Notes to the Financial Statements — Continued credited to other income (deductions).
The AFDC rates for CECONY were 5.3 percent, 6.9 percent and 6.0 percent for 2010, 2009 and 2008, respectively.
The AFDC rates for O&R were 5.8 percent, 4.2 percent and 3.5 percent for 2010, 2009 and 2008, respectively.
The Utilities generally compute annual charges for depreciation using the straight-line method for financial statement purposes, with rates based on average service lives and net salvage factors.
The average depreciation rate for CECONY was 3.1 percent for 2010, 2009 and 2008.
The average depreciation rate for O&R was 2.8 percent for 2010, 2009 and 2008.
The estimated lives for utility plant for CECONY range from 5 to 80 years for electric, 5 to 85 years for gas, 5 to 70 years for steam and 5 to 50 years for general plant.
For O&R, the estimated lives for utility plant range from 5 to 65 years for electric, 5 to 75 years for gas and 5 to 50 years for general plant.
At December 31, 2010 and 2009, the capitalized cost of the Companies’ utility plant, net of accumulated depreciation, was as follows:
## Table 0 ##
* Primarily distribution.
Under the Utilities’ current rate plans, the aggregate annual depreciation allowance in effect at December 31, 2010 was $838 million, including $793 million under CECONY’s electric, gas and steam rate plans that have been approved by the New York State Public Service Commission (NYSPSC).
Non-Utility Plant Non-utility plant is stated at original cost and consists primarily of land, telecommunication, gas storage and solar facilities that are currently not used within electric, gas or steam utility operations.
Depreciation on these assets is computed using the straight-line method for financial statement purposes over their estimated useful lives, which range from 3 to 30 years.
Goodwill In accordance with the accounting rules for goodwill and intangible assets, Con Edison is required to test goodwill for impairment annually.
Goodwill is tested for impairment using a two-step approach.
The first step of the goodwill impairment test compares the estimated fair value of a reporting unit with its carrying value, including goodwill.
If the estimated fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is considered not impaired.
If the carrying value exceeds the estimated fair value of the reporting unit, the second step is performed to measure the amount of impairment loss, if any.
The second step requires a calculation of the implied fair value of goodwill.
See Note K and Note T.  Impairments In accordance with the accounting rules for impairment or disposal of long-lived assets, the Companies evaluate the impairment of long-lived assets, based on projections of undiscounted future cash flows, whenever events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable.
In the event an evaluation indicates that such cash flows cannot be expected to be sufficient to fully recover the assets, the assets are written down to their estimated fair value.
In accordance with the accounting rules for equity method and joint ventures, Con Edison Development recognized pre-tax impairment charges of $2 million in 2008, related to its equity investment in a 29 MW electric generating plant in Michigan (which was sold in 2008), and $5 million in 2009, related to its equity investment in an electric generating plant in Guatemala (which was sold in 2010).
No impairment charges were recognized in 2010.
Revenues The Utilities and Con Edison Solutions recognize revenues for energy service on a monthly billing cycle basis.
The Utilities defer over a 12-month period net interruptible gas revenues, other than those authorized by the NYSPSC to be retained by the Utilities, for refund to firm gas sales and transportation customers.
The Utilities and Con Edison Solutions accrue revenues at the end of each month for estimated energy service not yet billed to customers.
Prior to March 31, 2009, CECONY did not accrue revenues for energy service provided but not yet billed to customers except for certain unbilled gas revenues accrued in 1989.
This change in accounting for unbilled revenues had no effect on net income.
See “Regulatory Assets and Liabilities” in Note B.  Unbilled revenues included in Con Edison’s balance sheet at December 31, 2010 and 2009 were $633 million (including $473 million for CECONY) and $579 million (including $413 million for CECONY), respectively
Introduction This introduction contains certain information about Con Edison and its subsidiaries, including CECONY, and is qualified in its entirety by reference to the more detailed information appearing elsewhere or incorporated by reference in this report.
Con Edison’s mission is to provide energy services to our customers safely, reliably, efficiently and in an environmentally sound manner; to provide a workplace that allows employees to realize their full potential; to provide a fair return to our investors; and to improve the quality of life in the communities we serve.
Con Edison is a holding company that owns: ?
CECONY, which delivers electricity, natural gas and steam to customers in New York City and Westchester County; ?
Orange & Rockland Utilities, Inc.  (O&R) (together with CECONY referred to as the Utilities), which delivers electricity and natural gas to customers primarily located in southeastern New York, and northern New Jersey and northeastern Pennsylvania; ?
Competitive energy businesses, which sell to retail customers electricity purchased in wholesale markets and enter into related hedging transactions; provide energy-related products and services to wholesale and retail customers, and develop, own and operate renewable and energy infrastructure projects; and ?
