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,
	2016			2015			2014			2013			2012
Summary of Operations (in thousands)
Net revenues	$	9,766,210		$	9,043,451		$	8,205,088		$	7,367,873		$	7,054,182
Income before income taxes	$	1,156,358		$	1,145,901		$	929,667		$	869,332		$	763,663
Net income attributable to UHS	$	702,409		$	680,528		$	545,343		$	510,733		$	443,446
Net margin		7.2	%		7.5	%		6.6	%		6.9	%		6.3	%
Return on average equity		16.0	%		16.6	%		15.3	%		16.8	%		17.2	%
Financial Data (in thousands)
Cash provided by operating activities	$	1,288,474		$	1,020,898		$	1,035,876		$	884,241		$	799,231
Capital expenditures, net (1)	$	519,939		$	379,321		$	391,150		$	358,493		$	363,192
Total assets	$	10,317,802		$	9,615,444		$	8,974,443		$	8,311,723		$	8,200,843
Long-term borrowings	$	4,030,230		$	3,368,634		$	3,210,215		$	3,209,762		$	3,727,431
UHS’s common stockholders’ equity	$	4,533,220		$	4,249,647		$	3,735,946		$	3,249,979		$	2,713,345
Percentage of total debt to total capitalization		48	%		45	%		47	%		51	%		58	%
Operating Data—Acute Care Hospitals (2)
Average licensed beds		5,934			5,832			5,776			5,652			5,563
Average available beds		5,759			5,656			5,571			5,429			5,338
Inpatient admissions		274,074			261,727			251,165			246,160			245,234
Average length of patient stay		4.6			4.7			4.6			4.5			4.5
Patient days		1,251,511			1,218,969			1,167,726			1,112,541			1,095,790
Occupancy rate for licensed beds		58	%		57	%		55	%		54	%		54	%
Occupancy rate for available beds		59	%		59	%		57	%		56	%		56	%
Operating Data—Behavioral Health Facilities (2)
Average licensed beds		21,829			21,202			20,231			19,940			19,258
Average available beds		21,744			21,116			20,131			19,841			19,178
Inpatient admissions		456,052			447,007			426,510			401,565			373,437
Average length of patient stay		13.2			13.1			12.9			13.3			14.0
Patient days		6,004,066			5,835,134			5,518,660			5,354,334			5,212,800
Occupancy rate for licensed beds		75	%		75	%		75	%		74	%		74	%
Occupancy rate for available beds		75	%		76	%		75	%		74	%		74	%
Per Share Data
Net income attributable to UHS—basic	$	7.22		$	6.89		$	5.52		$	5.21		$	4.57
Net income attributable to UHS—diluted	$	7.14		$	6.76		$	5.42		$	5.14		$	4.53
Dividends declared	$	0.40		$	0.40		$	0.30		$	0.20		$	0.60
Other Information (in thousands)
Weighted average number of shares outstanding—basic		97,208			98,797			98,826			98,033			96,821
Weighted average number of shares and share equivalents outstanding—diluted		98,380			100,694			100,544			99,361			97,711

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

(2)	Excludes statistical information related to divested facilities.

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