Page 38 - SWGas Annual Report 2015

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

Year Ended December 31, 2015 2014 2013

Operating revenues: $1,454,639 $1,382,087 $1,300,154
Gas operating revenues 1,008,986 739,620 650,628
Construction revenues
2,463,625 2,121,707 1,950,782
Total operating revenues
563,809 505,356 436,001
Operating expenses: 393,199 383,732 384,914
Net cost of gas sold 270,111 253,027 236,817
Operations and maintenance
Depreciation and amortization 49,393 47,252 45,551
Taxes other than income taxes 898,781 647,857 573,284
Construction expenses
2,175,293 1,837,224 1,676,567
Total operating expenses
288,332 284,483 274,215
Operating income
(71,879) (72,069) (63,700)
Other income and (expenses): 2,879 7,107 12,300
Net interest deductions (Notes 7 and 8)
Other income (deductions) (69,000) (64,962) (51,400)

Total other income and (expenses) 219,332 219,521 222,815
79,902 78,373 77,942
Income before income taxes
Income tax expense (Note 12) 139,430 141,148 144,873
1,113 22 (447)
Net income
Net income (loss) attributable to noncontrolling interests $ 138,317 $ 141,126 $ 145,320

Net income attributable to Southwest Gas Corporation $ 2.94 $ 3.04 $ 3.14

Basic earnings per share (Notes 1 and 15) $ 2.92 $ 3.01 $ 3.11

Diluted earnings per share (Notes 1 and 15) 46,992 46,494 46,318
47,383 46,944 46,758
Average number of common shares outstanding
Average shares outstanding (assuming dilution)

The accompanying notes are an integral part of these statements.

Southwest Gas Corporation