Con Edison Transmission, Inc.  (Con Edison Transmission), which invests in electric and gas transmission projects.
Con Edison anticipates that the Utilities, which are subject to extensive regulation, will continue to provide substantially all of its earnings over the next few years.
The Utilities have approved rate plans that are generally designed to cover each company’s cost of service, including the capital and other costs of the company’s energy delivery systems.
The Utilities recover from their full-service customers (who purchase electricity from the company), generally on a current basis, the cost the Utilities pay for energy and charge all of their customers the cost of delivery service.
Selected Financial Data Con Edison
## Table 1 ##
(a) Reflects a $1,846 million increase in net plant and a $304 million increase in regulatory assets for deferred storm costs.
(b) Reflects a charge to earnings of $95 million (after taxes of $63 million) relating to the LILO transactions.
See “Lease In/Lease Out Transactions” in Note J to the financial statements in Item 8.
(c) Reflects a $2,947 million decrease in regulatory assets for unrecognized pension and other postretirement costs offset by an increase of $1,497 million, $280 million, $257 million and $223 million in net plant, cash, special deposits and regulatory assets for future income tax, respectively.
(d) Reflects a $2,116 million increase in regulatory assets for unrecognized pension and other postretirement costs and a $1,391 million increase in net plant.
See Notes B, E and F to the financial statements in Item 8.
(e) Reflects a $2,382 million increase in net plant offset by a $970 million decrease in regulatory assets for unrecognized pension and other postretirement costs.
See Notes B, E and F to the financial statements in Item 8.
Operating Expenses
## Table 2 ##
Operating expenses increased $1.2 billion in 2010 versus 2009.
Our fuel price per gallon increased 31% during the year, accounting for $566 million of the increase.
Wage and benefit inflation, depreciation, volume-related costs, and property taxes also contributed to higher expenses during 2010 compared to 2009.
Cost savings from productivity improvements and better resource utilization partially offset these increases.
Operating expenses decreased $3.1 billion in 2009 versus 2008.
Our fuel price per gallon declined 44% during 2009, decreasing operating expenses by $1.3 billion compared to 2008.
Cost savings from lower volume, productivity improvements, and better resource utilization also decreased operating expenses in 2009.
In addition, lower casualty expense resulting primarily from improving trends in safety performance decreased operating expenses in 2009.
Conversely, wage and benefit inflation partially offset these reductions.
Compensation and Benefits – Compensation and benefits include wages, payroll taxes, health and welfare costs, pension costs, other postretirement benefits, and incentive costs.
General wage and benefit inflation increased costs by approximately $190 million in 2010 compared to 2009.
Volumerelated expenses and higher equity and incentive compensation also drove costs up during the year.
Workforce levels declined 1% in 2010 compared to 2009 as network efficiencies and ongoing productivity initiatives enabled us to effectively handle the 13% increase in volume levels with fewer employees.
Lower volume and productivity initiatives led to a 10% decline in our workforce in 2009 compared to 2008, saving $516 million during the year.
Conversely, general wage and benefit inflation increased expenses, partially offsetting these savings.
Fuel – Fuel includes locomotive fuel and gasoline for highway and non-highway vehicles and heavy equipment.
Higher diesel fuel prices, which averaged $2.29 per gallon (including taxes and transportation costs) in 2010 compared to $1.75 per gallon in 2009, increased expenses by $566 million.
Volume, as measured by gross ton-miles, increased 10% in 2010 versus 2009, driving fuel expense up by $166 million.
Conversely, the use of newer, more fuel efficient locomotives, our fuel conservation programs and efficient network operations drove a 3% improvement in our fuel consumption rate in 2010, resulting in $40 million of cost savings versus 2009 at the 2009 average fuel price.
Lower diesel fuel prices, which averaged $1.75 per gallon (including taxes and transportation costs) in 2009 compared to $3.15 per gallon in 2008, reduced expenses by $1.3 billion in 2009.
Volume, as measured by gross ton-miles, decreased 17% in 2009, lowering expenses by $664 million compared to 2008.
Our fuel consumption rate improved 4% in 2009, resulting in $147 million of cost savings versus 2008 at the 2008 average fuel price.
The consumption rate savings versus 2008 using the lower 2009 fuel price was $68 million.
