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Item 6. Selected Financial Data

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Item 6. Selected Financial Data

SELECTED FINANCIAL DATA

The selected consolidated financial data presented below is derived from the Consolidated Financial Statements and related Notes of the Company, and should be read in connection with those statements, some of which are included herein. Selected financial data reflects data related to KAYAK from its acquisition date of May 21, 2013 and OpenTable from its acquisition date of July 24, 2014. The information set forth below is not necessarily indicative of future results and should be read in conjunction with Part II Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations.

Year Ended December 31,
20162015201420132012
(In thousands, except per share amounts)
Total revenues$10,743,006$9,223,987$8,441,971$6,793,306$5,260,956
Cost of revenues428,314632,180857,8411,077,4201,177,275
Gross profit10,314,6928,591,8077,584,1305,715,8864,083,681
Total operating expenses(1)7,408,3795,332,9004,510,8183,303,4722,253,888
Operating income(1)2,906,3133,258,9073,073,3122,412,4141,829,793
Total other expense193,075130,58783,864115,87767,924
Income tax expense578,251576,960567,695403,739337,832
Net income(1)2,134,9872,551,3602,421,7531,892,7981,424,037
Net income attributable to noncontrolling interests(2)———1354,471
Net income applicable to common stockholders(1)2,134,9872,551,3602,421,7531,892,6631,419,566
Net income applicable to common stockholders per basic common share (1)43.1450.0946.3037.1728.48
Net income applicable to common stockholders per diluted common share (1)42.6549.4545.6736.1127.66
Total assets19,838,97317,420,57514,770,97710,428,5436,547,771
Long-term obligations, redeemable noncontrolling interests(3)8,127,8957,185,7964,862,7302,289,0391,710,194
Total liabilities9,990,2938,625,1066,203,9543,510,2812,435,854
Total stockholders' equity9,820,1428,795,4698,566,6946,909,7293,896,975
(1)tIncludes a non-cash charge related to an impairment of OpenTable goodwill of $940.7 million, which is not tax deductible, for the year ended December 31, 2016 (see Note 9 to the Consolidated Financial Statements). The goodwill impairment charge reduced the 2016 basic and diluted net income per share by $19.01 and $18.79, respectively.
(2)Redeemable noncontrolling interests relates to the Company's purchase of Rentalcars.com in May 2010. In April 2012, in connection with the exercise of certain call and put options in March 2012, the redeemable noncontrolling interests in Rentalcars.com were reduced from 19.0% to 12.7%. In April 2013, in connection with the exercise of certain call and put options in March 2013, the Company purchased the remaining outstanding shares underlying the redeemable noncontrolling interests.
(3)Includes convertible debt which is classified as a current liability from 2011 through 2014 and 2016.

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