AmerUs Group Reports Record Fourth Quarter Operating Income of $67.9 million; 2004 Record Net Income of $192.6 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 record fourth quarter and 2004 results. Highlights include: --Record net income of $67.9 million, or $1.62 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 2004 net income of $192.6 million, or $4.68 per diluted 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 $44.4 million (1), or $1.06 per diluted share; --Record 2004 adjusted net operating income of $168.6 million (1), or $4.10 per diluted share; --Book value of $38.29 (2), an increase of more than 13 percent over 2003; --Accumulation product sales increased 47 percent to $607 million (3); --Protection product sales increased to $30.4 million (3); --National leadership: --#1 national producer of equity indexed life insurance for the 14th consecutive quarter --Ranked among the top five national producers of equity indexed annuity products for the 14th consecutive quarter Commenting on the company's results, chairman and chief executive officer Roger K. Brooks Brooks , Gwendolyn Elizabeth 1917-2000. American poet known for her verse detailing the dreams and struggles of African Americans. An early volume of poems, Annie Allen (1949), was awarded a Pulitzer Prize. Noun 1. said, "2004 was an outstanding year for us. I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in particularly pleased with our record net income and operating income as well as the ongoing dramatic growth in product margin over the last two years. Our investors were rewarded by these results, as evidenced by the 30 percent increase in our stock price during 2004." 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 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 more than 27 percent to $47.0 million during the fourth quarter of 2004 compared to $36.9 million a year ago. The increase was primarily due to higher margins on the growing block of equity indexed annuities. 2004 pre-tax operating income increased more than 25 percent to $163.9 million compared to $130.9 million for 2003. 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 $607 million, an all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal record high for the company, compared to $414 million in the fourth quarter of last year. Fixed annuity sales in 2004 were $1.84 billion compared to $1.75 billion in 2003. Equity indexed annuities, the company's most profitable annuity product, comprised 83 percent of 2004 sales. Protection Product Results and Sales Pre-tax operating income for the protection segment increased by more than 16 percent to $38.2 million compared to $32.7 million during the fourth quarter of 2003. The increase in earnings was primarily due to higher margins on the growing block of equity indexed and universal life insurance products. In 2004, pre-tax operating income grew more than 9 percent to $140.2 million compared to $128.3 million for 2003. Fourth quarter fixed life sales were $30.4 million, compared to $30.1 million in the fourth quarter of 2003. 2004 fixed life sales were $124.1 million, compared to $118.6 million in 2003. "Our protection product sales during 2004 were our most profitable ever as we continue to shift our business mix toward equity indexed products," said Brooks. Equity indexed life sales, AmerUs Group's most profitable protection product, amounted to 60 percent of total sales, or $74.7 million in 2004, an increase of 45 percent over 2003. Net Investment Income Net investment income was $267 million in the fourth quarter of 2004 compared to $251 million in the fourth quarter of 2003. The increase was a 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 earned portfolio yield during 2004 was 5.74 percent, compared to 5.84 percent in 2003. The new money investment rate for 2004 was 5.50%. 2005 Operating Income Guidance On January January: see month. 4, 2005, the company provided 2005 adjusted net operating income guidance of $4.45 to $4.57 per diluted share, an increase of 8.5 percent to 11.5 percent over 2004 operating income results of $4.10 per diluted share (4). Corporate Actions During the quarter, the company paid its annual dividend of $0.40 per share on December December: see month. 15, 2004 to shareholders of record on November November: see month. 28, 2004. Additionally, 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. 22, 2005 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) 362-3695. AmerUs Group will hold its annual meeting of shareholders at its corporate headquarters on April 28, 2005, 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 . Individual interested in attending the meeting should contact the company's corporate secretary's office at (515) 362-3695. Conference Call, Audio Replay and Additional Financial Information Interested parties may listen to a conference call with AmerUs Group's management discussing fourth quarter 2004 results by calling (toll free) 888-399-7388 (international 210-839-8855) at 10 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy on Thursday Thursday: see week. , February 3, 2005. The passcode for the call is 'AmerUs'. An audio replay of AmerUs Group's call will be available at 1 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. , February 3, 2005, through February 10, 2005. The replay can be accessed by dialing 800-925-4627 (international: 402-220-4183). 