AmerUs Group Reports Record Third Quarter Operating Income of $48.6 Million; $1.14 Per Share.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 third quarter 2005 results. Highlights for the quarter include: --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 $48.6 million, or $1.14 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(1) --Net income of $38.6 million, or $0.91 per diluted share --Book value of $39.51 per share(4) --Life insurance product sales(2) of $30 million --Fixed annuity product sales(2) of $686 million Commenting on the company's third quarter 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, "This quarter's results once again reflect our strategic focus, strong distribution management, investment management skill and risk management expertise. Our products offer excellent value to our customers and profitable results for our shareholders." Quarterly net income was $38.6 million or $0.91 per diluted share compared to $42.9 million or $1.04 per diluted share a year ago. Quarterly adjusted net operating income increased 15 percent to $48.6 million or $1.14 per diluted share compared to $42.3 million or $1.03 per diluted share a year ago. On a year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. basis, AmerUs Group's reported net income grew nearly nine percent to $135.7 million, or $3.17 per diluted share, compared to $124.8 million or $3.06 per diluted share a year ago. Adjusted net operating income for the same period grew 15 percent to $142.3 million, or $3.33 per diluted share, compared to $124.2 million, or $3.04 per diluted share a year ago. Protection Product Sales(2) and Results 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 protection segment increased 18 percent to $40.3 million compared to $34.0 million in the third quarter of 2004. The increase was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the growing block of indexed life business and increased product margins. Year-to-date, pre-tax operating income increased 23 percent to $125.6 million compared to $102.0 million in 2004. Third quarter fixed life sales were $29.6 million, compared to $28.4 million in the third quarter of 2004. Year-to-date sales of indexed life products, driven by consumer demand, increased to $66.1 million, or 76 percent, of total fixed life sales, compared to $54.0 million, or 58 percent, in 2004. Total fixed life sales for this period declined from $93.7 million a year ago to $86.7 million. AmerUs Group is the leading producer of indexed life insurance and has held this position for 17 consecutive quarters. For the year, AmerUs Group expects total fixed life sales of $115-$120 million. 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) and Results Pre-tax operating income for the accumulation segment increased 15 percent to $47.9 million during the third quarter of 2005 compared to $41.6 million a year ago. The increase was due to the continued shift in business mix from traditional fixed annuities Fixed annuities Contracts in which an insurance company or issuing financial institution pays a fixed dollar amount of money per period. to higher margin indexed annuity products and more 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. . Year-to-date, pre-tax operating income increased more than 11 percent to $130.4 million compared to $116.9 million for the first nine months of 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 totaled $686 million, compared with $427 million in the third quarter of 2004. Indexed annuity products, driven by increased consumer demand, comprised 92 percent of third quarter sales compared to 84 percent a year ago. AmerUs Group has remained one of the top five producers of indexed 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. for 17 consecutive quarters. Year-to-date, fixed annuity sales were $1.97 billion compared to $1.23 billion during the first nine months of 2004. The company plans to generate total fixed annuity sales of $2.6 billion to $2.7 billion in 2005, with indexed products representing approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 90 percent of those sales. Net Investment Income Net investment income was $279 million in the third quarter of 2005 compared to $262 million in the third quarter of 2004. Growth in invested assets and higher yields on investments contributed to the increase. The weighted average book yield was 5.69 percent at September September: see month. 30, 2005. Earnings Guidance(3) "Our business fundamentals business fundamentals The general background within which an economy operates including earnings, sales, wage rates, taxes, and inflation. Improving business fundamentals are generally viewed as bullish for stocks, although stock prices at any given point remain sound and our operations continue to perform as expected. For the year, we expect to deliver operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before solidly in the middle of our guidance range of $4.45 to $4.57 per share," said Brooks. Corporate Actions During the third quarter, the company completed the following corporate actions: --Issued $300 million of senior notes with an interest rate of 5.95%; --Converted $185 million of Optionally Convertible Equity-Linked Accreting Notes (OCEANs) for cash and stock; --Issued $150 million of 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. with a coupon A certificate evidencing the obligation to pay an installment of interest or a dividend that must be cut and presented to its issuer for payment when it is due. Coupons are usually attached to a document, such as a promissory note, bond, share of stock, or a bearer payment of 7.25%, and; --Repurchased 2.23 million shares of common stock through an accelerated stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. Webcast, Conference Call, Audio Replay and Additional Financial Information Interested parties may listen to a webcast or conference call with AmerUs Group's management discussing third quarter 2005 results. The webcast may be accessed through AmerUs Group's website at www.amerus.com under the "For Investors" section of the home page. The conference call may be accessed by calling (toll free) 888-469-0487 (international 773-756-0455) at 10 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT on Tuesday Tuesday: see week. , October October: see month. 