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Financial Highlights

(US$ thousands, except per share amounts)   Year Ended December 31
  2020 2019 2018 2017 2016
Operations    
Revenues 2,772,415 2,407,410 1,931,473 1,729,031 1,482,889
Operating earnings (loss) 169,412 (174,419)3 127,568 104,962 90,550
Net earnings 109,590 (227,631)3 90,280 75,047 54,243
Financial position    
Total assets 2,196,540 1,955,469 1,007,474 848,266 770,964
Long-term debt 589,604 766,623 334,523 269,625 250,909
Redeemable non-controlling interests 193,034 174,662 151,585 117,708 102,352
Shareholders' equity 660,398 425,887 236,226 192,286 181,028
Common share data    
Net earnings (loss) per common share:    
Basic 2.04 (6.58)3 1.83 1.43 0.93
Diluted 2.02 (6.58) 1.80 1.41 0.92
Weighted average common shares
  outstanding (thousands)		    
Basic 42,756 38,225 35,952 35,909 35,966
Diluted 43,184 38,662 36,571 36,559 36,366
Cash dividends per common share 0.66 0.60 0.54 0.49 0.44
Common share data    
Adjusted EBITDA 283,722 235,182 190,611 159,312 130,324
Adjusted EPS 3.46 3.00 2.61 1.99 1.62
Notes
  1. Adjusted EBITDA is defined as net earnings before income tax, interest, depreciation, amortization, other (income) expense, acquisition-related items, stock-based compensation expense and the settlement of the long-term incentive arrangement.
  2. Adjusted earnings per share is defined as diluted net earnings per common share, adjusted for the effect, after income tax, of the non-controlling interest redemption increment, amortization, acquisition-related items, stock-based compensation expense, a stock-based compensation tax adjustment related to a US GAAP change and the settlement of the long-term incentive arrangement.
  3. Includes the impact of $314 million of expense associated with the settlement of the long-term incentive arrangement with FirstService's Founder and Chairman.