financial highlights 1971 1970 1969 net income!1 $ 35,501,000 $ 30,273,000 $ 26,723,000 depreciation depletion and amortization $ 8,356,000 $ 6,815,000 $ 8,293,000 earnings per common share assuming full dilution'2 $ 2.45 $ 2.11 $ 1.93 cash dividends per share $ 0.75 $ 0.65 $ 0.56(3l stockholders equity per share $ 16.84 $ 14.72 $ 10.03 stockholders equity 241,224,000 207,495,000 129,555,000 common shares outstanding 14,321,517 14,100,015 12,916,942 net of treasury shares number of stockholders 6,496 6,095 5,501 note 1 includes extraordinary items of 1,355,000 after tax in 1971 and 1.844,000 after tax in 1969 10.09 per share assuming full dilution in 1971 and 0.13 in 1969 note 2 earnings per common share on weighted average shares outstanding were 2.50 2.27 and 2.07 for 1971 1970 and 1969 respectively note 3j adjusted to give effect to the february 19^9 three-for-one stoc^c split effected in the form of a 200 stoclc dividend the object of interest on our cover is intrinsically worthless-literally a cinder resting on a crucible lid it gvidences the agglomerating and free swelling properties of one gram of powdered coal following heat treatment under laboratory controlled conditions technicians call it a coke button.11 this specimen shows that the coal tested has good coking quality the coal queensland australia where utah develop ment company is expanding its production of coking coal vitally needed in world markets contents 1 financial highlights 2 letter to shareholders 4 1971 operations 24 environmental 26 financial comment 27 consolidated financial statements 34 auditors report 35 ten year comparison 36 directors and officers