25, 2005. The pass code for the call is 'AmerUs'. An audio replay of AmerUs Group's call will be available at 12 p.m. EDT, October 25, 2005, through November November: see month. 1, 2005. The replay can be accessed by dialing 866-463-4181 (international 203-369-1389). 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. 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 Investor relations The process by which the corporation communicates with its investors. department. 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 "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 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. 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 New York, state, United States 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 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 September 30, 2005, AmerUs Group's total assets were $24.5 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, 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, 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. , 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. , the 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 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 comparable basis 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) 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. (3) 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 items that management believes are not indicative indicative: see mood. of ongoing operational performance, guidance on GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (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. (4) Book value per share 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 used by the company for the purposes described in footnote Text that appears at the bottom of a page that adds explanation. It is often used to give credit to the source of information. When accumulated and printed at the end of a document, they are called "endnotes." 1 above. The most directly comparable GAAP measure is GAAP book value per share, which includes AOCI. A reconciliation to GAAP book value per share has been included as a part of this press release.
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; 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 Nine Months
Ended September 30, Ended September 30,
2005 2004 2005 2004
---------------------- ----------------------
Net Income available to
common stockholders $38,619 $42,862 $135,674 $124,767
Realized/unrealized
(gains) losses on open
block assets(A) 7,161 (2,198) 8,049 19,934
Net amortization of DAC
and VOBA due to open
block gains or losses(B) (773) (208) (652) 681
Net effect of derivative
related market value
adjustments(C) (13,895) 5,483 1,180 4,861
Other (income) loss from
non-insurance
operations(D) (96) 14 123 (682)
Litigation, net(E) 6,428 - 6,428 -
Income tax items(F) (312) (3,678) (19,995) (21,969)
Income from discontinued
operations(G) - - - (3,899)
Early extinguishment of
debt(H) 11,449 - 11,449 -
Cumulative effect of
change in accounting(I) - - - 510
---------------------- ----------------------
Adjusted Net Operating
Income available to
common stockholders $48,581 $42,275 $142,256 $124,203
====================== ======================
Adjusted Net Operating
Income available to
common stockholders per
common share:
Basic $1.26 $1.08 $3.64 $3.16
====================== ======================
Diluted $1.14 $1.03 $3.33 $3.04
====================== ======================
Weighted average common
shares outstanding:
Basic 38,488,294 39,237,840 39,102,190 39,307,268
====================== ======================
Diluted 42,525,870 41,053,772 42,743,043 40,844,713
====================== ======================
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
three months ended September 30, 2005, include a $6.3 million loss
on the restructuring of the Company's 34% joint venture interest
in AMAL Corporation. The nine months ended September 30, 2004,
include a $7.9 million loss in the first quarter of 2004 on the
Indianapolis Life office building, which was an asset classified
as held for sale and carried at fair value, and a $0.2 million
gain when the building was sold in August of 2004.
(B) Represents amortization of deferred acquisition costs (DAC) and
value of business acquired (VOBA) on the open block
realized/unrealized gains and losses that are included in our
product margins.
(C) Represents the net effect of derivative related market value
adjustments. The accounting entries consist of cash flow hedge
amortization; market value adjustments on trading securities,
derivatives, and indexed contracts; and the associated change in
amortization of DAC and VOBA resulting from such adjustments.
(D) Represents the net income from our property operations which are
not part of our insurance operations.
(E) Represents a charge taken in connection with pending litigation
and results primarily from the proposed California litigation
settlement.
