Royal Caribbean Cruise Lines 2006 Annual Report Download - page 22

SELECTED FINANCIAL DATA
The selected consolidated financial data presented below for the years 2002 through 2006 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.
Year Ended December 31,
(in thousands, except per share data) 2006 2005 2004 2003 2002
Operating Data:
Total revenues $ 5,229,584 $ 4,903,174 $ 4,555,375 $ 3,784,249 $ 3,434,347
Operating income 858,446 871,565 753,589 526,185 550,975
Income before cumulative effect of a change
in accounting principle 633,922 663,465 474,691 280,664 351,284
Cumulative effect of a change in accounting principle1–52,491 – – –
Net income 633,922 715,956 474,691 280,664 351,284
Per Share Data – Basic:
Income before cumulative effect of a change
in accounting principle $ 3.01 $ 3.22 $ 2.39 $ 1.45 $ 1.82
Cumulative effect of a change in accounting principle1$–$ 0.25 $ – $ – $ –
Net income $ 3.01 $ 3.47 $ 2.39 $ 1.45 $ 1.82
Weighted-average shares 210,703 206,217 198,946 194,074 192,485
Per Share Data – Diluted:
Income before cumulative effect of a change
in accounting principle $ 2.94 $ 3.03 $ 2.26 $ 1.42 $ 1.76
Cumulative effect of a change in accounting principle1$–$ 0.22 $ – $ – $ –
Net income $ 2.94 $ 3.26 $ 2.26 $ 1.42 $ 1.76
Weighted-average shares and potentially dilutive shares 221,485 234,714 234,580 211,175 209,565
Dividends declared per common share $ 0.60 $ 0.56 $ 0.52 $ 0.52 $ 0.52
Balance Sheet Data:
Total assets $13,393,088 $11,255,771 $11,964,084 $11,322,742 $10,538,531
Total debt, including capital leases 5,413,744 4,154,775 5,731,944 5,835,804 5,444,838
Common stock 2,225 2,165 2,012 1,961 1,930
Total shareholders’ equity 6,091,575 5,554,465 4,804,520 4,262,897 4,034,694
1In 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.)
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 con-
trol 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 man-
agement concluded that our internal control over financial reporting was effective as of December 31, 2006. Our management’s assessment
of the effectiveness of our internal control over financial reporting as of December 31, 2006 has been audited by PricewaterhouseCoopers
LLP, an independent registered certified public accounting firm, as stated in their report which is included herein.
20 ROYAL CARIBBEAN CRUISES LTD.
Selected Financial Data and Management’s Report on Internal Control Over Financial Reporting