48 11-YEAR SUMMARY (1)  Per share amounts have been based upon average number of shares outstanding during each year, giving retroactive effect to adjustment in (2).  (2)  Shares outstanding and dividends declared have been converted to a comparable basis by reflecting retroactively the 2-for-1 stock split effective Oct. 6, 1997.  (3)  Based upon average shareholders’ equity (and income from continuing operations  before non-recurring gains and accounting principle changes).  (4)  Before cumulative effect of accounting principle changes. (5)  Operating cash flow represents operating income plus depreciation and amortization  of intangible assets. This measure varies from the audited Consolidated Statements  of Cash Flows. (6)  Excludes 1996 after-tax gain on exchange of broadcast stations of $93 million or  $.33 per share. (7) Includes pre-tax gain on exchange of broadcast stations of $158 million  (after-tax gain of $93 million or $.33 per share). In thousands of dollars, except per share amounts 2001 2000 1999 1998 Net operating revenues Newspaper advertising $ 4,119,773 $ 3,972,936 $ 3,115,250 $ 2,773,247 Newspaper circulation 1,233,106 1,120,991 971,114 958,456 Broadcasting 662,652 788,767 728,642 721,298 All other 328,714 339,624 280,356 256,030 Total (Notes a and b, see page 50)  6,344,245 6,222,318 5,095,362 4,709,031 Operating expenses Costs and expenses 4,310,633 4,029,147 3,252,170 3,069,754 Depreciation 202,456 195,428 169,460 163,776 Amortization of intangible assets 241,321 180,487 110,631 89,687 Total 4,754,410 4,405,062 3,532,261 3,323,217 Operating income 1,589,835 1,817,256 1,563,101 1,385,814 Non-operating (expense) income  Interest expense (221,854) (219,228) (94,619) (79,412) Other 2,616 10,812 58,705(11) 305,323(9) Income before income taxes  1,370,597 1,608,840 1,527,187 1,611,725 Provision for income taxes 539,400 636,900 607,800 645,300 Income from continuing operations 831,197 971,940 919,387(11) 966,425(9) Discontinued operations: Income from the operation of discontinued businesses (net of income taxes) (12) 2,437 38,541 33,488 Gain on sale of discontinued businesses (net of income taxes) (13) 744,700 Total — 747,137 38,541 33,488 Income before cumulative effect of accounting principle changes 831,197 1,719,077 957,928 999,913 Cumulative effect on prior years of accounting principle changes for: Income taxes Retiree health and life insurance benefits  Net income $ 831,197 $ 1,719,077 $ 957,928 $ 999,913 Operating cash flow (5) $ 2,033,612 $ 2,193,171 $ 1,843,192 $ 1,639,277 Per share amounts (1) Income from continuing operations before cumulative effect of accounting principle changes: basic / diluted $3.14/$3.12 $3.65/$3.63 $3.29/$3.26(11) $3.41/$3.38(9) Net income: basic / diluted $3.14/$3.12 $6.45/$6.41 $3.43/$3.40 $3.53/$3.50 Dividends declared (2) .90 .86 .82 .78 Weighted average number of common shares  outstanding in thousands: basic/diluted (2) 264,821/266,833 266,426/268,118 279,048/281,608 283,097/285,711 Financial position Working capital $ 50,461 $ 128,335 $ 191,444 $ 178,418 Long-term debt excluding current maturities 5,080,025 5,747,856 2,463,250 1,306,859 Shareholders’ equity 5,735,922 5,103,410 4,629,646 3,979,824 Total assets 13,096,101 12,980,411 9,006,446 6,979,480 Selected financial percentages and ratios Percentage increase (decrease) Earnings from continuing operations, after tax (4) (14.5%) 9.6% 13.3%(10) 14.9%(8) Earnings from continuing operations, after tax, per share: basic/diluted (4) (14.0%)/(14.1%) 14.8%/15.2% 14.9%/14.9%(10) 14.5%/14.6%(8) Dividends declared per share  4.7% 4.9% 5.1% 5.4% Return on equity (3) 15.3% 20.0% 20.6% 21.0% Credit ratios Long-term debt to shareholders’ equity 88.6% 112.6% 53.2% 32.8% Times interest expense earned 7.2X 8.3X 17.1X 21.3X