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Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues $ 4,770,362 [1] $ 4,546,653 [1],[2] $ 4,341,955
Cost of sales 3,613,406 3,426,401 3,276,296
Gross profit 1,156,956 1,120,252 1,065,659
Selling, general and administrative expenses 800,328 757,452 715,671
Other income 10,256 9,282 3,886
Operating income 366,884 372,082 353,874
Interest expense, net 4,032 2,740 6,363
Income before income taxes 362,852 369,342 347,511
Income taxes 67,077 72,813 90,221
Net income 295,775 296,529 257,290
Less: net income attributable to non-controlling interest 49,825 53,597 49,069
Net income attributable to Watsco, Inc. $ 245,950 $ 242,932 $ 208,221
Earnings per share for Common and Class B common stock:      
Basic $ 6.51 [3] $ 6.50 [3] $ 5.81
Diluted $ 6.50 [3] $ 6.49 [3] $ 5.81
[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] Effective January 1, 2018, we adopted the provisions of accounting guidance related to revenue recognition. Amounts prior to January 1, 2018 have not been adjusted and remain as originally reported for such periods. See Note 3.
[3] 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.