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Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues $ 5,054,928 [1] $ 4,770,362 [1] $ 4,546,653
Cost of sales 3,832,107 3,613,406 3,426,401
Gross profit 1,222,821 1,156,956 1,120,252
Selling, general and administrative expenses 833,051 800,328 757,452
Other income 11,264 10,256 9,282
Operating income 401,034 366,884 372,082
Interest expense, net 1,239 4,032 2,740
Income before income taxes 399,795 362,852 369,342
Income taxes 76,623 67,077 72,813
Net income 323,172 295,775 296,529
Less: net income attributable to non-controlling interest 53,593 49,825 53,597
Net income attributable to Watsco, Inc. $ 269,579 $ 245,950 $ 242,932
Earnings per share for Common and Class B common stock:      
Basic $ 7.03 [2] $ 6.51 [2] $ 6.50
Diluted $ 7.01 [2] $ 6.50 [2] $ 6.49
[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 first and fourth quarters. 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.