AmerUs Group Reports Record 2005 Operating Income of $192.5 Million.DES MOINES, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, -- AmerUs Group Co. (NYSE NYSE See: New York Stock Exchange :AMH AMH Abington Memorial Hospital (Abington, PA) AMH Anti-Müllerian Hormone AMH Australian Medicines Handbook AMH Automated Material Handling AMH Aviation Structural Mechanic (Hydraulics) US Navy Rating ), a leading producer of life insurance and annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. products, today reported year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. and fourth quarter results for 2005. Highlights include: YTD See Year-to-date. YTD See year to date (YTD). 2005 --Net income of $188.8 million or $4.43 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share --Record adjusted net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $192.5 million (1) or $4.52 per diluted share --Record accumulation Accumulation 1) In the context of individual investing, it is the process of contributing cash to invest in securities over a period of time in order to build a portfolio of desired value. Dividends and capital gains are also reinvested during this process. product sales (2) of $2.63 billion --Protection product sales (2) of $117.8 million 4Q2005 --Net income of $53.1 million or $1.26 per diluted share --Adjusted net operating income of $50.2 million (1) or $1.19 per diluted share --Accumulation product sales of $662 million (2) --Protection product sales of $31.2 million (2) Commenting on the company's results, chairman, president and chief executive officer Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs C. Godlasky said, "Our strong earnings report caps a number of significant accomplishments for AmerUs Group in 2005. During the year, investors were rewarded with a 26 percent increase in total shareholder value. We were added to the Russell 1000 index The Russell 1000 Index is a stock market index of US stocks. The ticker is "RUI" or similar. See Russell Indexes page for main discussion. See also the iShares Russell 1000. External links
Short for "Middle Cap," mid cap refers to stocks with a market capitalization of between $2 billion to $10 billion. Notes: As the name implies, a mid-cap is in the middle of the pack. A mid-cap isn't too big, but at the same time has a relatively decent market cap. company, and we were once again named to the Forbes Forbes , B(ertie) C(harles) 1880-1954. American publisher and businessman who founded and edited (1916-1954) Forbes magazine. His son Malcolm Stevenson Forbes 400 Platinum platinum (plăt`ənəm), metallic chemical element; symbol Pt; at. no. 78; at. wt. 195.08; m.p. 1,772°C;; b.p. 3,827±100°C;; sp. gr. 21.45 at 20°C;; valence +2 or +4. List." Accumulation Product Results and Sales Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta operating income for the accumulation segment increased 14 percent to $53.4 million during the fourth quarter of 2005 compared to $47.0 million a year ago. For the year, pre-tax operating income increased more than 12 percent to $183.8 million compared to $163.9 million for 2004. Sales of fixed annuity Fixed Annuity An insurance contract in which the insurance company makes fixed dollar payments to the annuitant for the term of the contract, usually until the annuitant dies. The insurance company guarantees both earnings and principal. products for the quarter were $662 million, compared to $607 million in the fourth quarter of 2004. Fixed annuity sales in 2005 increased 43 percent to $2.63 billion compared to $1.84 billion in 2004. Sales of indexed annuity products accounted for 91 percent of fixed annuity sales, increasing 57 percent over 2004 reported sales. Protection Product Results and Sales Pre-tax operating income for the protection segment increased five percent to $39.9 million compared to $38.2 million during the fourth quarter of 2004. For the year, pre-tax operating income grew more than 18 percent to $165.6 million compared to $140.2 million for 2004. Fourth quarter fixed life sales were $31.2 million, compared to $30.4 million in the fourth quarter of 2004. For the year, fixed life sales were $117.8 million, compared to $124.1 million in 2004. Sales of indexed life products accounted for 80 percent of total fixed life sales, an increase of 26 percent over 2004. "Consumer interest in indexed products continues to grow," said Godlasky, "because they satisfy critical needs in many financial and retirement plans." Net Investment Income Net investment income was $285.1 million in the fourth quarter of 2005 compared to $267.3 million in the fourth quarter of 2004. The increase was primarily the result of higher invested assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . The weighted average book yield during 2005 was 5.69 percent, compared to 5.71 percent in 2004. The new money investment rate for 2005 was 5.47 percent. 2006 Operating Income Guidance On January January: see month. 5, 2006, the company provided 2006 adjusted net operating income guidance of $4.90 to $5.10 per diluted share, an increase of eight to 13 percent over 2005 reported net adjusted operating income of $4.52 per diluted common share. (4) The 2006 earnings guidance includes the impact of expensing stock options of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.05 per diluted common share. The expensing of stock options commenced January 1, 2006 in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Statement of Financial Accounting Standards 123R, Share-Based Payment, A Revision (programming) revision - A release of a piece of software which is not a major release or a bugfix, but only introduces small changes or new features. of Accounting for Stock-Based Compensation. Corporate Actions During the quarter, the company's board of directors approved an annual common stock dividend of $0.40 per share payable December December: see month. 8, 2005 to shareholders of record on November November: see month. 18, 2005. The board of directors also approved a quarterly dividend of $0.40278 per share for its Series A non-cumulative perpetual PERPETUAL. That which is to last without limitation as to time; as, a perpetual statute, which is one without limit as to time, although not expressed to be so. preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. (NYSE: AMH Pr) payable on December 15, 2005 to preferred shareholders of record on November 18, 2005. Additionally, AmerUs Group will hold its annual meeting of shareholders at its corporate headquarters on May 4, 2006, at 2 p.m. