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Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenues        
Total revenues $ 646,055 $ 717,176 $ 1,763,259 $ 1,978,950
Expenses        
Total expenses 540,613 620,081 1,503,511 1,739,619
Operating income (loss)        
Total operating income 105,442 97,095 259,748 239,331
Merger termination fee 90,000 0 90,000 0
Interest expense, net—other than on deposit liabilities and other bank borrowings (19,365) (19,229) (56,792) (57,235)
Allowance for borrowed funds used during construction 854 737 2,276 1,918
Allowance for equity funds used during construction 2,274 2,057 6,010 5,366
Income before income taxes 179,205 80,660 301,242 189,380
Income taxes 51,592 29,516 96,203 70,406
Net income 127,613 51,144 205,039 118,974
Preferred stock dividends of subsidiaries 471 471 1,417 1,417
Net income for common stock $ 127,142 $ 50,673 $ 203,622 $ 117,557
Basic earnings per common share (in dollars per share) $ 1.17 $ 0.47 $ 1.89 $ 1.11
Diluted earnings per common share (in dollars per share) 1.17 0.47 1.88 1.11
Dividends per common share (in dollars per share) $ 0.31000 $ 0.31 $ 0.93 $ 0.93
Weighted-average number of common shares outstanding (in shares) 108,268 107,457 107,951 106,067
Net effect of potentially dilutive shares (in shares) 204 281 220 280
Adjusted weighted-average shares (in shares) 108,472 107,738 108,171 106,347
Electric utility        
Revenues        
Total revenues $ 572,253 $ 648,127 $ 1,549,700 $ 1,779,732
Expenses        
Total expenses 482,441 565,470 1,333,876 1,573,278
Operating income (loss)        
Total operating income 89,812 82,657 215,824 206,454
Income before income taxes 75,617 68,894 174,376 164,568
Income taxes 28,145 25,390 64,682 60,351
Net income 47,472 43,504 109,694 104,217
Preferred stock dividends of subsidiaries 498 498 1,496 1,496
Net income for common stock 46,974 43,006 108,198 102,721
Bank        
Revenues        
Total revenues 73,708 69,091 213,297 199,222
Expenses        
Total expenses 50,981 48,289 150,752 138,063
Operating income (loss)        
Total operating income 22,727 20,802 62,545 61,159
Income before income taxes 22,727 20,802 62,545 61,159
Income taxes 7,623 7,351 21,483 21,382
Net income 15,104 13,451 41,062 39,777
Preferred stock dividends of subsidiaries 0 0 0 0
Net income for common stock 15,104 13,451 41,062 39,777
Other        
Revenues        
Total revenues 94 (42) 262 (4)
Expenses        
Total expenses 7,191 6,322 18,883 28,278
Operating income (loss)        
Total operating income (7,097) (6,364) (18,621) (28,282)
Income before income taxes 80,861 (9,036) 64,321 (36,347)
Income taxes 15,824 (3,225) 10,038 (11,327)
Net income 65,037 (5,811) 54,283 (25,020)
Preferred stock dividends of subsidiaries (27) (27) (79) (79)
Net income for common stock $ 65,064 $ (5,784) $ 54,362 $ (24,941)