EXHIBIT 13.1
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Summary of Selected Financial Data
PART I (1996 - 1994)
(dollars in thousands, except per share amounts)
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Year ended December 31 1996 1995 1994
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SUMMARY OF OPERATIONS
Operating revenue $1,811,223 $1,622,958 $1,421,996
Operating costs and
expenses before unusual items 1,496,492 1,360,019 1,207,889
Unusual items (10,313) -- --
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Operating income 304,418 262,939 214,107
Other income 22,181 7,471 8,994
Interest expense (23,036) (21,172) (15,624)
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Income before income taxes
and accounting changes 303,563 249,238 207,477
Provision for income taxes 125,946 101,588 87,131
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Income before accounting changes 177,617 147,650 120,346
Cumulative prior years effect of
changes in accounting principles* -- -- --
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Net income $177,617 $147,650 $120,346
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Dividends paid $49,704 $50,223 $47,161
PER COMMON SHARE DATA
Income before accounting changes $1.22 $0.98 $0.81
Cumulative prior years effect of
changes in accounting principles* -- -- --
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Net income $1.22 $0.98 $0.81
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Dividends $0.330 $0.315 $0.303
Weighted average common shares
outstanding 145,518,000 151,357,000 148,608,000
BALANCE SHEET DATA
Assets at December 31 $1,302,784 $1,053,695 $1,021,174
Long-term debt at December 31 $305,992 $302,665 $211,967
Shareholders equity at December 31 $424,865 $353,422 $361,859
Common shares outstanding at
December 31 144,876,000 147,245,000 151,790,000
OTHER INFORMATION
Stock price per share at December 31 $30.63 $21.38 $13.19
Book value per share at December 31 $2.93 $2.40 $2.38
Market capitalization at December 31 $4,436,797 $3,147,362 $2,001,731
Number of employees at December 31 14,100 14,200 14,200
* The 1991 accounting change relates to SFAS No. 106, "Postretirement Benefits
Other Than Pensions." The 1988 accounting change relates to SFAS No. 96,
"Accounting for Income Taxes."
PART II (1993 - 1988)
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1993 1992 1991 1990 1989 1988
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$1,217,217 $1,134,333 $1,093,827 $1,078,753 $1,001,617 $894,482
1,049,750 992,995 969,136 941,976 881,606 801,785
(48,438) -- (32,044) (21,793) (14,656) (27,669)
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119,029 141,338 92,647 114,984 105,355 65,028
3,890 7,482 8,128 11,055 9,712 5,648
(10,923) (4,029) (7,253) (13,177) (10,365) (3,331)
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111,996 144,791 93,522 112,862 104,702 67,345
48,481 59,445 39,424 48,932 41,170 33,295
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63,515 85,346 54,098 63,930 63,532 34,050
-- -- (48,991) -- -- 5,400
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$63,515 $85,346 $5,107 $63,930 $63,532 $39,450
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$42,041 $42,770 $42,623 $35,823 $32,003 $22,948
$0.42 $0.52 $0.33 $0.39 $0.40 $0.22
-- -- (0.30) -- -- 0.04
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$0.42 $0.52 $0.03 $0.39 $0.40 $0.26
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$0.280 $0.260 $0.260 $0.240 $0.215 $0.195
150,114,000 163,918,000 163,856,000 161,930,000 160,552,000 154,380,000
$731,201 $708,882 $716,103 $754,279 $685,188 $528,287
$200,070 $191,749 $77,114 $143,050 $88,883 $30,169
$254,031 $257,990 $350,314 $373,306 $339,918 $297,914
149,618,000 151,550,000 164,294,000 162,424,000 161,058,000 159,974,000
$13.69 $10.31 $7.94 $8.13 $8.00 $6.78
$1.70 $1.70 $2.13 $2.30 $2.11 $1.86
$2,047,896 $1,562,859 $1,304,084 $1,319,695 $1,288,464 $1,084,864
12,800 12,400 13,400 14,200 13,900 13,500