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, 2004, AmerUs Group's total assets were $23.2 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 $1.6 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, a non-GAAP financial measure, as an important indicator Indicator Anything used to predict future financial or economic trends. Notes: In the context of technical analysis, an indicator is a mathematical calculation based on a securities price and/or volume. The result is used to predict future prices. of financial performance. When presented with net income, 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, restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs, the impact of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 133, the release of income tax provisions, 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 to adjusted net operating income has been included as part of this press release. (2) Book value excluding accumulated other comprehensive income (AOCI AOCI Accumulated Other Comprehensive Income AOCI Airport Operators Council International (now Airports Association Council International) AOCI Airborne Ocean Color Imager AOCI Accredited Off-Campus Instruction AOCI Adoption Option Committee, Inc. ) is a non-GAAP financial measure. A reconciliation to GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). book value has been provided below:
-----------------------------------------
Accumulated Other
Non-GAAP Comprehensive
Basis Income Items GAAP Basis
----------------------------------------------------------------------
Total stockholder's equity $1,508,799 $117,712 $1,626,511
----------------------------------------------------------------------
Number of shares of common
stock outstanding 39,400,663 39,400,663
----------------------------------------------------------------------
Book value per share $38.29 $41.28
----------------------------------------------------------------------
(3) Sales for an insurance company are a performance measure. Sales are presented in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with industry practice and represent the amount of new business sold during the period. We believe sales are a measure of the productivity of our distribution networks. Sales are also a leading indicator Leading Indicator A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators are used to predict changes in the economy, but are not always accurate. of future revenue trends. (4) Adjusted net operating income per share is a non-GAAP financial measure. Due to the unpredictability of the timing and recognition of gains and losses, especially items such as credit impairments, trading gains and losses, FAS 133 adjustments as well as the unpredictable nature of certain other unusual or non-recurring items that management believes are not indicative indicative: see mood. of ongoing operational performance, guidance on GAAP net income cannot readily be estimated. Accordingly, the company is unable to provide guidance with respect to, or a reconciliation of guidance on, adjusted net operating income per share to GAAP net income per share.
AMERUS GROUP CO.
ADJUSTED NET OPERATING INCOME
($ 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;
restructuring costs; derivative related market value adjustments;
reinsurance adjustments; the release of income tax provisions;
discontinued operations 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,
2004 2003 2004 2003
---------------------- ----------------------
Net Income $67,875 $40,811 $192,642 $161,147
Realized/unrealized
(gains) losses on open
block assets (A) 4,142 (1,221) 24,076 (20,941)
Net amortization of DAC
and VOBA due to open
block gains or losses (B) (306) (499) 375 5,989
Net effect of derivative
related market value
adjustments (C) (12,333) (5,165) (7,472) (8,553)
Restructuring costs (D) - 3,767 - 14,989
Other (income) loss from
non-insurance
operations (E) (215) (312) (897) (742)
Reinsurance adjustments (F) - - - (2,505)
Income tax items (G) (14,798) - (36,767) -
Income from discontinued
operations (H) - (247) (3,899) (1,815)
Cumulative effect of
change in accounting (I) - 1,296 510 1,296
---------------------- ----------------------
Adjusted Net Operating
Income $44,365 $38,430 $168,568 $148,865
====================== ======================
Adjusted Net Operating
Income per common share:
Basic $1.13 $0.98 $4.29 $3.80
====================== ======================
Diluted $1.06 $0.96 $4.10 $3.76
====================== ======================
Weighted average common
shares outstanding:
Basic 39,390,532 39,268,068 39,334,798 39,175,924
====================== ======================
Diluted 41,986,455 40,133,053 41,135,188 39,618,217
====================== ======================
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, 2004, includes a $7.7 million loss on the
Indianapolis Life office building, which was an asset classified
as held for sale and carried at fair value.
(B) Represents amortization of deferred acquisition costs (DAC) and
value of business acquired (VOBA) on the open block realized 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 equity indexed contracts; and the associated
change in amortization of DAC and VOBA resulting from such
adjustments.
(D) Represents costs of restructuring our operations to eliminate
duplicative functions and to merge IL Annuity and Insurance
Company (ILA) into Indianapolis Life Insurance Company (ILIC). The
costs consist primarily of relocation of employees, severance and
termination benefits, impairment loss on the ILIC office building
of $5.0 million in the second quarter of 2003, systems conversion,
and merger related expenses.
(E) Represents the net income from our property operations which is
not part of our insurance operations.
(F) Represents adjustments for the release of a $5.3 million liability
in conjunction with the settlement and amendment of a reinsurance
arrangement and a $2.8 million true-up of pre-2003 reinsurance
settlements under a reinsurance arrangement between the ILIC open
block and closed block. As these items are not of a continuing
nature, they are excluded from adjusted net operating income.