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT . Individuals interested in attending the meeting should contact the company's corporate secretary's office at (515) 362-3695. 2006 Investor Conference The company will hold its annual investor conference in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. on February February: see month. 28, 2006 at the Inter-Continental The Barclay Barclay may refer to:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , 111 East 48th Street (at Lexington Lexington. 1 City (1990 pop. 225,366), seat of Fayette co., N central Ky., in the heart of the bluegrass region; inc. 1832, made coextensive with Fayette co. 1974. Avenue). Members of the investment community and other interested parties who wish to attend the conference should contact the company's Investor Relations Investor relations The process by which the corporation communicates with its investors. Department at (515) 362-3694. Conference Call, Audio Replay and Additional Financial Information Interested parties may listen to a conference call with AmerUs Group's management discussing fourth quarter 2005 results by calling (toll free) 888-730-9134 (international 210-234-0003) at 10 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy on Thursday Thursday: see week. , February 2, 2006. The passcode for the call is 'AmerUs'. An audio replay of AmerUs Group's call will be available through February 9, 2006. The replay can be accessed by dialing 888-568-0924 (international: 203-369-3213). Further detailed financial information, including operating segment income, investment composition, operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , margin analysis and product distribution by channel, can be found in AmerUs Group's Financial Supplement, which is available by accessing the company's web site at www.amerus.com or by contacting the company's investor relations department at (515) 362-3695. Caution Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Additionally, forward-looking statements are subject to assumptions, risks and uncertainties. Statements such as "guidance," "expect," "anticipate," "believe," "goal," "objective," "target," "may," "should," "estimate," "projects," or similar words as well as specific projections of future results qualify as forward-looking statements. Factors that may cause our actual results to differ materially from those contemplated by these forward-looking statements can be found in the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statement was made and AmerUs Group undertakes no obligation to update such forward-looking statements. There can be no assurance that other factors not currently anticipated by the company will not materially and adversely affect our results of operations. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf. AmerUs Group Co. is located in Des Moines, Iowa, and is engaged through its subsidiaries in the business of marketing individual life insurance and annuity products in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Its major subsidiaries include: AmerUs Life Insurance Company, American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Investors Life Insurance Company, Inc., Bankers Life Insurance Company of New York, and Indianapolis Indianapolis (ĭn'dēənă`pəlĭs), city (1990 pop. 731,327), state capital and seat of Marion co., central Ind., on the White River; selected 1820 as the site of the state capital (which was moved there in 1825), inc. 1847. Life Insurance Company. As of December 31, 2005, AmerUs Group's total assets were $24.8 billion and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. totaled $1.7 billion, including accumulated other comprehensive income In 1997 the Financial Accounting Standards Board issued a Statement on Financial Accounting Standards entitled “Comprehensive Income”. This statement required all income statement items to be reported either as a regular item in the income statement and or a special item as . (1) The company views adjusted net operating income and adjusted net operating income per share, non-GAAP financial measures, as important indicators of financial performance. When presented with net income and net income per share, the combined presentation can enhance an investor's understanding of AmerUs Group's underlying profitability and normalized results from operations. The definition of adjusted net operating income, as presented in this press release, excludes items such as: open block realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. and losses, deferred policy acquisition costs associated with open block realized gains and losses, non-insurance operations, net effect of derivative derivative: see calculus. derivative In mathematics, a fundamental concept of differential calculus representing the instantaneous rate of change of a function. related market value adjustments, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. following class certification, net, the release of income tax provisions, early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt, discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. and the cumulative effect of change in accounting. Non-GAAP measures are also used for goal setting, determining employee and management compensation and evaluating our performance on a basis comparable to that used by security analysts. A reconciliation of net income and net income per share to adjusted net operating income and adjusted net operating income per share has been included as part of this press release. (2) Sales for an insurance company are a performance measure. Sales are presented in accordance with industry practice and represent the amount of new business sold during the period. We believe sales are a measure of the productivity of our distribution networks. Sales are also a leading indicator Leading Indicator A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators are used to predict changes in the economy, but are not always accurate. of future revenue trends.
