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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Revenues $ 1,660,729 $ 2,457,575 $ 3,797,401 $ 5,237,533
Cost of sales and fuel (exclusive of items shown separately below) 940,458 1,625,794 2,217,386 3,582,171
Operations and maintenance 190,138 206,776 365,234 414,027
Depreciation and amortization 140,416 114,964 272,769 229,122
Impairment charges (Note A) 0 0 604,024 0
General taxes 34,326 30,937 66,270 64,427
(Gain) loss on sale of assets (339) 2,958 (543) 2,898
Operating income 355,730 476,146 272,261 944,888
Equity in net earnings from investments (Note I) 25,328 34,118 69,955 77,599
Impairment of equity investments (Note A) 0 0 (37,730) 0
Allowance for equity funds used during construction 3,854 16,942 19,263 29,383
Other income 17,693 5,682 26,215 15,042
Other expense (6,176) (4,497) (10,171) (7,959)
Interest expense (net of capitalized interest of $16,743, $26,799, $47,618 and $45,991, respectively) (218,968) (117,493) (359,584) (232,913)
Income (loss) before income taxes 177,461 410,898 (19,791) 826,040
Income tax expense (benefit) (43,140) (98,935) 12,255 (176,869)
Net income (loss) 134,321 311,963 (7,536) 649,171
Less: Preferred stock dividends 275 275 550 550
Net income (loss) available to common shareholders $ 134,046 $ 311,688 $ (8,086) $ 648,621
Basic earnings (loss) per common share (Note G) $ 0.32 $ 0.75 $ (0.02) $ 1.57
Diluted earnings (loss) per common share (Note G) $ 0.32 $ 0.75 $ (0.02) $ 1.56
Average shares (thousands)        
Basic 419,722 413,606 417,002 413,257
Diluted 420,116 415,049 417,002 415,141
Commodity Sales        
Revenues        
Revenues $ 1,343,557 $ 2,146,841 $ 3,152,177 $ 4,619,800
Services        
Revenues        
Revenues $ 317,172 $ 310,734 $ 645,224 $ 617,733