For the tenth consecutive year, we have met or exceeded our earnings guidance. For the first time ever, we realized $1 billion in net income, and our market capitalization was more than $19 billion. Ongoing earnings in 2014 increased as a result of higher electric and natural gas margins due to rate increases in various jurisdictions, weather-normalized sales growth and lower interest charges. These positive factors were partially offset by the unfavorable impact of milder weather, as well as higher expected operating and maintenance expenses, property taxes and depreciation.
In 2014, total return for our investors was nearly 34 percent, with a dividend increase of 7 percent. Our ongoing earnings have grown approximately 6.5 percent and our dividend has grown approximately 3.8 percent annually from 2005 through 2014. Going forward, we plan to deliver long-term annual earnings growth of 4 to 6 percent and annual dividend increases of 5 to 7 percent in order to offer an attractive total return for our shareholders. Our earnings guidance for 2015 is $2.00 to $2.15 per share.
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|Earnings per diluted share1||$2.03|
|Ongoing diluted earnings per share1||$2.03|
|Economic Value Generated|
|Total revenues||$11.7 billion|
|Electric utility revenues||$9.5 billion|
|Natural gas revenues||$2.1 billion|
|Other operating revenues||$78 million|
|Economic Value Distributed|
|Electric fuel and purchased power costs||$4.2 billion|
|Cost of natural gas sold and transported||$1.4 billion|
|Employee compensation, including wages and benefits||$1.8 billion|
|Total corporate giving||$44.8 million|
|Interest charges and financing costs||$528 million|
|Common stock dividends||$561 million|
|Sales, use and property taxes||$784.8 million|
|Franchise fees||$180 million|
Please see our 2014 10-K for detailed financial statements.
1 A reconciliation to GAAP earnings per share is located in Item 7 of the Form 10-K.