AT&T Inc. (T) | Investments

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

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AT&T Inc., adjustment to Net Income Attributable To AT&T

USD $ in millions

	12 months ended	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Net income attributable to AT&T (as reported)
	Add: Net unrealized gains (losses) on available-for-sale securities
	Net income attributable to AT&T (adjusted)

Adjusted Ratios: Mark to Market Available-for-sale Securities (Summary)

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AT&T Inc., adjusted ratios

	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
Net Profit Margin
Reported net profit margin	%	%	%	%	%
Adjusted net profit margin	%	%	%	%	%
Return on Equity (ROE)
Reported ROE	%	%	%	%	%
Adjusted ROE	%	%	%	%	%
Return on Assets (ROA)
Reported ROA	%	%	%	%	%
Adjusted ROA	%	%	%	%	%

Ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	AT&T Inc.'s adjusted net profit margin improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders' equity.	AT&T Inc.'s adjusted ROE improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	AT&T Inc.'s adjusted ROA improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

Adjusted Net Profit Margin

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	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
As Reported
Net income attributable to AT&T (USD $ in millions)
Operating revenues (USD $ in millions)

Net profit margin¹	%	%	%	%	%
Adjusted: Mark to Market Available-for-sale Securities
Adjusted net income attributable to AT&T (USD $ in millions)
Operating revenues (USD $ in millions)

Adjusted net profit margin²	%	%	%	%	%

2011 Calculations

¹ Net profit margin = 100 × Net income attributable to AT&T ÷ Operating revenues
= 100 × ÷ = %

² Adjusted net profit margin = 100 × Adjusted net income attributable to AT&T ÷ Operating revenues
= 100 × ÷ = %

Ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	AT&T Inc.'s adjusted net profit margin improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

Adjusted Return On Equity (ROE)

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	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
As Reported
Net income attributable to AT&T (USD $ in millions)
Stockholders’ equity attributable to parent (USD $ in millions)

ROE¹	%	%	%	%	%
Adjusted: Mark to Market Available-for-sale Securities
Adjusted net income attributable to AT&T (USD $ in millions)
Stockholders’ equity attributable to parent (USD $ in millions)

Adjusted ROE²	%	%	%	%	%

2011 Calculations

¹ ROE = 100 × Net income attributable to AT&T ÷ Stockholders’ equity attributable to parent
= 100 × ÷ = %

² Adjusted ROE = 100 × Adjusted net income attributable to AT&T ÷ Stockholders’ equity attributable to parent
= 100 × ÷ = %

Ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders' equity.	AT&T Inc.'s adjusted ROE improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

Adjusted Return On Assets (ROA)

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	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
As Reported
Net income attributable to AT&T (USD $ in millions)
Total assets (USD $ in millions)

ROA¹	%	%	%	%	%
Adjusted: Mark to Market Available-for-sale Securities
Adjusted net income attributable to AT&T (USD $ in millions)
Total assets (USD $ in millions)

Adjusted ROA²	%	%	%	%	%

2011 Calculations

¹ ROA = 100 × Net income attributable to AT&T ÷ Total assets
= 100 × ÷ = %

² Adjusted ROA = 100 × Adjusted net income attributable to AT&T ÷ Total assets
= 100 × ÷ = %

Ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	AT&T Inc.'s adjusted ROA improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

AT&T Inc. (T) | Analysis of Investments

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

Adjusted Ratios: Mark to Market Available-for-sale Securities (Summary)

Adjusted Net Profit Margin

Adjusted Return On Equity (ROE)

Adjusted Return On Assets (ROA)

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