Berkshire said it generated $3.2 billion, or $2,087 per share, in net income. That’s up significantly from last year’s $1.1 billion, or $682 per share.

Most of the swing in earnings is related to an unrealized $1.7 billion gain on Berkshire’s derivatives, some of which are tied to credit defaults and some of which are tied to equity markets. That compares to a $1.3 billion loss on Berkshire’s derivatives in last year’s third quarter.

Excluding the investment and derivative gains, Berkshire’s operating earnings were nearly flat at $2.06 billion, or $1,325 per share. Last year, Berkshire reported operating earnings of $2.07 billion, or $1,335 per share.

The four analysts surveyed by Thomson Reuters expected Berkshire to report earnings per share of $1,308.