CONSOLIDATED STATEMENTS OF OPERATIONS  FOR THE YEARS ENDED DECEMBER 31, 2010, 2009 AND 2008  (In thousands, except per share data)  2010 2009 2008 REVENUES:  Station broadcast revenues, net of agency commissions  $ 655,378  $ 554,597  $ 639,163  Revenues realized from station barter arrangements  75,210  58,182  59,877  Other operating divisions revenues  36,598  43,698 55,434 Total revenues  767,186  656,477  754,474  OPERATING EXPENSES:  Station production expenses  154,133  142,415  158,965  Station selling, general and administrative expenses  127,091  122,833 136,142 Expenses recognized from station barter arrangements  67,083  48,119  53,327  Amortization of program contract costs and net realizable value adjustments  60,862  73,087 84,422 Other operating divisions expenses  30,916  45,520  59,987  Depreciation of property and equipment  36,307  42,892 44,765 Corporate general and administrative expenses  26,800  25,632  26,285  Amortization of definite-lived intangible assets 18,834  22,355 18,340 Gain on asset exchange  —  (4,945)  (3,187)  Impairment of goodwill, intangible and other assets  4,803  249,799 463,887 Total operating expenses  526,829  767,707  1,042,933  Operating income (loss) 240,357  (111,230) (288,459) OTHER INCOME (EXPENSE):  Interest expense and amortization of debt discount and deferred financing  costs  (116,046)  (80,021) (87,634) (Loss) gain from extinguishment of debt  (6,266)  18,465  5,451  (Loss) income from equity and cost method investments  (4,861)  354 (2,703) Other income, net  2,667  1,972  3,461  Total other expense (124,506)  (59,230) (81,425)  Income (loss) from continuing operations before income taxes  115,851  (170,460)  (369,884)  INCOME TAX (PROVISION) BENEFIT (40,226)  32,512 121,362 Income (loss) from continuing operations  75,625  (137,948)  (248,522)  DISCONTINUED OPERATIONS:  Loss from discontinued operations, net of related income tax provision of  ($77), ($350) and ($358), respectively  (577)  (81)  (141)  NET INCOME (LOSS) 75,048  (138,029) (248,663) Net loss attributable to the noncontrolling interest  1,100  2,335  2,133  NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR BROADCAST  GROUP  $ 76,148  $ (135,694)  $ (246,530)  Dividends declared per share  $ 0.43  $ —  $ 0.80  EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO  SINCLAIR BROADCAST GROUP:  Basic earnings (loss) per share from continuing operations  $ 0.96  $ (1.70)  $ (2.87)  Basic loss per share from discontinued operations  $ (0.01)  $ —  $ —  Basic earnings (loss) per share  $ 0.95  $ (1.70)  $ (2.87)  Diluted earnings (loss) per share from continuing operations  $ 0.95  $ (1.70)  $ (2.87)  Diluted loss per share from discontinued operations  $ (0.01)  $ —  $ —  Diluted earnings (loss) per share  $ 0.94  $ (1.70)  $ (2.87)  Weighted average common shares outstanding  80,245  79,981  85,794  Weighted average common and common equivalent shares outstanding  83,606  79,981 85,794 AMOUNTS ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP  COMMON SHAREHOLDERS:  Income (loss) from continuing operations, net of tax  $ 76,725  $ (135,613)  $ (246,389)  Loss from discontinued operations, net of tax  (577)  (81) (141) Net income (loss) $ 76,148  $ (135,694)  $ (246,530)  The accompanying notes are an integral part of these consolidated financial statements.  26    Sinclair Broadcast Group 