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Financial Highlights

(US$ thousands, except per share amounts)   Year Ended December 31
  2019 2018 2017 2016 2015
Results From Operations    
Revenues 2,407,410 1,931,473 1,729,031 1,482,889 1,264,077
Adjusted EBITDA1 235,182 190,611 159,312 130,324 103,038
Operating earnings (loss) (174,419)3 127,568 104,962 90,550 70,747
Net earnings (loss) (227,631)3 90,280 75,047 54,243 38,198
Financial Position    
Total assets 1,955,469 1,007,474 848,266 770,964 600,483
Long-term debt 766,623 334,523 269,625 250,909 201,199
Shareholders' equity 425,887 236,226 192,286 181,028 167,026
Earnings Per Share Data    
Adjusted EPS2
 3.00 2.61 1.99 1.62 1.20
Diluted net earnings (loss) per common share (6.58)3 1.80 1.41 0.92 0.59
Diluted weighted average
  common shares outstanding (thousands)		 38,662 36,571 36,559 36,366 36,425
Cash dividends per common share 0.60 0.54 0.49 0.44 0.40
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.