Condensed Statements of Consolidated Income (As of December 31, in millions - except per-share amounts) 2001 2000 Operating revenues $27,927 $22,009 Operating expenses Energy purchased for resale and fuel consumed 19,793 14,451 Operation and maintenance 3,847 3,211 Depreciation and other amortization 1,001 1,010 Goodwill amortization 220 204 Taxes other than income 781 656 Total operating expenses 25,642 19,532 Operating income 2,285 2,477 Other income (deductions) — net (117) 238 Income before interest, other charges, income taxes and extraordinary items 2,168 2,715 Interest income 176 129 Interest expense and other charges 1,537 1,591 Income before income taxes 807 1,253 Income tax expense (benefit) (24) 337 Income before extraordinary items 831 916 Extraordinary items, net of taxes (154) — Net income 677 916 Preference stock dividends 22 12 Net income available for common stock $655 $904 Average shares of common stock outstanding 259 264 Per share of common stock: Basic and diluted earnings Income before extraordinary items $3.12 $3.43 Extraordinary items, net of tax $(0.60) $ — Net income available for common stock $2.52 $3.43 Income excluding unusual items1 $3.78 $3.43 Dividends declared $2.40 $2.40 1 For the purposes of discussing operating results, the following items, disclosed in the company’s earnings releases and SEC filings, have been excluded. For 2001, these items include extraordinary charges for debt refinancing and settlement-related costs necessitated by our transition to competition in the Texas electricity market ($.60); the write-off of wholesale regulatory assets at TXU Electric ($.07); restructuring costs at TXU Europe and a loss, after transaction costs, associated with the divestiture of its UK electric networks business ($.51); and the write-off of assets associated with the collapse of Enron’s operations ($.08). For 2000, similarly excluded items affect comparisons of segment results but had no impact on earnings per share.