Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The selected consolidated financial data presented below for the years 2012 through 2016 and as of the end of each such year, except for Adjusted Net Income amounts, are derived from our audited consolidated financial statements and should be read in conjunction with those financial statements and the related notes as well as in conjunction with Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.



	Year Ended December 31,
	2016		2015		2014		2013		2012
	(in thousands, except per share data)
Operating Data:
Total revenues	$	8,496,401	$	8,299,074	$	8,073,855	$	7,959,894	$	7,688,024
Operating income	$	1,477,205	$	874,902	$	941,859	$	798,148	$	403,110
Net income	$	1,283,388	$	665,783	$	764,146	$	473,692	$	18,287
Adjusted Net Income(1) (2) (3)	$	1,314,689	$	1,065,066	$	755,729	$	539,224	$	442,873
Per Share Data—Basic:
Net income	$	5.96	$	3.03	$	3.45	$	2.16	$	0.08
Adjusted Net Income	$	6.10	$	4.85	$	3.41	$	2.46	$	2.03
Weighted-average shares	215,393		219,537		221,658		219,638		217,930
Per Share Data—Diluted:
Net income	$	5.93	$	3.02	$	3.43	$	2.14	$	0.08
Adjusted Net Income	$	6.08	$	4.83	$	3.39	$	2.44	$	2.02
Weighted-average shares and potentially dilutive shares	216,316		220,689		223,044		220,941		219,457
Dividends declared per common share	$	1.71	$	1.35	$	1.10	$	0.74	$	0.44
Balance Sheet Data:
Total assets	$	22,310,324	$	20,782,043	$	20,524,060	$	19,915,003	$	19,670,401
Total debt, including capital leases	$	9,387,436	$	8,527,243	$	8,254,818	$	7,916,860	$	8,332,418
Common stock	$	2,346	$	2,339	$	2,331	$	2,308	$	2,291
Total shareholders' equity	$	9,121,412	$	8,063,039	$	8,284,359	$	8,808,265	$	8,308,749


(1)	For 2016, 2015 and 2014, refer to Financial Presentation and Results of Operations under Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations for definition of Adjusted Net Income and reconciliation of Adjusted Net Income to Net income.


(2)	Amount for 2013 excludes restructuring and related impairment charges of $56.9 million and an $8.6 million loss related to the estimated impact of Pullmantur's non-core businesses that were sold in 2014.


(3)	Amount for 2012 excludes an impairment charge of $385.4 million, to write down Pullmantur's goodwill to its implied fair value and to write down trademarks and trade names and certain long-lived assets, consisting of aircraft that was then owned and operated by Pullmantur Air, to their fair value, and a net deferred tax charge of $28.5 million. The net deferred tax charge includes a $33.7 million charge to record a 100% valuation allowance related to our deferred tax assets for Pullmantur and a $5.2 million tax benefit to reduce the deferred tax liability related to Pullmantur's trademarks and trade names. Additionally, the amount for 2012 excludes a $10.7 million loss related to the estimated impact of Pullmantur's non-core businesses that were sold in 2014.

(3)

Amount for 2012 excludes an impairment charge of $385.4 million, to write down Pullmantur's goodwill to its implied fair value and to write down trademarks and trade names and certain long-lived assets, consisting of aircraft that was then owned and operated by Pullmantur Air, to their fair value, and a net deferred tax charge of $28.5 million. The net deferred tax charge includes a $33.7 million charge to record a 100% valuation allowance related to our deferred tax assets for Pullmantur and a $5.2 million tax benefit to reduce the deferred tax liability related to Pullmantur's trademarks and trade names. Additionally, the amount for 2012 excludes a $10.7 million loss related to the estimated impact of Pullmantur's non-core businesses that were sold in 2014.

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