Financial Highlights

(US$ thousands, except per share amounts)
Year Ended December 31  
   
2016
2015
2014
2013
2012
       
Operations
     
Revenues
$
1,482,889
$ 1,264,077 $
1,132,002
$
1,038,087
$
939,821
Adjusted EBITDA1
130,324
103,038
74,997
78,913
78,932
Operating earnings
90,550
70,747
45,621
37,083
53,478
Net earnings
54,243
38,198
26,192
18,452
30,765
       
Financial Position
     
Total assets
$
770,964
$
600,483
$
615,544
$
610,297
$
591,438
Long-term debt
 
250,909
201,199
239,357
225,425
216,370
Shareholders' equity
 
181,028
167,026
158,749
168,660
174,834

Year Ended December 31  
   
2016
2015
2014
2013
2012
Earnings Per Share Data
     
Adjusted EPS2
$
1.62
$
1.20
$
0.84
$
0.96
$
-
Diluted net earnings per common share
0.92
0.59
0.36
0.09
-
Diluted weighted average
  common shares outstanding (thousands)
36,366
36,425
36,363
36,306
-
Cash dividends per common share
$
0.44
$
0.40
$
-
$
-
$
-
 
Notes
  1. Adjusted EBITDA is defi ned as net earnings before income tax, interest, depreciation, amortization, other (income) expense, acquisition-related items, and stock-based compensation expense.
  2. Adjusted earnings per share is defi ned as diluted net earnings per common share, adjusted for the effect, after income tax, of non-controlling interest redemption increment, amortization, acquisition-related items, stock-based compensation expense, and spin-off charges.

FirstService Unaudited Historical Quarterly Earnings

The unaudited historical quarterly earnings summary reflects the operations of FirstService Corporation on a consolidated and carve-out combined basis for Q2 2015, and on a carve-out combined basis for the periods prior to the spin-off which occurred on June 1, 2015.