CenturyLink Inc. reported a net income of $233 million, or 37 cents per share, in the fourth quarter. That was up from $109 million, or 18 cents per share, in the same period in 2011. For the year, net income was $777 million, or $1.25 per share, up from $573 million, or $1.07 per share the previous year. The company's stock was dropping today after it announced a 26 percent cut in its quarterly dividend and a $2 billion stock buyback.