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Date Posted: 16:05:12 09/20/00 Wed
Author: Charles Hodges
Subject: Re: question for Charles Hodges
In reply to: Nancy Mills 's message, "question for Charles Hodges" on 12:51:15 09/18/00 Mon

> If net income is net income available to common
> stockholders, then where do the dividends to preferred
> stockholders come from?

Preferred stock dividends, if any, would be listed after Net Income and before Net Income available to Common Stockholders. This rarely occurs as less than 3% of U.S. companies use preferred stock. I've posted the income statement (without numbers) from the Southern Company below as an example of a company with preferred stock.


Operating Revenues:
Retail sales
Sales for resale --
Non-affiliates
Affiliates
Other revenues
=Total operating revenues
Operating Expenses:
Operation --
Fuel
Purchased power --
Non-affiliates
Affiliates
Other
Maintenance
Depreciation and amortization
Taxes other than income taxes
=Total operating expenses
=Operating Income
Other Income (Expense):
Interest income
Equity in earnings of unconsolidated subsidiaries
Other, net
=Earnings Before Interest and Income Taxes
Interest Charges and Other:
Interest on long-term debt
Interest on notes payable
Amortization of debt discount, premium and expense, net
Other interest charges, net
Distributions on preferred securities of subsidiary
Total interest charges and other, net
=Earnings Before Income Taxes
Income taxes -
=Net Income
Dividends on Preferred Stock
=Net Income After Dividends on Preferred Stock

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