Financial Highlights The following table is a reconciliation of Con Edison’s earnings and ear nings per share from ongoing operations to  reported net income for common stock and earnings per share. Selected Financial Data Earnings Earnings per share For the Year Ended December 31  (Million of Dollars, except ear nings per share) 2003 2002 2003 2002 Ongoing operations $624 $668 $2.83 $3.14 Telecommunications asset impairment (84) - (0.38) - Unregulated generating asset impairments (10) - (0.05) - Settlement regarding nuclear generating unit sold in 2001 (5) - (0.03) - Cumulative effect of changes in accounting principles 3 (22) 0.02 (0.11) Reported net income for common stock  and earnings per share – GAAP Basis $528 $646 $2.39 $3.03 For the Year Ended December 31  (Millions of Dollars) 2003 2002 2001 2000 1999 Operating revenues $9,827 $8,502 $9,389 $9,317 $7,491 Purchased power 3,926 3,201 3,380 3,536 1,824 Fuel 504 289 394 351 430 Gas purchased for resale 847 596 860 789 485 Operating income 934 1,060 1,128 1,016 1,020 Income before cumulative effect of changes in accounting principles 525 668 682 583 701 Cumulative effect of changes in accounting principles 3 (22) - - - Net income for common stock 528 646 682 583 701 Total assets 20,966 19,667 17,901 17,661 16,491 Long-term debt 6,733 6,166 5,501 5,415 4,525 Preferred stock subject to mandatory redemption - - 37 37 37 Common shareholders’ equity 6,423 5,921 5,666 5,472 5,412 Basic earnings per share Before cumulative effect of changes in accounting principles $2.37 $3.14 $3.22 $2.75 $3.14 Cumulative effect of changes in accounting principles $0.02 ($0.11) - - - After cumulative effect of changes in accounting principles $2.39 $3.03 $3.22 $2.75 $3.14 Diluted earnings per share Before cumulative effect of changes in accounting principles $2.36 $3.13 $3.21 $2.74 $3.13 Cumulative effect of changes in accounting principles $0.02 ($0.11) - - - After cumulative effect of changes in accounting principles $2.38 $3.02 $3.21 $2.74 $3.13 Cash dividends per common share $2.24 $2.22 $2.20 $2.18 $2.14 Average common shares outstanding (millions) 221 213 212 212 223 18 Con Edison Annual Report 2003