Operating revenues for the company increased 5.9% to $14.36 billion in 2006 compared to $13.55 billion in 2005. Earnings were $1.573 billion, down 1.1% from $1.591 billion in the previous year. Basic and diluted earnings per share declined slightly from 2005 levels. The company's return on average common equity fell to 14.26% in 2006 from 15.17% in 2005. Total assets and market value of common stock both increased by over 7% year-over-year.

1. F I N A N C I A L H I G H L I G H TS
2006
2005 CHANGE
$14,356
Operating revenues (in millions) $13,554 5.9)%
$1,573
Earnings (in millions) $1,591 (1.1)%
$2.12
Basic earnings per share $2.14 (0.9)%
$2.10
Diluted earnings per share $2.13 (1.4)%
$1.531/2 $1.471/2
Dividends per share (amount paid) 4.1)%
4.2
Dividend yield (percent) 4.3 (2.3)%
743
Average shares outstanding (in millions) 744 (0.1)%
14.26
Return on average common equity (percent) 15.17 (6.0)%
$15.24
Book value per share $14.42 5.7)%
$36.86
Market price (year-end, closing) $34.53 6.7)%
$27,508
Total market value of common stock (year-end, in millions) $25,602 7.4)%
$42,858
Total assets (in millions) $39,877 7.5)%
201,423
Total kilowatt-hour sales (in millions) 196,877 2.3)%
161,334
Retail 159,076 1.4)%
40,089
Sales for resale 37,801 6.1)%
4,322
Total number of customers–electric (year-end, in thousands) 4,248 1.7)%
2.5 2.5 15.0 25
14.36
13.55
2.0 2.0 12.0 20
2.14
2.12
2.10
2.07
2.03
2.03
1.95
11.73
1.92
1.86
11.02
1.82
10.45
1.5 1.5 9.0 15
16.05
15.79
15.38
15.17
14.26
1.0 1.0 6.0 10
0.5 0.5 3.0 5
0 0 0 0
’02 ’03 ’04 ’05 ’06 ’02 ’03 ’04 ’05 ’06 ’02 ’03 ’04 ’05 ’06 ’02 ’03 ’04 ’05 ’06
EARNINGS PER SHARE EARNINGS PER SHARE OPERATING REVENUES RETURN ON AVERAGE
EXCLUDING SYNTHETIC FUELS* COMMON EQUITY
(IN DOLLARS) (IN BILLIONS OF DOLLARS)
(IN DOLLARS) (PERCENT)
*Not a financial measure under generally
accepted accounting principles.
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