Item 6. Selected Financial Data

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Item 6. Selected Financial Data

We derived the selected statement of operations data for the years ended December 31, 2015, 2014 and 2013 and the selected balance sheet data as of December 31, 2015 and 2014 from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. We derived the selected statement of operations data for the years ended December 31, 2012 and 2011 and the selected balance sheet data as of December 31, 2013, 2012 and 2011 from our audited consolidated financial statements that are not included in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results expected for any future period.

The selected consolidated financial data below should be read together with the consolidated financial statements including the related notes thereto, and "Part II—Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this Annual Report on Form 10-K.



	Year ended December 31,
	2015		2014		2013		2012		2011
	(in millions, except per share data)
Statement of Operations Data:
Revenues
Owned and leased hotels	$	4,233	$	4,239	$	4,046	$	3,979	$	3,898
Management and franchise fees and other	1,601		1,401		1,175		1,088		1,014
Timeshare	1,308		1,171		1,109		1,085		944
	7,142		6,811		6,330		6,152		5,856
Other revenues from managed and franchised properties	4,130		3,691		3,405		3,124		2,927
Total revenues	11,272		10,502		9,735		9,276		8,783

Expenses
Owned and leased hotels	3,168		3,252		3,147		3,230		3,213
Timeshare	897		767		730		758		668
Depreciation and amortization	692		628		603		550		564
Impairment losses	9		—		—		54		20
General, administrative and other	611		491		748		460		416
	5,377		5,138		5,228		5,052		4,881
Other expenses from managed and franchised properties	4,130		3,691		3,405		3,124		2,927
Total expenses	9,507		8,829		8,633		8,176		7,808

Gain on sales of assets, net	306		—		—		—		—

Operating income	2,071		1,673		1,102		1,100		975
Net income attributable to Hilton stockholders	1,404		673		415		352		253

Earnings per share:
Basic	$	1.42	$	0.68	$	0.45	$	0.38	$	0.27
Diluted	$	1.42	$	0.68	$	0.45	$	0.38	$	0.27

Cash dividends declared per share	$	0.14	$	—	$	—	$	—	$	—

Weighted average shares outstanding:
Basic	986		985		923		921		921
Diluted	989		986		923		921		921



	December 31,
2015			2014			2013			2012			2011
	(in millions)
Selected Balance Sheet Data:
Cash and cash equivalents	$	609		$	566		$	594		$	755		$	781
Restricted cash and cash equivalents	247			202			266			550			658
Total assets	25,716			26,125			26,562			27,066			27,312
Long-term debt(1)	9,821			10,813			11,755			15,575			16,311
Non-recourse timeshare debt(1)(2)	506			631			672			—			—
Non-recourse debt and capital lease obligations of consolidated variable interest entities(1)	220			248			296			420			481
Total equity	5,951			4,714			4,276			2,155			1,702


(1)	Includes current maturities.


(2)	Includes our current and long-term maturities of our non-recourse timeshare financing receivables credit facility (the "Timeshare Facility") and our notes backed by timeshare financing receivables (the "Securitized Timeshare Debt").

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