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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues        
Revenues $ 3,388,964 $ 1,660,729 $ 6,583,643 $ 3,797,401
Cost of sales and fuel (exclusive of items shown separately below) 2,366,979 940,458 4,488,489 2,217,386
Operations and maintenance 212,319 190,138 419,477 365,234
Depreciation and amortization 156,921 140,416 314,041 272,769
Impairment charges 0 0 0 604,024
General taxes 41,940 34,326 86,379 66,270
Gain on sale of assets (707) (339) (976) (543)
Operating income 611,512 355,730 1,276,233 272,261
Equity in net earnings from investments (Note I) 25,720 25,328 59,040 69,955
Impairment of equity investments 0 0 0 (37,730)
Allowance for equity funds used during construction 426 3,854 1,238 19,263
Other income 7,005 17,693 7,220 34,168
Other expense (7,498) (6,176) (12,735) (18,124)
Interest expense (net of capitalized interest of $5,443, $16,473, $10,538 and $47,618, respectively) (184,957) (218,968) (370,480) (359,584)
Income (loss) before income taxes 452,208 177,461 960,516 (19,791)
Income tax (expense) benefit (110,069) (43,140) (232,201) 12,255
Net income (loss) 342,139 134,321 728,315 (7,536)
Less: Preferred stock dividends 275 275 550 550
Net income (loss) available to common shareholders $ 341,864 $ 134,046 $ 727,765 $ (8,086)
Basic earnings (loss) per common share (Note G) $ 0.77 $ 0.32 $ 1.63 $ (0.02)
Diluted earnings (loss) per common share (Note G) $ 0.77 $ 0.32 $ 1.63 $ (0.02)
Average shares (thousands)        
Basic 446,337 419,722 446,116 417,002
Diluted 446,903 420,116 446,894 417,002
Commodity Sales        
Revenues        
Revenues $ 3,074,773 $ 1,343,557 $ 5,910,882 $ 3,152,177
Services        
Revenues        
Revenues $ 314,191 $ 317,172 $ 672,761 $ 645,224