Assurant 2011 Annual Report Download - page 133

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ASSURANT, INC.2011 Form10-K F-57
25 Commitments and Contingencies
24. Quarterly Results of Operations (Unaudited)
e Company’s quarterly results of operations for the years ended December31, 2011 and 2010 are summarized in the tables below:
ree Month Periods Ended
March31 June30 September30 December31
2011
Total revenues $ 2,036,671 $ 2,062,887 $ 2,061,715 $ 2,111,531
Income before provision for income taxes 214,629 131,928 115,309 253,089
Net income 141,741 165,860 75,983 162,255
Basic per share data:
Income before provision for income taxes $ 2.12 $ 1.35 $ 1.21 $ 2.74
Net income $ 1.40 $ 1.70 $ 0.80 $ 1.76
Diluted per share data:
Income before provision for income taxes $ 2.10 $ 1.34 $ 1.20 $ 2.70
Net income $ 1.39 $ 1.68 $ 0.79 $ 1.73
March 31 June 30 September 30 December 31
2010
Total revenues $ 2,167,856 $ 2,140,294 $ 2,113,971 $ 2,105,601
Income (loss) before provision for income taxes 248,366 253,456 226,732 (122,110)
Net income (loss) 157,223 164,675 141,670 (184,391)
Basic per share data:
Income (loss) before provision for income taxes $ 2.13 $ 2.27 $ 2.10 $ (1.15)
Net income (loss) $ 1.35 $ 1.47 $ 1.31 $ (1.74)
Diluted per share data:
Income (loss) before provision for income taxes $ 2.12 $ 2.25 $ 2.09 $ (1.15)
Net income (loss) $ 1.34 $ 1.46 $ 1.30 $ (1.74)
During the third quarter of 2011, the Company recorded reportable catastrophe losses of $52,323 (after-tax) in the Assurant Specialty Property segment.
During the fourth quarter of 2010, following the completion of Management’s annual goodwill impairment analysis, the Company recorded an
impairment charge of $306,381 related to the Assurant Employee Bene ts and Assurant Health reporting units.  e impairment charge resulted
in a decrease to net income and had no related tax bene t. See Notes 2, 5 and 10 for further information.
25. Commitments and Contingencies
e Company and its subsidiaries lease o ce space and equipment under operating lease arrangements. Certain facility leases contain escalation
clauses based on increases in the lessors’ operating expenses. At December31, 2011, the aggregate future minimum lease payments under these
operating lease agreements that have initial or non-cancelable terms in excess of one year are:
2012 $ 27,708
2013 22,398
2014 19,076
2015 17,057
2016 11,594
ereafter 25,244
Total minimum future lease payments $ 123,077
Rent expense was $29,440, $39,700 and $41,639 for 2011, 2010 and 2009, respectively.
In the normal course of business, letters of credit are issued primarily to
support reinsurance arrangements in which the Company is the reinsurer.
ese letters of credit are supported by commitments under which the
Company is required to indemnify the  nancial institution issuing the
letter of credit if the letter of credit is drawn.  e Company had $24,296
and $24,946 of letters of credit outstanding as of December31, 2011
and 2010, respectively.
e Company is involved in litigation in the ordinary course of business,
both as a defendant and as a plainti . e Company may from time to
time be subject to a variety of legal and regulatory actions relating to the
Company’s current and past business operations. While the Company
cannot predict the outcome of any pending or future litigation, examination
or investigation, the Company does not believe that any pending matter
will have a material adverse e ect individually or in the aggregate, on
the Company’s  nancial condition, results of operations, or cash  ows.