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v3.8.0.1

Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015
Revenues | $ 4,341,955 | [1] | $ 4,220,702 | [1] | $ 4,113,239
Cost of sales | 3,276,296 |  | 3,186,118 |  | 3,105,882
Gross profit | 1,065,659 |  | 1,034,584 |  | 1,007,357
Selling, general and administrative expenses | 715,671 |  | 688,952 |  | 670,609
Other income | 3,886 |  |  |  |
Operating income | 353,874 |  | 345,632 |  | 336,748
Interest expense, net | 6,363 |  | 3,713 |  | 5,547
Income before income taxes | 347,511 |  | 341,919 |  | 331,201
Income taxes | 90,221 |  | 105,936 |  | 104,677
Net income | 257,290 |  | 235,983 |  | 226,524
Less: net income attributable to non-controlling interest | 49,069 |  | 53,173 |  | 53,595
Net income attributable to Watsco, Inc. | $ 208,221 |  | $ 182,810 |  | $ 172,929
Earnings per share for Common and Class B common stock: |  |  |  |  |
Basic | $ 5.81 | [2] | $ 5.16 | [2] | $ 4.91
Diluted | $ 5.81 | [2] | $ 5.15 | [2] | $ 4.90
[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 evenly distributed throughout 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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