Item 6. Selected Financial Data

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Item 6. Selected Financial Data

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The following table contains our selected financial data for, or as of the end of, each of the five years ended December 31, 2015. You should read this table in conjunction with the consolidated financial statements and related notes included elsewhere in this report and in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

	Year Ended December 31,
	2015			2014			2013			2012			2011
Summary of Operations (in thousands)
Net revenues	$	9,043,451		$	8,205,088		$	7,367,873		$	7,054,182		$	6,812,056
Income before income taxes	$	1,145,901		$	929,667		$	869,332		$	763,663		$	696,336
Net income attributable to UHS	$	680,528		$	545,343		$	510,733		$	443,446		$	398,167
Net margin		7.5	%		6.6	%		6.9	%		6.3	%		5.8	%
Return on average equity		16.6	%		15.3	%		16.8	%		17.2	%		18.1	%
Financial Data (in thousands)
Cash provided by operating activities	$	1,020,898		$	1,035,876		$	884,241		$	799,231		$	710,683
Capital expenditures, net (1)	$	379,321		$	391,150		$	358,493		$	363,192		$	285,682
Total assets	$	9,634,113		$	8,974,443		$	8,311,723		$	8,200,843		$	7,665,245
Long-term borrowings	$	3,387,303		$	3,210,215		$	3,209,762		$	3,727,431		$	3,651,428
UHS’s common stockholders’ equity	$	4,249,647		$	3,735,946		$	3,249,979		$	2,713,345		$	2,296,352
Percentage of total debt to total capitalization		45	%		47	%		51	%		58	%		61	%
Operating Data—Acute Care Hospitals (2)
Average licensed beds		5,832			5,776			5,652			5,563			5,567
Average available beds		5,656			5,571			5,429			5,338			5,265
Inpatient admissions		261,727			251,165			246,160			245,234			250,278
Average length of patient stay		4.7			4.6			4.5			4.5			4.5
Patient days		1,218,991			1,167,726			1,112,541			1,095,790			1,114,807
Occupancy rate for licensed beds		57	%		55	%		54	%		54	%		55	%
Occupancy rate for available beds		59	%		57	%		56	%		56	%		58	%
Operating Data—Behavioral Health Facilities (2)
Average licensed beds		21,202			20,231			19,940			19,258			19,178
Average available beds		21,116			20,131			19,841			19,178			19,160
Inpatient admissions		447,007			426,510			401,565			373,437			351,086
Average length of patient stay		13.1			12.9			13.3			14.0			14.6
Patient days		5,835,134			5,518,660			5,354,334			5,212,800			5,130,245
Occupancy rate for licensed beds		75	%		75	%		74	%		74	%		73	%
Occupancy rate for available beds		76	%		75	%		74	%		74	%		73	%
Per Share Data
Net income attributable to UHS—basic	$	6.89		$	5.52		$	5.21		$	4.57		$	4.09
Net income attributable to UHS—diluted	$	6.76		$	5.42		$	5.14		$	4.53		$	4.04
Dividends declared	$	0.40		$	0.30		$	0.20		$	0.60		$	0.20
Other Information (in thousands)
Weighted average number of shares outstanding—basic		98,797			98,826			98,033			96,821			97,199
Weighted average number of shares and share equivalents outstanding—diluted		100,694			100,544			99,361			97,711			98,537

(1)	Amounts exclude non-cash capital lease obligations, if any.

(2)	Excludes statistical information related to divested facilities.

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