Newer, more fuel efficient locomotives, reflecting locomotive acquisitions in recent years and the impact of a smaller fleet due to storage of some of our older locomotives; increased use of

<table><tr><td></td><td colspan="2"> Con Edison</td><td colspan="2"> CECONY</td></tr><tr><td><i></i> <i>(Millions of Dollars)</i></td><td> 2010</td><td> 2009</td><td> 2010</td><td> 2009</td></tr><tr><td>Electric</td><td></td><td></td><td></td><td></td></tr><tr><td>Generation</td><td>$396</td><td>$392</td><td>$396</td><td>$392</td></tr><tr><td>Transmission</td><td>2,284</td><td>2,090</td><td>2,150</td><td>1,953</td></tr><tr><td>Distribution</td><td>13,191</td><td>12,442</td><td>12,549</td><td>11,824</td></tr><tr><td>Gas*</td><td>3,535</td><td>3,226</td><td>3,153</td><td>2,892</td></tr><tr><td>Steam</td><td>1,617</td><td>1,555</td><td>1,617</td><td>1,555</td></tr><tr><td>General</td><td>1,241</td><td>1,231</td><td>1,125</td><td>1,117</td></tr><tr><td>Held for future use</td><td>72</td><td>82</td><td>60</td><td>70</td></tr><tr><td>Construction work in progress</td><td>1,458</td><td>1,421</td><td>1,344</td><td>1,334</td></tr><tr><td>Net Utility Plant</td><td>$23,794</td><td>$22,439</td><td>$22,394</td><td>$21,137</td></tr></table>
<table><tr><td></td><td colspan="5">For the Year Ended December 31,</td></tr><tr><td>(Millions of Dollars, except per share amounts)</td><td>2011</td><td>2012</td><td>2013</td><td>2014</td><td>2015</td></tr><tr><td>Operating revenues</td><td>$12,886</td><td>$12,188</td><td>$12,354</td><td>$12,919</td><td>$12,554</td></tr><tr><td>Energy costs</td><td>5,001</td><td>3,887</td><td>4,054</td><td>4,513</td><td>3,716</td></tr><tr><td>Operating income</td><td>2,239</td><td>2,339</td><td>2,244</td><td>2,209</td><td>2,427</td></tr><tr><td>Net income</td><td>1,062</td><td>1,141</td><td>1,062(b)</td><td>1,092</td><td>1,193</td></tr><tr><td>Total assets (f)(g)</td><td>38,873</td><td>40,845(a)</td><td>40,451(c)</td><td>44,071(d)</td><td>45,642(e)</td></tr><tr><td>Long-term debt (f)</td><td>10,068</td><td>9,994</td><td>10,415</td><td>11,546</td><td>12,006</td></tr><tr><td>Total equity</td><td>11,649</td><td>11,869</td><td>12,245</td><td>12,585</td><td>13,061</td></tr><tr><td>Net Income per common share – basic</td><td>$3.59</td><td>$3.88</td><td>$3.62</td><td>$3.73</td><td>$4.07</td></tr><tr><td>Net Income per common share – diluted</td><td>$3.57</td><td>$3.86</td><td>$3.61</td><td>$3.71</td><td>$4.05</td></tr><tr><td>Dividends declared per common share</td><td>$2.40</td><td>$2.42</td><td>$2.46</td><td>$2.52</td><td>$2.60</td></tr><tr><td>Book value per share</td><td>$39.05</td><td>$40.53</td><td>$41.81</td><td>$42.97</td><td>$44.50</td></tr><tr><td>Average common shares outstanding(millions)</td><td>293</td><td>293</td><td>293</td><td>293</td><td>293</td></tr><tr><td>Stock price low</td><td>$48.55</td><td>$53.63</td><td>$54.33</td><td>$52.23</td><td>$56.86</td></tr><tr><td>Stock price high</td><td>$62.74</td><td>$65.98</td><td>$63.66</td><td>$68.92</td><td>$72.25</td></tr></table>
<table><tr><td><i>Millions</i></td><td><i>2010</i></td><td><i>2009</i></td><td><i>2008</i></td><td><i>% Change</i> <i>2010 v 2009</i></td><td><i>% Change</i><i>2009 v 2008</i></td></tr><tr><td>Compensation and benefits</td><td>$4,314</td><td>$4,063</td><td>$4,457</td><td>6%</td><td>-9%</td></tr><tr><td>Fuel</td><td>2,486</td><td>1,763</td><td>3,983</td><td>41</td><td>-56</td></tr><tr><td>Purchased services and materials</td><td>1,836</td><td>1,644</td><td>1,928</td><td>12</td><td>-15</td></tr><tr><td>Depreciation</td><td>1,487</td><td>1,427</td><td>1,366</td><td>4</td><td>4</td></tr><tr><td>Equipment and other rents</td><td>1,142</td><td>1,180</td><td>1,326</td><td>-3</td><td>-11</td></tr><tr><td>Other</td><td>719</td><td>687</td><td>840</td><td>5</td><td>-18</td></tr><tr><td>Total</td><td>$11,984</td><td>$10,764</td><td>$13,900</td><td>11%</td><td>-23%</td></tr></table>

Question: In which years is Operating income greater than Net income?
Answer: 2011;2012;2013;2014;2015