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, 2013 through 2017. 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)	2017			2016		2015		2014		2013
Results of Operations:
Revenues:
Lennar Homebuilding	$	11,200,242		9,741,337		8,466,945		7,025,130		5,354,947
Lennar Financial Services	$	770,109		687,255		620,527		454,381		427,342
Rialto	$	281,243		233,966		221,923		230,521		138,060
Lennar Multifamily	$	394,771		287,441		164,613		69,780		14,746
Total revenues	$	12,646,365		10,949,999		9,474,008		7,779,812		5,935,095
Operating earnings (loss):
Lennar Homebuilding	$	1,269,039		1,344,932		1,271,641		1,033,721		733,075
Lennar Financial Services	$	155,524		163,617		127,795		80,138		85,786
Rialto	$	(22,495	)	(16,692	)	33,595		44,079		26,128
Lennar Multifamily	$	73,432		71,174		(7,171	)	(10,993	)	(16,988	)
Corporate general and administrative expenses	$	285,889		232,562		216,244		177,161		146,060
Earnings before income taxes	$	1,189,611		1,330,469		1,209,616		969,784		681,941
Net earnings attributable to Lennar (1)	$	810,480		911,844		802,894		638,916		479,674
Diluted earnings per share (2)	$	3.38		3.86		3.39		2.75		2.10
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	$	18,745,034		15,361,781		14,419,509		12,923,151		11,239,885
Debt:
Lennar Homebuilding	$	6,410,003		4,575,977		5,025,130		4,661,266		4,165,792
Rialto	$	625,081		622,335		771,728		617,077		437,161
Lennar Financial Services	$	937,431		1,077,228		858,300		704,143		374,166
Lennar Multifamily	$	—		—		—		—		13,858
Stockholders’ equity	$	7,872,317		7,026,042		5,648,944		4,827,020		4,168,901
Total equity	$	7,986,132		7,211,567		5,950,072		5,251,302		4,627,470
Shares outstanding (000s) (2)	239,964			239,133		215,804		209,697		209,070
Stockholders’ equity per share (2)	$	32.81		29.38		26.18		23.02		19.94
Lennar Homebuilding Data (including unconsolidated entities):
Number of homes delivered	29,394			26,563		24,292		21,003		18,290
New orders	30,348			27,372		25,106		22,029		19,043
Backlog of home sales contracts	8,935			7,623		6,646		5,832		4,806
Backlog dollar value	$	3,550,366		2,891,538		2,477,751		1,974,328		1,619,601


(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.


(2)	As a result of the stock dividend distributed during 2017, the diluted earnings per share, shares outstanding and stockholders' equity per share for all periods presented were adjusted to reflect 4.7 million additional Class B shares.

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