(F) Represents a reduction in the income tax accrual for the release
of provisions originally established for potential tax adjustments
which have been settled or eliminated and changes in deferred
income tax valuation allowances.
(G) Represents the net income from our discontinued operations.
(H) Represents expenses associated with the early extinguishment of
the OCEANs debt instrument.
(I) Represents the cumulative effect of change in accounting, net of
income taxes, as of January 1, 2004, resulting from the Company's
adoption of SOP 03-1.
AMERUS GROUP CO.
CONSOLIDATED STATEMENTS OF INCOME
($ in thousands, except share data)
For The Three Months For The Nine Months
Ended September 30, Ended September 30,
2005 2004 2005 2004
---------------------- -----------------------
Revenues:
Insurance premiums $54,603 $64,582 $178,150 $199,110
Product charges 64,939 61,455 178,610 165,301
Net investment income 278,641 261,988 824,392 770,174
Realized/unrealized
capital gains
(losses) 23,362 2,513 (19,316) (42,122)
Other income 11,487 11,458 35,272 35,364
---------------------- -----------------------
433,032 401,996 1,197,108 1,127,827
---------------------- -----------------------
Benefits and expenses:
Policyowner benefits 211,211 225,572 624,997 632,351
Underwriting,
acquisition and other
expenses 40,854 39,918 119,881 111,461
Litigation, net 9,380 - 9,380 -
Amortization of
deferred policy
acquisition costs and
value of business
acquired 58,714 45,272 146,515 151,461
Dividends to
policyowners 18,770 24,538 70,637 60,958
---------------------- -----------------------
338,929 335,300 971,410 956,231
---------------------- -----------------------
Income from continuing
operations 94,103 66,696 225,698 171,596
Interest expense 7,725 7,810 23,696 24,144
Early extinguishment of
debt 19,082 - 19,082 -
---------------------- -----------------------
Income before income tax
expense 67,296 58,886 182,920 147,452
Income tax expense 28,677 16,024 47,246 26,074
---------------------- -----------------------
Net income from
continuing operations 38,619 42,862 135,674 121,378
Income from discontinued
operations, net of tax - - - 3,899
---------------------- -----------------------
Net income before
cumulative effect of
change in accounting 38,619 42,862 135,674 125,277
Cumulative effect of
change in accounting,
net of tax - - - (510)
---------------------- -----------------------
Net income 38,619 42,862 135,674 124,767
Dividends on preferred
stock - - - -
---------------------- -----------------------
Net income available to
common stockholders $38,619 $42,862 $135,674 $124,767
====================== =======================
Net income from
continuing operations
available to common
stockholders per common
share:
Basic $1.00 $1.09 $3.47 $3.09
====================== =======================
Diluted $0.91 $1.04 $3.17 $2.97
====================== =======================
Net income available to
common stockholders per
common share:
Basic $1.00 $1.09 $3.47 $3.17
====================== =======================
Diluted $0.91 $1.04 $3.17 $3.06
====================== =======================
Weighted average common
shares outstanding:
Basic 38,488,294 39,237,840 39,102,190 39,307,268
====================== =======================
Diluted 42,525,870 41,053,772 42,743,043 40,844,713
====================== =======================
AMERUS GROUP CO.
CONSOLIDATED BALANCE SHEETS
($ in thousands)
September 30, December 31,
2005 2004
---------------------------
Assets
Investments:
Securities available-for-sale at fair
value:
Fixed maturity securities $16,639,269 $15,646,653
Equity securities 77,658 77,024
Short-term investments - 2,979
Securities held for trading purposes:
Fixed maturity securities 1,464,793 1,718,125
Equity securities 33 15,468
Mortgage loans 968,604 865,733
Policy loans 483,115 486,071
Other investments 323,975 374,240
---------------------------
Total investments 19,957,447 19,186,293
Cash and cash equivalents 588,810 478,441
Accrued investment income 234,754 222,294
Premiums, fees and other receivables 41,128 39,688
Income taxes receivable 16,201 -
Reinsurance receivables 683,439 666,493
Deferred policy acquisition costs 1,617,995 1,248,009
Deferred sales inducements 226,653 137,538
Value of business acquired 357,394 374,792
Goodwill 228,869 226,291
Property and equipment 44,448 46,114
Other assets 304,088 296,409
Separate account assets 225,911 248,507
---------------------------
Total assets $24,527,137 $23,170,869
===========================
AMERUS GROUP CO.
