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v2.4.1.9

Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified | 12 Months Ended
--- | ---
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012
Revenues | $ 3,944,540 us-gaap_Revenues | [1] | $ 3,743,330 us-gaap_Revenues | [1] | $ 3,431,712 us-gaap_Revenues
Cost of sales | 2,988,138 us-gaap_CostOfGoodsAndServicesSold |  | 2,844,077 us-gaap_CostOfGoodsAndServicesSold |  | 2,617,317 us-gaap_CostOfGoodsAndServicesSold
Gross profit | 956,402 us-gaap_GrossProfit |  | 899,253 us-gaap_GrossProfit |  | 814,395 us-gaap_GrossProfit
Selling, general and administrative expenses | 650,655 us-gaap_SellingGeneralAndAdministrativeExpense |  | 628,044 us-gaap_SellingGeneralAndAdministrativeExpense |  | 589,487 us-gaap_SellingGeneralAndAdministrativeExpense
Operating income | 305,747 us-gaap_OperatingIncomeLoss |  | 271,209 us-gaap_OperatingIncomeLoss |  | 224,908 us-gaap_OperatingIncomeLoss
Interest expense, net | 5,206 us-gaap_InterestExpense |  | 5,830 us-gaap_InterestExpense |  | 4,665 us-gaap_InterestExpense
Income before income taxes | 300,541 us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |  | 265,379 us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest |  | 220,243 us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
Income taxes | 91,839 us-gaap_IncomeTaxExpenseBenefit |  | 77,660 us-gaap_IncomeTaxExpenseBenefit |  | 62,642 us-gaap_IncomeTaxExpenseBenefit
Net income | 208,702 us-gaap_ProfitLoss |  | 187,719 us-gaap_ProfitLoss |  | 157,601 us-gaap_ProfitLoss
Less: net income attributable to noncontrolling interest | 57,315 us-gaap_NetIncomeLossAttributableToNoncontrollingInterest |  | 59,996 us-gaap_NetIncomeLossAttributableToNoncontrollingInterest |  | 54,267 us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net income attributable to Watsco, Inc. | $ 151,387 us-gaap_NetIncomeLoss |  | $ 127,723 us-gaap_NetIncomeLoss |  | $ 103,334 us-gaap_NetIncomeLoss
Earnings per share for Common and Class B common stock: |  |  |  |  |
Basic | $ 4.33 us-gaap_EarningsPerShareBasic | [2] | $ 3.69 us-gaap_EarningsPerShareBasic | [2] | $ 2.70 us-gaap_EarningsPerShareBasic
Diluted | $ 4.32 us-gaap_EarningsPerShareDiluted | [2] | $ 3.68 us-gaap_EarningsPerShareDiluted | [2] | $ 2.70 us-gaap_EarningsPerShareDiluted
[1] | Sales of residential central air conditioners, heating equipment and parts and supplies are seasonal. Demand related to the residential central air conditioning replacement market is typically highest in the second and third quarters and demand for heating equipment is usually highest in the fourth quarter. Demand related to the new construction sectors throughout most of the markets is fairly consistent during the year, except for dependence on housing completions and related weather and economic conditions.
[2] | Quarterly and year-to-date earnings per share are calculated on an individual basis; therefore, the sum of earnings per share amounts for the quarters may not equal earnings per share amounts for the year.

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