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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues    
Revenues $ 2,136,672 $ 2,779,958
Cost of sales and fuel (exclusive of items shown separately below) 1,276,928 1,956,377
Operations and maintenance 175,096 207,251
Depreciation and amortization 132,353 114,158
Impairment charges (Note A) 604,024 0
General taxes 31,944 33,490
Gain on sale of assets (204) (60)
Operating income (loss) (83,469) 468,742
Equity in net earnings from investments (Note I) 44,627 43,481
Impairment of equity investments (Note A) (37,730) 0
Allowance for equity funds used during construction 15,409 12,441
Other income 8,522 9,360
Other expense (3,995) (3,462)
Interest expense (net of capitalized interest of $30,875 and $19,192, respectively) (140,616) (115,420)
Income (loss) before income taxes (197,252) 415,142
Income tax expense (benefit) 55,395 (77,934)
Net income (loss) (141,857) 337,208
Less: Preferred stock dividends 275 275
Net income (loss) available to common shareholders $ (142,132) $ 336,933
Basic earnings (loss) per common share (Note G) $ (0.34) $ 0.82
Diluted earnings (loss) per common share (Note G) $ (0.34) $ 0.81
Average shares (thousands)    
Basic 414,282 412,908
Diluted 415,348 415,233
Commodity Sales    
Revenues    
Revenues $ 1,808,620 $ 2,472,959
Services    
Revenues    
Revenues $ 328,052 $ 306,999