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Condensed Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Revenues $ 901,873 $ 1,042,197 $ 2,725,795 $ 2,722,872
Expenses        
Total expenses 826,762 940,082 2,464,187 2,434,813
Operating income (loss)        
Total operating income 75,111 102,115 261,608 288,059
Retirement defined benefits credit—other than service costs 1,256 1,039 3,561 3,528
Interest expense, net—other than on deposit liabilities and other bank borrowings (32,629) (26,626) (91,259) (75,940)
Allowance for borrowed funds used during construction 1,372 825 3,798 2,401
Allowance for equity funds used during construction 4,000 2,552 11,073 7,431
Gain on sales of equity-method investment 0 0 0 8,123
Income (loss) before income taxes 49,110 79,905 188,781 233,602
Income taxes 7,521 17,352 36,915 48,395
Net income (loss) 41,589 62,553 151,866 185,207
Preferred stock dividends of subsidiaries 471 471 1,417 1,417
Net income for common stock $ 41,118 $ 62,082 $ 150,449 $ 183,790
Basic earnings per common share (in dollars per share) $ 0.37 $ 0.57 $ 1.37 $ 1.68
Diluted earnings per common share (in dollars per share) $ 0.37 $ 0.57 $ 1.37 $ 1.68
Weighted-average number of common shares outstanding (in shares) 109,728 109,470 109,606 109,421
Net effect of potentially dilutive shares (share-based compensation programs) (in shares) 189 235 326 291
Weighted-average shares assuming dilution (in shares) 109,917 109,705 109,932 109,712
Electric utility        
Revenues        
Revenues $ 794,987 $ 955,971 $ 2,419,539 $ 2,483,636
Expenses        
Total expenses 723,629 876,922 2,198,681 2,259,838
Operating income (loss)        
Total operating income 71,358 79,049 220,858 223,798
Income (loss) before income taxes 55,415 63,712 175,391 179,771
Income taxes 11,456 13,450 38,126 37,967
Net income (loss) 43,959 50,262 137,265 141,804
Preferred stock dividends of subsidiaries 498 498 1,496 1,496
Net income for common stock 43,461 49,764 135,769 140,308
Bank        
Revenues        
Revenues 100,974 81,411 291,716 231,850
Expenses        
Total expenses 88,415 54,311 230,769 152,797
Operating income (loss)        
Total operating income 12,559 27,100 60,947 79,053
Income (loss) before income taxes 12,749 27,281 61,511 79,605
Income taxes 1,384 6,525 11,380 17,513
Net income (loss) 11,365 20,756 50,131 62,092
Preferred stock dividends of subsidiaries 0 0 0 0
Net income for common stock 11,365 20,756 50,131 62,092
Other        
Revenues        
Revenues 5,912 4,815 14,540 7,386
Expenses        
Total expenses 14,718 8,849 34,737 22,178
Operating income (loss)        
Total operating income (8,806) (4,034) (20,197) (14,792)
Income (loss) before income taxes (19,054) (11,088) (48,121) (25,774)
Income taxes (5,319) (2,623) (12,591) (7,085)
Net income (loss) (13,735) (8,465) (35,530) (18,689)
Preferred stock dividends of subsidiaries (27) (27) (79) (79)
Net income for common stock $ (13,708) $ (8,438) $ (35,451) $ (18,610)