Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenue      
Total revenue $ 6,462,376 $ 6,055,126 $ 5,396,175
Cruise operating expense      
Payroll and related 924,157 881,606 803,632
Fuel 409,602 392,685 361,032
Total cruise operating expense 3,663,261 3,377,076 3,063,644
Other operating expense      
Marketing, general and administrative 974,850 897,929 773,755
Depreciation and amortization 646,188 561,060 509,957
Total other operating expense 1,621,038 1,458,989 1,283,712
Operating income 1,178,077 1,219,061 1,048,819
Non-operating income (expense)      
Interest expense, net (272,867) (270,404) (267,804)
Other income (expense), net 6,155 20,653 (10,401)
Total non-operating income (expense) (266,712) (249,751) (278,205)
Net income before income taxes 911,365 969,310 770,614
Income tax benefit (expense) 18,863 (14,467) (10,742)
Net income $ 930,228 $ 954,843 $ 759,872
Weighted-average shares outstanding      
Basic (in shares) 214,929,977 223,001,739 228,040,825
Diluted (in shares) 216,475,076 224,419,205 229,418,326
Earnings per share      
Basic (in dollars per share) $ 4.33 $ 4.28 $ 3.33
Diluted (in dollars per share) $ 4.30 $ 4.25 $ 3.31
Commissions, transportation and other      
Cruise operating expense      
Total cruise operating expense $ 1,120,886 $ 998,948 $ 894,406
Passenger ticket      
Revenue      
Total revenue 4,517,393 4,259,815 3,750,030
Onboard and other      
Revenue      
Total revenue 1,944,983 1,795,311 1,646,145
Cruise operating expense      
Total cruise operating expense 394,673 348,656 319,293
Food      
Cruise operating expense      
Total cruise operating expense 222,602 216,031 198,357
Other      
Cruise operating expense      
Total cruise operating expense $ 591,341 $ 539,150 $ 486,924