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, 2012 through 2016. 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)	2016			2015		2014		2013		2012
Results of Operations:
Revenues:
Lennar Homebuilding	$	9,741,337		8,466,945		7,025,130		5,354,947		3,581,232
Lennar Financial Services	$	687,255		620,527		454,381		427,342		384,618
Rialto	$	233,966		221,923		230,521		138,060		138,856
Lennar Multifamily	$	287,441		164,613		69,780		14,746		426
Total revenues	$	10,949,999		9,474,008		7,779,812		5,935,095		4,105,132
Operating earnings (loss):
Lennar Homebuilding	$	1,344,932		1,271,641		1,033,721		733,075		258,985
Lennar Financial Services	$	163,617		127,795		80,138		85,786		84,782
Rialto	$	(16,692	)	33,595		44,079		26,128		11,569
Lennar Multifamily	$	71,174		(7,171	)	(10,993	)	(16,988	)	(5,884	)
Corporate general and administrative expenses	$	232,562		216,244		177,161		146,060		127,338
Earnings before income taxes	$	1,330,469		1,209,616		969,784		681,941		222,114
Net earnings attributable to Lennar (1)	$	911,844		802,894		638,916		479,674		679,124
Diluted earnings per share	$	3.93		3.46		2.80		2.15		3.11
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	$	15,361,781		14,419,509		12,923,151		11,239,885		10,323,177
Debt:
Lennar Homebuilding	$	4,575,977		5,025,130		4,661,266		4,165,792		3,971,348
Rialto	$	622,335		771,728		617,077		437,161		569,154
Lennar Financial Services	$	1,077,228		858,300		704,143		374,166		457,994
Lennar Multifamily	$	—		—		—		13,858		—
Stockholders’ equity	$	7,026,042		5,648,944		4,827,020		4,168,901		3,414,764
Total equity	$	7,211,567		5,950,072		5,251,302		4,627,470		4,001,208
Shares outstanding (000s)	234,475			211,146		205,039		204,412		191,548
Stockholders’ equity per share	$	29.96		26.75		23.54		20.39		17.83
Lennar Homebuilding Data (including unconsolidated entities):
Number of homes delivered	26,563			24,292		21,003		18,290		13,802
New orders	27,372			25,106		22,029		19,043		15,684
Backlog of home sales contracts	7,623			6,646		5,832		4,806		4,053
Backlog dollar value	$	2,891,538		2,477,751		1,974,328		1,619,601		1,160,385


(1)	Net earnings attributable to Lennar for the year ended November 30, 2013 included $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 included $435.2 million of benefit for income taxes, which included 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.

(1)

Net earnings attributable to Lennar for the year ended November 30, 2013 included $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 included $435.2 million of benefit for income taxes, which included 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.

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