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Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues $ 4,113,239 [1] $ 3,944,540 [1] $ 3,743,330
Cost of sales 3,105,882 2,988,138 2,844,077
Gross profit 1,007,357 956,402 899,253
Selling, general and administrative expenses 670,609 650,655 628,044
Operating income 336,748 305,747 271,209
Interest expense, net 5,547 5,206 5,830
Income before income taxes 331,201 300,541 265,379
Income taxes 104,677 91,839 77,660
Net income 226,524 208,702 187,719
Less: net income attributable to non-controlling interest 53,595 57,315 59,996
Net income attributable to Watsco, Inc. $ 172,929 $ 151,387 $ 127,723
Earnings per share for Common and Class B common stock:      
Basic $ 4.91 [2] $ 4.33 [2] $ 3.69
Diluted $ 4.90 [2] $ 4.32 [2] $ 3.68
[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 even 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.