AMERUS GROUP CO.
ADJUSTED NET OPERATING INCOME
($ in thousands, except share data)
Adjusted net operating income reflects net income adjusted to
eliminate certain items, such as open block realized/unrealized gains
and losses; DAC and VOBA associated with the open block
realized/unrealized gains and losses; non-insurance operations;
derivative related market value adjustments; litigation following
class certification, net; the release of income tax provisions;
discontinued operations; early extinguishment of debt; and the
cumulative effect of change in accounting. Adjusted net operating
income shown below does not constitute our net income computed in
accordance with GAAP. The adjustments are presented net of income
taxes.
For The Three Months For The Year
Ended Ended
December 31, December 31,
2005 2004 2005 2004
----------------------- -----------------------
Net Income available
to common
stockholders $53,088 $67,875 $188,762 $192,642
Realized/unrealized
losses on open block
assets (A) 1,713 4,142 9,762 24,076
Net amortization of
DAC and VOBA due to
open block gains or
losses (B) (470) (306) (1,122) 375
Net effect of
derivative related
market value
adjustments (C) 632 (12,333) 1,812 (7,472)
Other income from non-
insurance operations
(D) (154) (215) (31) (897)
Litigation following
class certification,
net (E) - - 6,428 -
Income tax items (F) (4,614) (14,798) (24,609) (36,767)
Income from
discontinued
operations (G) - - - (3,899)
Early extinguishment
of debt (H) - - 11,449 -
Cumulative effect of
change in accounting
(I) - - - 510
----------------------- -----------------------
Adjusted Net Operating
Income available to
common stockholders $50,195 $44,365 $192,451 $168,568
======================= =======================
Adjusted Net Operating
Income available to
common stockholders
per common share:
Basic $1.29 $1.13 $4.93 $4.29
======================= =======================
Diluted $1.19 $1.06 $4.52 $4.10
======================= =======================
Weighted average
common shares
outstanding:
Basic 38,780,027 39,390,532 39,020,987 39,334,798
======================= =======================
Diluted 42,181,113 41,986,455 42,602,375 41,135,188
======================= =======================
AMERUS GROUP CO.
NOTES TO ADJUSTED NET OPERATING INCOME
(A) Represents total open block realized/unrealized gains or losses on
assets. Open block gains or losses may vary widely between
periods. Such amounts are determined by management's timing of
individual transactions or current market conditions and do not
necessarily correspond to the underlying operating trends. The
year ended December 31, 2005, includes a $6.3 million loss on the
disposition of the Company's 34% joint venture interest in AMAL.
The year ended December 31, 2004, includes a $7.7 million loss on
the Indianapolis Life office building.
(B) Represents amortization of deferred acquisition costs (DAC) and
value of business acquired (VOBA) on the open block
realized/unrealized gains and losses that are included in our
product margins.
(C) Represents the net effect of derivative related market value
adjustments. The accounting entries consist of cash flow hedge
amortization; market value adjustments on trading securities,
derivatives, and indexed contracts; and the associated change in
amortization of DAC and VOBA resulting from such adjustments.
(D) Represents the net income from our property operations which are
not part of our insurance operations.
(E) Represents litigation accruals following class certification, net
of insurance recoveries.
(F) Represents a reduction in the income tax accrual for the release
of provisions originally established for potential tax adjustments
which have been settled or eliminated and changes in deferred
income tax valuation allowances.
(G) Represents the net income from our discontinued operations.
(H) Represents expenses associated with the early extinguishment of
the OCEANs debt instrument.
(I) Represents the cumulative effect of change in accounting, net of
income taxes, as of January 1, 2004, resulting from the Company's
adoption of SOP 03-1.
