exv99w2.txt RECONCILIATION OF INCOME (LOSS) . . . RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS TO RECURRING INCOME (UNAUDITED)
2003 2002 ----------- ----------- (Dollars in millions, except for per-share amounts) 1st Qtr 1st Qtr INCOME (LOSS) FROM CONTINUING OPERATIONS $ (57.7) $ 98.4 PREFERRED STOCK DIVIDENDS 6.8 69.7 ----------- ----------- INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS $ (64.5) $ 28.7 =========== =========== INCOME (LOSS) FROM CONTINUING OPERATIONS - DILUTED EARNINGS PER SHARE $ (0.13) $ 0.05 =========== =========== NONRECURRING ITEMS: Energy Marketing & Trading Accelerated compensation expense associated with workforce reductions 11.8 -- Gas Pipeline Impairment of Texas Gas 109.0 -- Exploration & Production (Gain) loss on sale of E&P properties -- (3.9) Midstream Gas & Liquids Gulf Liquids prior period adjustment -- (4.1) Petroleum Services Impairment of Alaska assets 8.0 -- Estimated loss on realization of amounts from Williams Communications Group, Inc. -- 232.0 Convertible preferred stock dividends** -- 69.4 Impairment of Algar Telecom investment 12.0 -- ----------- ----------- TOTAL NONRECURRING ITEMS 140.8 293.4 Tax effect for above items 53.9 81.9 ----------- ----------- RECURRING INCOME FROM CONTINUING OPERATIONS $ 22.4 $ 240.2 =========== =========== RECURRING DILUTED EARNINGS PER COMMON SHARE $ 0.04 $ 0.46 =========== =========== WEIGHTED-AVERAGE SHARES - DILUTED (THOUSANDS) 517,652 521,240 **NO TAX BENEFIT