Years Ended December 31, 2003, 2002 and 2001 in thousands, except per share amounts Income (loss) per share: Basic Net income (loss) per share: Continuing operations $ 1.29 $ (0.38) $ 1.29 Discontinued operations 2.95 0.98 0.89 Cumulative effect of a change in accounting, net of income taxes (0.01) - - $ 4.23 $ 0.60 $ 2.18 Weighted average shares outstanding, basic 7,577 7,542 7,523 Diluted Net income (loss) per share: Continuing operations $ 1.28 $ (0.38) $ 1.28 Discontinued operations 2.94 0.98 0.88 Cumulative effect of a change in accounting, net (0.01) - - $ 4.22 $ 0.60 $ 2.17 Weighted average shares, diluted 7,608 7,542 7,549 Other income (expense): Interest expense $ (3,510) $ (4,195) $ (4,127) Net gain (loss) on investments (Note 3) (443) (10,004) 12,943 Non-operating income (expense), net 390 (141) 265 $ (3,563) $ (14,340) $ 9,081 Income (loss) before income taxes, cumulative effect of a change in accounting and discontinued operations $ 15,065 $ (5,002) $ 15,505 Income tax provision (benefit) (Note 6) 5,304 (2,109) 5,811 Income (loss) from continuing operations $ 9,761 $ (2,893) $ 9,694 Discontinued operations, net of income taxes (Note 2) 22,389 7,412 6,678 Cumulative effect of a change in accounting, net of income taxes (Note 1) (76) - - Net income $ 32,074 $ 4,519 $ 16,372 2003 2002 2001 Operating revenues: Wireless (Notes 7 and 8) $ 69,872 $ 57,867 $ 36,133 Wireline 29,022 28,755 27,486 Other 6,967 6,352 5,103 Total operating revenues $ 105,861 $ 92,974 $ 68,722 Operating expenses: Cost of goods and services (Note 7) $ 10,943 $ 10,502 $ 7,410 Network operating costs (Note 8) 33,630 32,512 26,756 Depreciation and amortization 16,631 14,482 11,263 Selling, general and administrative (Note 7) 26,029 26,140 16,869 Total operating expenses $ 87,233 $ 83,636 $ 62,298 Operating income $ 18,628 $ 9,338 $ 6,424 - - See accompanying notes to consolidated financial statements. SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME SHENANDOAH TELECOMMUNICATIONS COMPANY ■  14