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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Revenues $ 5,996,721 $ 3,388,964 $ 11,441,330 $ 6,583,643
Cost of sales and fuel (exclusive of items shown separately below) 4,877,999 2,366,979 9,243,947 4,488,489
Operations and maintenance 230,687 212,319 445,093 419,477
Depreciation and amortization 157,757 156,921 311,615 314,041
General taxes 46,777 41,940 96,288 86,379
Other Operating Income (Expense), Net (5,449) (707) (7,019) (976)
Operating income 688,950 611,512 1,351,406 1,276,233
Equity in net earnings from investments 35,630 25,720 71,970 59,040
Allowance for equity funds used during construction 594 426 965 1,238
Other income (expense), net (9,324) (493) (22,846) (5,515)
Interest expense (net of capitalized interest of $13,519, $5,443, $25,239 and $10,538, respectively) (170,751) (184,957) (342,805) (370,480)
Income before income taxes 545,099 452,208 1,058,690 960,516
Income taxes (130,721) (110,069) (253,141) (232,201)
Net income 414,378 342,139 805,549 728,315
Less: Preferred stock dividends 275 275 550 550
Net income available to common shareholders $ 414,103 $ 341,864 $ 804,999 $ 727,765
Basic earnings per common share (Note G) $ 0.93 $ 0.77 $ 1.80 $ 1.63
Diluted earnings per common share (Note G) $ 0.92 $ 0.77 $ 1.80 $ 1.63
Average shares (thousands)        
Basic 447,451 446,337 447,288 446,116
Diluted 448,182 446,903 448,293 446,894
Commodity Sales        
Revenues        
Revenues $ 5,650,803 $ 3,074,773 $ 10,756,014 $ 5,910,882
Services        
Revenues        
Revenues $ 345,918 $ 314,191 $ 685,316 $ 672,761