AMERUS GROUP CO.
CONSOLIDATED STATEMENTS OF INCOME
($ in thousands, except share data)
For The Three Months For The Year
Ended December 31, Ended December 31,
2005 2004 2005 2004
----------------------- -----------------------
Revenues:
Insurance premiums $58,819 $68,556 $236,969 $267,666
Product charges 59,748 55,253 238,358 220,554
Net investment
income 285,111 267,273 1,109,503 1,037,447
Realized/unrealized
capital gains
(losses) 4,408 60,190 (14,908) 18,068
Other income 9,926 11,030 45,198 46,394
----------------------- -----------------------
418,012 462,302 1,615,120 1,590,129
----------------------- -----------------------
Benefits and expenses:
Policyowner benefits 233,531 256,345 858,528 888,696
Underwriting,
acquisition and
other expenses 37,681 43,603 157,562 155,064
Litigation following
class
certification, net - - 9,380 -
Amortization of
deferred policy
acquisition costs
and value of
business acquired 45,066 53,402 191,581 204,863
Dividends to
policyowners 15,830 20,134 86,467 81,092
----------------------- -----------------------
332,108 373,484 1,303,518 1,329,715
----------------------- -----------------------
Income from continuing
operations 85,904 88,818 311,602 260,414
Interest expense 8,477 7,976 32,173 32,120
Early extinguishment
of debt - - 19,082 -
----------------------- -----------------------
Income before income
tax expense 77,427 80,842 260,347 228,294
Income tax expense 21,922 12,967 69,168 39,041
----------------------- -----------------------
Net income from
continuing operations 55,505 67,875 191,179 189,253
Income from
discontinued
operations, net of
tax - - - 3,899
----------------------- -----------------------
Net income before
cumulative effect of
change in accounting 55,505 67,875 191,179 193,152
Cumulative effect of
change in accounting,
net of tax - - - (510)
----------------------- -----------------------
Net income 55,505 67,875 191,179 192,642
Dividends on preferred
stock 2,417 - 2,417 -
----------------------- -----------------------
Net income available
to common
stockholders $53,088 $67,875 $188,762 $192,642
======================= =======================
Net income from
continuing operations
available to common
stockholders per
common share:
Basic $1.37 $1.72 $4.84 $4.81
======================= =======================
Diluted $1.26 $1.62 $4.43 $4.60
======================= =======================
Net income available
to common
stockholders per
common share:
Basic $1.37 $1.72 $4.84 $4.90
======================= =======================
Diluted $1.26 $1.62 $4.43 $4.68
======================= =======================
Weighted average
common shares
outstanding:
Basic 38,780,027 39,390,532 39,020,987 39,334,798
======================= =======================
Diluted 42,181,113 41,986,455 42,602,375 41,135,188
======================= =======================
AMERUS GROUP CO.
CONSOLIDATED BALANCE SHEETS
($ in thousands)
December 31,
2005 2004
-------------------------
Assets
Investments:
Securities available-for-sale at fair
value:
Fixed maturity securities $16,727,933 $15,646,653
Equity securities 75,658 77,024
Short-term investments 9,998 2,979
Securities held for trading purposes:
Fixed maturity securities 1,414,225 1,718,125
Equity securities 2,358 15,468
Mortgage loans 976,135 865,733
Policy loans 483,441 486,071
Other investments 347,552 374,240
-------------------------
Total investments 20,037,300 19,186,293
Cash and cash equivalents 600,160 478,441
Accrued investment income 237,221 222,294
Premiums, fees and other receivables 40,667 39,688
Income taxes receivable 21,770 -
Reinsurance receivables 730,532 666,493
Deferred policy acquisition costs 1,755,159 1,248,009
Deferred sales inducements 261,322 137,538
Value of business acquired 356,949 374,792
Goodwill 228,869 226,291
Property and equipment 44,467 46,114
Other assets 306,655 296,409
Separate account assets 217,565 248,507
-------------------------
Total assets $24,838,636 $23,170,869
=========================
AMERUS GROUP CO.