(G) Represents a reduction in the income tax accrual for prior year
tax overpayments, the release of provisions originally established
for potential tax adjustments which have been settled or
eliminated and changes in deferred income tax asset valuation
allowances.
(H) Represents the net income from our discontinued operations.
(I) For 2004, represents the cumulative effect of change in
accounting, net of income taxes, as of January 1, 2004, resulting
from the Company's adoption of SOP 03-1. For 2003, represents the
cumulative effect of change in accounting for derivatives, net of
income taxes, as of October 1, 2003, resulting from the Company's
adoption of DIG Issue B36. DIG B36 was effective the first day of
the fiscal quarter beginning after September 15, 2003.
AMERUS GROUP CO.
CONSOLIDATED STATEMENTS OF INCOME
($ in thousands, except share data)
For The Three Months For The Year Ended
Ended December 31, December 31,
2004 2003 2004 2003
---------------------- -----------------------
Revenues:
Insurance premiums $68,556 $71,593 $267,666 $297,188
Product charges 55,253 45,186 220,554 181,354
Net investment income 267,273 250,816 1,037,447 1,001,914
Realized/unrealized
capital gains
(losses) 60,190 55,926 18,068 131,291
Other income 17,022 17,838 71,381 68,298
---------------------- -----------------------
468,294 441,359 1,615,116 1,680,045
---------------------- -----------------------
Benefits and expenses:
Policyowner benefits 256,345 270,106 888,696 953,834
Underwriting,
acquisition and other
expenses 49,595 40,935 180,051 155,468
Restructuring costs - 5,879 - 23,294
Amortization of
deferred policy
acquisition costs and
value of business
acquired 53,402 42,490 204,863 179,664
Dividends to
policyowners 20,134 12,063 81,092 98,393
---------------------- -----------------------
379,476 371,473 1,354,702 1,410,653
---------------------- -----------------------
Income from continuing
operations 88,818 69,886 260,414 269,392
Interest expense 7,976 7,917 32,120 30,154
---------------------- -----------------------
Income before income tax
expense 80,842 61,969 228,294 239,238
Income tax expense 12,967 20,109 39,041 78,610
---------------------- -----------------------
Net income from
continuing operations 67,875 41,860 189,253 160,628
Income from discontinued
operations, net of tax - 247 3,899 1,815
---------------------- -----------------------
Net income before
cumulative effect of
change in accounting 67,875 42,107 193,152 162,443
Cumulative effect of
change in accounting,
net of tax - (1,296) (510) (1,296)
---------------------- -----------------------
Net income $67,875 $40,811 $192,642 $161,147
====================== =======================
Net income from
continuing operations
per common share:
Basic $1.72 $1.07 $4.81 $4.10
====================== =======================
Diluted $1.62 $1.04 $4.60 $4.05
====================== =======================
Net income per common
share:
Basic $1.72 $1.04 $4.90 $4.11
====================== =======================
Diluted $1.62 $1.02 $4.68 $4.07
====================== =======================
Weighted average common
shares outstanding:
Basic 39,390,532 39,268,068 39,334,798 39,175,924
====================== =======================
Diluted 41,986,455 40,133,053 41,135,188 39,618,217
====================== =======================
AMERUS GROUP CO.
CONSOLIDATED BALANCE SHEETS
($ in thousands)
December 31,
2004 2003
------------------------
Assets
Investments:
Securities available-for-sale at fair value:
Fixed maturity securities $15,646,653 $13,944,961
Equity securities 77,024 74,890
Short-term investments 2,979 28,556
Securities held for trading purposes:
Fixed maturity securities 1,718,125 2,089,502
Equity securities 15,468 1,652
Short-term investments - 591
Mortgage loans 865,733 968,572
Policy loans 486,071 494,646
Other investments 374,240 380,915
------------------------
Total investments 19,186,293 17,984,285
Cash and cash equivalents 478,441 274,150
Accrued investment income 222,294 205,492
Premiums, fees and other receivables 39,688 42,761
Reinsurance receivables 666,493 663,452
Deferred policy acquisition costs 1,248,009 1,021,856
Capitalized bonus interest 137,538 98,274
Value of business acquired 374,792 419,582
Goodwill 226,291 224,075
Property and equipment 46,114 48,849
Other assets 296,435 311,305
Separate account assets 248,507 261,657
Assets of discontinued operations - 27,950
------------------------
Total assets $23,170,895 $21,583,688