CONSOLIDATED BALANCE SHEETS
($ in thousands)
September 30, December 31,
2005 2004
---------------------------
Liabilities and Stockholders' Equity
Liabilities:
Policy reserves and policyowner funds:
Future life and annuity policy benefits $19,134,316 $17,923,329
Policyowner funds 1,474,519 1,419,762
---------------------------
20,608,835 19,343,091
Accrued expenses and other liabilities 999,399 837,514
Dividends payable to policyowners 296,237 322,037
Policy and contract claims 63,500 70,465
Income taxes payable - 9,299
Deferred income taxes 78,847 145,332
Notes payable 556,509 571,155
Separate account liabilities 225,911 248,507
---------------------------
Total liabilities 22,829,238 21,547,400
Stockholders' equity:
Preferred Stock, no par value, 20,000,000
shares authorized, 6,000,000 shares
issued and outstanding in 2005 145,310 -
Common Stock, no par value, 230,000,000
shares authorized; 46,650,037 shares
issued and 38,651,463 shares outstanding
in 2005
44,225,902 shares issued and 39,400,663
shares outstanding in 2004 46,650 44,226
Additional paid-in capital - common stock 1,229,181 1,198,379
Accumulated other comprehensive income 25,629 114,670
Unearned compensation (2,089) (1,238)
Retained earnings 567,585 431,911
Treasury stock, at cost (7,998,574 shares
in 2005 and 4,825,239 shares in 2004) (314,367) (164,479)
---------------------------
Total stockholders' equity 1,697,899 1,623,469
---------------------------
Total liabilities and stockholders'
equity $24,527,137 $23,170,869
===========================
AMERUS GROUP CO.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Nine Months Ended September 30, 2005 and the Year Ended
December 31, 2004
($ in thousands)
Additional
Paid-In Accumulated
Capital Other
Preferred Common Common Comprehensive
Stock Stock Stock Income (Loss)
--------- -------- ----------- -------------
Balance at December 31,
2003 $- $43,836 $1,184,237 $84,519
2004:
Net income - - - -
Net unrealized gain
(loss) on securities - - - 33,959
Net unrealized gain
(loss) 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 gain
(loss) on securities - - - (88,629)
Net unrealized gain
(loss) on derivatives
designated as cash flow
hedges - - - (412)
Issuance of preferred
stock 145,310 - - -
Conversion of OCEANs - 1,675 9,069 -
Stock issued under
various incentive plans,
net of forfeitures - 749 21,733 -
Purchase of treasury
stock - - - -
--------- -------- ----------- -------------
Balance at September 30,
2005 $145,310 $46,650 $1,229,181 $25,629
========= ======== =========== =============
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
(loss) on securities - - - 33,959
Net unrealized gain
(loss) 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 - 135,674 - 135,674
Net unrealized gain
(loss) on securities - - - (88,629)
Net unrealized gain
(loss) on derivatives
designated as cash
flow hedges - - - (412)
Issuance of preferred
stock - - - 145,310
Conversion of OCEANs - - - 10,744
Stock issued under
various incentive
plans, net of
forfeitures (851) - 840 22,471
Purchase of treasury
stock - - (150,728) (150,728)
------------ --------- ---------- -------------
Balance at September
30, 2005 $(2,089) $567,585 $(314,367) $1,697,899
============ ========= ========== =============
Book Value on a Non-GAAP Basis to GAAP Basis
($ in thousands, except per share data)
As of September 30, 2005
Common Stockholders' Equity:
End of period (including AOCI) $1,552,589
End of period (excluding AOCI) $1,526,960
Common shares outstanding, end of period 38,651
Book Value per Common Share:
Including AOCI $40.17
Excluding AOCI $39.51
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