CONSOLIDATED BALANCE SHEETS
($ in thousands)
December 31,
2005 2004
-------------------------
Liabilities and Stockholders' Equity
Liabilities:
Policy reserves and policyowner funds:
Future life and annuity policy benefits $19,486,854 $17,923,329
Policyowner funds 1,483,873 1,419,762
-------------------------
20,970,727 19,343,091
Accrued expenses and other liabilities 975,419 837,514
Dividends payable to policyowners 278,839 322,037
Policy and contract claims 66,137 70,465
Income taxes payable - 9,299
Deferred income taxes 71,583 145,332
Notes payable 556,051 571,155
Separate account liabilities 217,565 248,507
-------------------------
Total liabilities 23,136,321 21,547,400
Stockholders' equity:
Preferred Stock, no par value, 20,000,000
shares authorized, 6,000,000 shares
issued and outstanding in 2005 144,830 -
Common Stock, no par value, 230,000,000
shares authorized; 46,675,811 shares
issued and 38,612,874 shares outstanding
in 2005 44,225,902 shares issued and
39,400,663 shares outstanding in 2004 46,676 44,226
Additional paid-in capital - common stock 1,231,533 1,198,379
Accumulated other comprehensive income
(loss) (3,612) 114,670
Unearned compensation (3,783) (1,238)
Retained earnings 604,747 431,911
Treasury stock, at cost (8,062,937 shares
in 2005 and 4,825,239 shares in 2004) (318,076) (164,479)
-------------------------
Total stockholders' equity 1,702,315 1,623,469
-------------------------
Total liabilities and stockholders'
equity $24,838,636 $23,170,869
=========================
AMERUS GROUP CO.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Years Ended December 31, 2005 and 2004
($ in thousands)
Additional Accumulated
Paid-In Other
Preferred Common Capital Comprehensive
Stock Stock Common Stock Income (Loss)
------------ ------------- ------------- -------------
Balance at
December 31,
2003 $- $43,836 $1,184,237 $84,519
2004:
Net income - - - -
Net
unrealized
gain on
securities - - - 33,959
Net
unrealized
gain on
derivatives
designated
as cash flow
hedges - - - 420
Stock issued
under
various
incentive
plans, net
of
forfeitures - 390 14,142 -
Purchase of
treasury
stock - - - -
Dividends
declared on
common stock - - - -
Minimum
pension
liability
adjustment - - - (4,228)
------------ ------------- ------------- -------------
Balance at
December 31,
2004 - 44,226 1,198,379 114,670
2005:
Net income - - - -
Net
unrealized
loss on
securities - - - (118,034)
Net
unrealized
loss on
derivatives
designated
as cash flow
hedges - - - (248)
Issuance of
preferred
stock 144,830 - - -
Conversion of
OCEANs - 1,675 9,069 -
Stock issued
under
various
incentive
plans, net
of
forfeitures - 775 24,085 -
Purchase of
treasury
stock - - - -
Dividends
declared on
preferred
stock - - - -
Dividends
declared on
common stock - - - -
------------ ------------- ------------- -------------
Balance at
December 31,
2005 $144,830 $46,676 $1,231,533 $(3,612)
============ ============= ============= =============
Total
Unearned Retained Treasury Stockholders'
Compensation Earnings Stock Equity
------------ ------------- ------------- -------------
Balance at
December 31,
2003 $(1,361) $255,006 $(156,426) $1,409,811
2004:
Net income - 192,642 - 192,642
Net
unrealized
gain on
securities - - - 33,959
Net
unrealized
gain on
derivatives
designated
as cash flow
hedges - - - 420
Stock issued
under
various
incentive
plans, net
of
forfeitures 123 - 1,100 15,755
Purchase of
treasury
stock - - (9,153) (9,153)
Dividends
declared on
common stock - (15,737) - (15,737)
Minimum
pension
liability
adjustment - - - (4,228)
------------ ------------- ------------- -------------
Balance at
December 31,
2004 (1,238) 431,911 (164,479) 1,623,469
2005:
Net income - 191,179 - 191,179
Net
unrealized
loss on
securities - - - (118,034)
Net
unrealized
loss on
derivatives
designated
as cash flow
hedges - - - (248)
Issuance of
preferred
stock - - - 144,830
Conversion of
OCEANs - - - 10,744
Stock issued
under
various
incentive
plans, net
of
forfeitures (2,545) - 958 23,273
Purchase of
treasury
stock - - (154,555) (154,555)
Dividends
declared on
preferred
stock - (2,417) - (2,417)
Dividends
declared on
common stock - (15,926) - (15,926)
------------ ------------- ------------- -------------
Balance at
December 31,
2005 $(3,783) $604,747 $(318,076) $1,702,315
============ ============= ============= =============
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