item 6 . selected financial data the following table represents our selected financial data . the table should be read in conjunction with item 7 and item 8 of this report . the table below reflects immaterial error corrections discussed in note 2 : summary of significant accounting policies in item 8. .
basic earnings ( loss ) per share ( 3 ) $ 2.96 $ ( 2.05 ) $ 2.68 $ 2.44 $ ( 49.14 ) diluted earnings ( loss ) per share ( 3 ) $ 2.91 $ ( 2.05 ) $ 2.68 $ 2.44 $ ( 49.14 ) ( 1 ) long-term debt does not include amounts payable to our former parent as of and before december 31 , 2010 , as these amounts were due upon demand and included in current liabilities . ( 2 ) free cash flow is a non-gaap financial measure and represents cash from operating activities less capital expenditures . see liquidity and capital resources in item 7 for more information on this measure . ( 3 ) on march 30 , 2011 , the record date of the stock distribution associated with the spin-off from northrop grumman , approximately 48.8 million shares of $ 0.01 par value hii common stock were distributed to northrop grumman stockholders . this share amount was utilized for the calculation of basic and diluted earnings ( loss ) per share for the three months ended march 31 , 2011 , and all prior periods , as no common stock of the company existed prior to march 30 , 2011 , and the impact of dilutive securities in the three month period ended march 31 , 2011 , was not meaningful. .
Year Ended December 31
($ in millions, except per share amounts) 2012 2011 2010 2009 2008
Sales and service revenues $6,708 $6,575 $6,723 $6,292 $6,189
Goodwill impairment — 290 — — 2,465
Operating income (loss) 358 100 241 203 (2,332)
Net earnings (loss) 146 (100) 131 119 (2,397)
Total assets 6,392 6,069 5,270 5,097 4,821
Long-term debt<sup>(1)</sup> 1,779 1,830 105 283 283
Total long-term obligations 4,341 3,838 1,637 1,708 1,823
Free cash flow<sup>(2)</sup> 170 331 168 (269) 121
Dividends declared per share $0.10 $— $— $— $—
Basic earnings (loss) per share<sup>(3)</sup> $2.96 $(2.05) $2.68 $2.44 $(49.14)
Diluted earnings (loss) per share<sup>(3)</sup> $2.91 $(2.05) $2.68 $2.44 $(49.14)
( $ in millions except per share amounts ) year ended december 31 2012 year ended december 31 2011 year ended december 31 2010 year ended december 31 2009 year ended december 31 2008
sales and service revenues $ 6708 $ 6575 $ 6723 $ 6292 $ 6189
goodwill impairment 2014 290 2014 2014 2465
operating income ( loss ) 358 100 241 203 -2332 ( 2332 )
net earnings ( loss ) 146 -100 ( 100 ) 131 119 -2397 ( 2397 )
total assets 6392 6069 5270 5097 4821
long-term debt ( 1 ) 1779 1830 105 283 283
total long-term obligations 4341 3838 1637 1708 1823
free cash flow ( 2 ) 170 331 168 -269 ( 269 ) 121
dividends declared per share $ 0.10 $ 2014 $ 2014 $ 2014 $ 2014
basic earnings ( loss ) per share ( 3 ) $ 2.96 $ -2.05 ( 2.05 ) $ 2.68 $ 2.44 $ -49.14 ( 49.14 )
diluted earnings ( loss ) per share ( 3 ) $ 2.91 $ -2.05 ( 2.05 ) $ 2.68 $ 2.44 $ -49.14 ( 49.14 )