========================
CONSOLIDATED BALANCE SHEETS
($ in thousands)
December 31,
2004 2003
------------------------
Liabilities and Stockholders' Equity
Liabilities:
Policy reserves and policyowner funds:
Future life and annuity policy benefits $17,923,329 $16,994,255
Policyowner funds 1,419,762 1,306,160
------------------------
19,343,091 18,300,415
Accrued expenses and other liabilities 831,036 459,240
Dividends payable to policyowners 323,223 321,233
Policy and contract claims 70,465 58,880
Income taxes payable 29,727 50,274
Deferred income taxes 127,180 80,861
Notes payable 571,155 621,896
Separate account liabilities 248,507 261,657
Liabilities of discontinued operations - 19,421
------------------------
Total liabilities 21,544,384 20,173,877
Stockholders' equity:
Preferred Stock, no par value, 20,000,000
shares authorized, none issued - -
Common Stock, no par value, 230,000,000
shares authorized; 44,225,902 shares issued
and 39,400,663 shares outstanding in 2004;
43,836,608 shares issued and 39,194,602
shares outstanding in 2003 44,226 43,836
Additional paid-in capital 1,198,379 1,184,237
Accumulated other comprehensive income 117,712 84,519
Unearned compensation (1,238) (1,361)
Unallocated ESOP shares - -
Retained earnings 431,911 255,006
Treasury stock, at cost (4,825,239 shares in
2004 and 4,642,006 shares in 2003) (164,479) (156,426)
Total stockholders' equity 1,626,511 1,409,811
------------------------
Total liabilities and stockholders'
equity $23,170,895 $21,583,688
========================
AMERUS GROUP CO.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Years Ended December 31, 2004 and 2003
($ in thousands)
Accumulated
Additional Other
Common Paid-In Comprehensive Unearned
Stock Capital Income (Loss) Compensation
-------------------- --------------------------
Balance at December 31,
2002 $43,656 $1,179,646 $88,522 $(458)
2003:
Net income - - - -
Net unrealized gain
on securities - - 1,971 -
Net unrealized gain
on derivatives
designated as cash
flow hedges - - 2,476 -
Change in accounting
transfer of
unrealized gain on
available-for-sale
securities to
trading - - (5,204) -
Stock issued under
various incentive
plans, net of
forfeitures 180 11,717 - (903)
PRIDES purchase
contract adjustments
and allocated fees
and expenses - (7,280) - -
Dividends declared on
common stock - - - -
Allocation of shares
in leveraged ESOP - 154 - -
Minimum pension
liability adjustment - - (3,246) -
-------- ----------- ------------- ------------
Balance at December 31,
2003 43,836 1,184,237 84,519 (1,361)
2004:
Net income - - - -
Net unrealized gain
(loss) on securities - - 32,773 -
Net unrealized gain
(loss) on
derivatives
designated as cash
flow hedges - - 420 -
Stock issued under
various incentive
plans, net of
forfeitures 390 14,142 - 123
Purchase of treasury
stock - - - -
Dividends declared on
common stock - - - -
-------- ----------- ------------- ------------
Balance at December 31,
2004 $44,226 $1,198,379 $117,712 $(1,238)
======== =========== ============= ============
Unallocated Total
ESOP Retained Treasury Stockholders'
Shares Earnings Stock Equity
----------- --------- ---------- -------------
Balance at December 31,
2002 $(1,443) $109,517 $(156,492) $1,262,948
2003:
Net income - 161,147 - 161,147
Net unrealized gain on
securities - - - 1,971
Net unrealized gain on
derivatives
designated as cash
flow hedges - - - 2,476
Change in accounting
transfer of
unrealized gain on
available-for-sale
securities to trading - - - (5,204)
Stock issued under
various incentive
plans, net of
forfeitures - - 66 11,060
PRIDES purchase
contract adjustments
and allocated fees
and expenses - - - (7,280)
Dividends declared on
common stock - (15,658) - (15,658)
Allocation of shares
in leveraged ESOP 1,443 - - 1,597
Minimum pension
liability adjustment - - - (3,246)
----------- --------- ---------- -------------
Balance at December 31,
2003 - 255,006 (156,426) 1,409,811
2004:
Net income - 192,642 - 192,642
Net unrealized gain
(loss) on securities - - - 32,773
Net unrealized gain
(loss) on derivatives
designated as cash
flow hedges - - - 420
Stock issued under
various incentive
plans, net of
forfeitures - - 1,100 15,755
Purchase of treasury
stock - - (9,153) (9,153)
Dividends declared on
common stock - (15,737) - (15,737)
----------- --------- ---------- -------------
Balance at December 31,
2004 $- $431,911 $(164,479) $1,626,511
=========== ========= ========== =============
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