Royal Caribbean Cruise Lines 2005 Annual Report Download - page 30

Year Ended December 31,
2005 2004 2003 2002 2001
(in thousands, except per share data)
Operating Data:
Total revenues $ 4,903,174 $ 4,555,375 $ 3,784,249 $ 3,434,347 $ 3,145,250
Operating income 871,565 753,589 526,185 550,975 455,605
Income before cumulative effect of
a change in accounting principle 663,465 474,691 280,664 351,284 254,457
Cumulative effect of a change in
accounting principle 152,491 ––––
Net income 715,956 474,691 280,664 351,284 254,457
Per Share Data — Basic:
Income before cumulative effect of
a change in accounting principle $ 3.22 $ 2.39 $ 1.45 $ 1.82 $ 1.32
Cumulative effect of a change
in accounting principle 1$ 0.25 $–$–$–$–
Net income $ 3.47 $ 2.39 $ 1.45 $ 1.82 $ 1.32
Weighted-average shares 206,217 198,946 194,074 192,485 192,231
Per Share Data — Diluted:
Income before cumulative effect of
a change in accounting principle $ 3.03 $ 2.26 $ 1.42 $ 1.76 $ 1.31
Cumulative effect of a change
in accounting principle 1$ 0.22 $–$–$–$–
Net income $ 3.26 $ 2.26 $ 1.42 $ 1.76 $ 1.31
Weighted-average shares and
potentially dilutive shares 234,714 234,580 211,175 209,565 202,004
Dividends declared per
common share $ 0.56 $ 0.52 $ 0.52 $ 0.52 $ 0.52
Balance Sheet Data:
Total assets $11,255,771 $ 11,964,084 $ 11,322,742 $ 10,538,531 $ 10,368,782
Total debt, including capital leases 4,154,775 5,731,944 5,835,804 5,444,838 5,646,112
Common stock 2,165 2,012 1,961 1,930 1,923
Total shareholders’ equity 5,554,465 4,804,520 4,262,897 4,034,694 3,756,584
1 In the third quarter of 2005, we changed our method of accounting for drydocking costs from the accrual in advance to the deferral method (see Note 2.
Summary of Significant
Accounting Policies
to our consolidated financial statements).
Selected Financial Data
The selected consolidated financial data presented below for the years 2001 through 2005 and as of the end of each such year, are derived
from our audited financial statements and should be read in conjunction with those financial statements and the related notes.
28 Royal Caribbean Cruises Ltd.
Selected Financial Data and
Management’s Report on Internal
Control Over Financial Reporting
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in
Exchange Act Rule 13a-15(f). Under the supervision and with the participation of our management, including our Chairman and Chief Executive
Officer and Executive Vice President and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over
financial reporting based on the framework in
Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of
the Treadway Commission. Based on our evaluation under the framework in
Internal Control-Integrated Framework , our management conclud-
ed that our internal control over financial reporting was effective as of December 31, 2005. Our management’s assessment of the effectiveness
of our internal control over financial reporting as of December 31, 2005 has been audited by PricewaterhouseCoopers LLP, an independent reg-
istered certified public accounting firm, as stated in their report which is included herein.