Item 6. SELECTED FINANCIAL DATA Copy as markdown Year Ended December 31, (In thousands, except per share amounts and operating statistics) 2012 2011 2010 2009 2008 Operating Data: Revenue from operations $ 2,110,483 $ 1,882,541 $ 1,480,998 $ 1,245,005 $ 1,537,724 Depreciation and amortization expense (1) 110,743 90,820 80,362 94,784 87,083 Total operating expenses 1,825,229 1,648,469 1,343,259 1,174,614 1,408,654 Operating income 285,254 234,072 137,739 70,391 129,070 Interest expense, net (2) 11,428 13,887 12,465 12,998 13,012 Provision for income taxes 103,646 80,614 48,775 22,294 43,989 Net income 169,452 139,470 75,651 34,871 68,677 Per Share Data: Diluted earnings per share (3) 1.97 1.63 0.90 0.42 0.82 Balance Sheet Data: Cash, cash equivalents and short-term investments 12,857 75,850 5,450 4,171 28,965 Current assets 275,028 331,852 222,582 174,175 209,230 Total assets 1,712,514 1,513,074 1,239,881 1,159,278 1,074,905 Current liabilities 225,139 204,810 170,046 148,125 142,190 Long-term debt (including current maturities) 240,407 269,185 271,217 305,532 251,989 Shareholders’ equity 1,025,969 856,519 668,649 593,000 558,129 Operating Statistics: Operating ratio 86.5 % 87.6 % 90.7 % 94.3 % 91.6 % Revenue per hundredweight $ 15.35 $ 14.72 $ 13.09 $ 12.70 $ 13.88 Revenue per intercity mile $ 5.02 $ 4.83 $ 4.38 $ 4.16 $ 4.60 Intercity miles (in thousands) 420,214 389,588 338,504 299,330 334,219 Total tons (in thousands) 6,875 6,397 5,656 4,902 5,545 Total shipments (in thousands) 7,765 7,256 6,327 5,750 6,691 Average length of haul (miles) 941 952 948 928 901
(1) Our 2010 results reflect reductions in our depreciation and amortization expenses of approximately $12.7 million, due to changes in the estimated useful lives and salvage values of certain equipment, which are described further under “Critical Accounting Policies” below.
(2) For the purpose of this table, interest expense is presented net of interest income.
(3) Per share data has been restated retroactively for the three-for-two stock splits effected in September 2012 and August 2010.
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