Item 6. Selected Financial Data.

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Item 6. Selected Financial Data.

The following table sets forth our selected consolidated financial and operating information as of or for each of the years ended November 30, 2011 through 2015. The information presented below is based upon our historical financial statements.



	At or for the Years Ended November 30,
(Dollars in thousands, except per share amounts)	2015			2014		2013		2012		2011
Results of Operations:
Revenues:
Lennar Homebuilding	$	8,466,945		7,025,130		5,354,947		3,581,232		2,675,124
Lennar Financial Services	$	620,527		454,381		427,342		384,618		255,518
Rialto	$	221,923		230,521		138,060		138,856		164,743
Lennar Multifamily	$	164,613		69,780		14,746		426		—
Total revenues	$	9,474,008		7,779,812		5,935,095		4,105,132		3,095,385
Operating earnings (loss):
Lennar Homebuilding (1)	$	1,271,641		1,033,721		733,075		258,985		109,505
Lennar Financial Services	$	127,795		80,138		85,786		84,782		20,729
Rialto	$	33,595		44,079		26,128		11,569		63,457
Lennar Multifamily	$	(7,171	)	(10,993	)	(16,988	)	(5,884	)	(461	)
Corporate general and administrative expenses	$	216,244		177,161		146,060		127,338		95,256
Earnings before income taxes	$	1,209,616		969,784		681,941		222,114		97,974
Net earnings attributable to Lennar (2)	$	802,894		638,916		479,674		679,124		92,199
Diluted earnings per share	$	3.46		2.80		2.15		3.11		0.48
Cash dividends declared per each - Class A and Class B common stock	$	0.16		0.16		0.16		0.16		0.16
Financial Position:
Total assets	$	14,419,509		12,923,151		11,239,885		10,323,177		9,114,802
Debt:
Lennar Homebuilding	$	5,025,130		4,661,266		4,165,792		3,971,348		3,332,781
Rialto	$	771,728		617,077		437,161		569,154		755,650
Lennar Financial Services	$	858,300		704,143		374,166		457,994		410,134
Lennar Multifamily	$	—		—		13,858		—		—
Stockholders’ equity	$	5,648,944		4,827,020		4,168,901		3,414,764		2,696,468
Total equity	$	5,950,072		5,251,302		4,627,470		4,001,208		3,303,525
Shares outstanding (000s)	211,146			205,039		204,412		191,548		188,403
Stockholders’ equity per share	$	26.75		23.54		20.39		17.83		14.31
Lennar Homebuilding Data (including unconsolidated entities):
Number of homes delivered	24,292			21,003		18,290		13,802		10,845
New orders	25,106			22,029		19,043		15,684		11,412
Backlog of home sales contracts	6,646			5,832		4,806		4,053		2,171
Backlog dollar value	$	2,477,751		1,974,328		1,619,601		1,160,385		560,659


(1)	Lennar Homebuilding operating earnings include $30.1 million, $9.9 million, $7.5 million, $15.6 million and $38.0 million of inventory valuation adjustments for the years ended November 30, 2015, 2014, 2013, 2012 and 2011, respectively. In addition, operating earnings include $1.6 million, $4.6 million, $12.1 million and $8.9 million of our share of valuation adjustments related to assets of unconsolidated entities in which we have investments for the years ended November 30, 2015, 2014, 2012 and 2011, respectively, and $10.5 million of valuation adjustments to our investments in unconsolidated entities for the year ended November 30, 2011.

(1)

Lennar Homebuilding operating earnings include $30.1 million, $9.9 million, $7.5 million, $15.6 million and $38.0 million of inventory valuation adjustments for the years ended November 30, 2015, 2014, 2013, 2012 and 2011, respectively. In addition, operating earnings include $1.6 million, $4.6 million, $12.1 million and $8.9 million of our share of valuation adjustments related to assets of unconsolidated entities in which we have investments for the years ended November 30, 2015, 2014, 2012 and 2011, respectively, and $10.5 million of valuation adjustments to our investments in unconsolidated entities for the year ended November 30, 2011.


(2)	Net earnings attributable to Lennar for the year ended November 30, 2015 includes $390.4 million tax provision for income taxes, compared to $341.1 million tax provision for income taxes in the year ended November 30, 2014. Net earnings attributable to Lennar for the year ended November 30, 2013 includes $177.0 million net tax provision, which included a tax benefit of $67.1 million for a valuation allowance reversal. Net earnings attributable to Lennar for the year ended November 30, 2012 includes $435.2 million of benefit for income taxes, which includes a reversal of the majority of our deferred tax asset valuation allowance of $491.5 million, partially offset by a tax provision for fiscal year 2012 pre-tax earnings. Net earnings attributable to Lennar for the years ended November 30, 2011 includes $14.6 million of benefit for income taxes, primarily due to settlements with various taxing authorities.

(2)

Net earnings attributable to Lennar for the year ended November 30, 2015 includes $390.4 million tax provision for income taxes, compared to $341.1 million tax provision for income taxes in the year ended November 30, 2014. Net earnings attributable to Lennar for the year ended November 30, 2013 includes $177.0 million net tax provision, which included a tax benefit of $67.1 million for a valuation allowance reversal. Net earnings attributable to Lennar for the year ended November 30, 2012 includes $435.2 million of benefit for income taxes, which includes a reversal of the majority of our deferred tax asset valuation allowance of $491.5 million, partially offset by a tax provision for fiscal year 2012 pre-tax earnings. Net earnings attributable to Lennar for the years ended November 30, 2011 includes $14.6 million of benefit for income taxes, primarily due to settlements with various taxing authorities.

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