Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

Set forth below is selected consolidated financial data for each of the past five fiscal years. The selected financial data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and our Consolidated Financial Statements and Notes thereto included elsewhere in this report.



	Years Ended December 31, (000’s omitted, except per share data)
	2016			2015			2014			2013		2012
OPERATING DATA:
Homebuilding:
Revenues	$	7,487,350		$	5,841,211		$	5,696,725		$	5,538,644	$	4,659,110
Income before income taxes	$	860,766		$	757,317		$	635,177		$	479,113	$	157,991
Financial Services:
Revenues	$	181,126		$	140,753		$	125,638		$	140,951	$	160,888
Income before income taxes	$	73,084		$	58,706		$	54,581		$	48,709	$	25,563

Consolidated results:
Revenues	$	7,668,476		$	5,981,964		$	5,822,363		$	5,679,595	$	4,819,998

Income before income taxes	$	933,850		$	816,023		$	689,758		$	527,822	$	183,554
Income tax (expense) benefit	(331,147		)	(321,933		)	(215,420		)	2,092,294		22,591
Net income	$	602,703		$	494,090		$	474,338		$	2,620,116	$	206,145

PER SHARE DATA:
Net income per share:
Basic	$	1.76		$	1.38		$	1.27		$	6.79	$	0.54
Diluted	$	1.75		$	1.36		$	1.26		$	6.72	$	0.54
Number of shares used in calculation:
Basic	339,747			356,576			370,377			383,077		381,562
Effect of dilutive securities	2,376			3,217			3,725			3,789		3,002
Diluted	342,123			359,793			374,102			386,866		384,564
Shareholders’ equity	$	14.60		$	13.63		$	13.01		$	12.19	$	5.66
Cash dividends declared	$	0.36		$	0.33		$	0.23		$	0.15	$	—



	December 31, ($000’s omitted)
	2016			2015			2014			2013			2012
BALANCE SHEET DATA:
House and land inventory	$	6,770,655		$	5,450,058		$	4,392,100		$	3,978,561		$	4,214,046
Total assets (a)	10,178,200			9,189,406			8,560,187			8,719,886			6,719,093
Senior notes and term loan (a)	3,110,016			2,074,505			1,809,338			2,043,910			2,494,297
Shareholders’ equity	4,659,363			4,759,325			4,804,954			4,648,952			2,189,616

	Years Ended December 31,
	2016			2015			2014			2013			2012
OTHER DATA:
Markets, at year-end	49			50			49			48			58
Active communities, at year-end	726			620			598			577			670
Closings (units)	19,951			17,127			17,196			17,766			16,505
Net new orders (units)	20,326			18,008			16,652			17,080			19,039
Backlog (units), at year-end	7,422			6,731			5,850			5,772			6,458
Average selling price (per unit)	$	373,000		$	338,000		$	329,000		$	305,000		$	276,000
Gross margin from home sales (b)	25.0		%	26.9		%	26.7		%	24.1		%	19.6		%


(a)	Certain prior period amounts have been reclassified to conform to the current year presentation following the adoption of ASU 2015-03, which resulted in the reclassification of applicable unamortized debt issuance costs from other assets to senior notes and term loan, and the reclassification of unbilled insurance receivables to other assets from accrued and other liabilities. See Note 1.


(b)	Homebuilding interest expense, which represents the amortization of capitalized interest, and land impairment charges are included in home sale cost of revenues. All periods reflect the reclassification of sales commissions expense from home sale cost of revenues to selling, general, and administrative expenses. See Note 1.

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