CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
OPERATING REVENUES	$ 1,044,768	[1],[2]	$ 1,023,048	[2]	$ 941,272
OPERATING EXPENSES
Operation and maintenance	113,123		111,623		112,821
General and administrative	144,919		115,031		149,109
Depreciation and amortization	144,672		128,036		118,596
Taxes other than income taxes	82,354		76,534		65,824
Other operating income and expense — net	(1,017)		(1,005)		(1,139)
Total operating expenses	484,051		430,219		445,211
OPERATING INCOME	560,717	[1],[2]	592,829	[2]	496,061
OTHER EXPENSES (INCOME)
Interest expense — net	203,779		186,636		168,319
Allowance for equity funds used during construction	(28,075)		(20,825)		(30,159)
Loss on extinguishment of debt	0		29,205		0
Other income	(2,071)		(1,103)		(1,038)
Other expense	3,207		4,511		6,571
Total other expenses (income)	176,840		198,424		143,693
INCOME BEFORE INCOME TAXES	383,877		394,405		352,368
INCOME TAX PROVISION	141,471		150,322		118,862
NET INCOME	$ 242,406	[1],[2]	$ 244,083	[2],[3]	$ 233,506
Basic earnings per common share	$ 1.57		$ 1.56		$ 1.49
Diluted earnings per common share	1.56		1.54		1.47
Dividends declared per common share	$ 0.700		$ 0.610		$ 0.535

[1] During the third and fourth quarters of 2015, we recognized an aggregate regulatory liability for the refund relating to the formula rate template modifications filing as described in Note 4, which resulted in a reduction in operating revenues and operating income of $9.5 million and an estimated $6.2 million reduction to net income for the year ended December 31, 2015.

[2] During the year ended December 31, 2015 and the fourth quarter of 2014, we recognized an aggregate estimated regulatory liability for the potential refunds relating to the ROE complaints as described in Note 16, which resulted in a reduction in operating revenues and operating income of $115.1 million and $46.9 million and an estimated $73.2 million and $28.9 million reduction to net income for the years ended December 31, 2015 and 2014, respectively.

[3] During the second quarter of 2014, we incurred a loss on extinguishment of debt of $29.2 million related to the tender of ITC Holdings Senior Notes as described in Note 8, which resulted in an estimated reduction to net income of $18.2 million.