Assurant 2011 Annual Report Download - page 37

ASSURANT, INC.2011 Form10-K 29
PARTII
ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations
As of and for the years ended December31,
2011 2010 2009 2008 2007
Earnings per share:
Basic
Net income $ 5.65 $ 2.52 $ 3.65 $ 3.79 $ 5.45
Diluted
Net income $ 5.58 $ 2.50 $ 3.63 $ 3.76 $ 5.38
Dividends per share $ 0.70 $ 0.63 $ 0.59 $ 0.54 $ 0.46
Share data:
Weighted averageshares outstanding
usedinbasicper share calculations 96,626,306 110,632,551 118,036,632 118,005,967 119,934,873
Plus: Dilutive securities 1,169,003 840,663 459,008 968,712 1,624,694
Weighted averageshares used in diluted
persharecalculations 97,795,309 111,473,214 118,495,640 118,974,679 121,559,567
As of and for the years ended December31,
2011 2010 2009 2008 2007
Selected Consolidated Balance Sheet Data:
Cash and cash equivalents and investments $ 15,192,878 $ 14,670,364 $ 14,476,384 $ 13,107,476 $ 14,552,115
Total assets $ 27,115,445 $ 26,397,018 $ 25,860,667 $ 24,514,586 $ 26,750,316
Policy liabilities(5) $ 17,188,479 $ 16,520,321 $ 15,869,524 $ 15,806,235 $ 15,903,289
Debt $ 972,278 $ 972,164 $ 972,058 $ 971,957 $ 971,863
Mandatorily redeemable preferred stock $ — $ 5,000 $ 8,160 $ 11,160 $ 21,160
Total stockholders’ equity $ 5,026,936 $ 4,780,537 $ 4,853,249 $ 3,709,505 $ 4,088,903
Per share data:
Total book value per share(6) $ 56.01 $ 46.31 $ 41.27 $ 31.53 $ 34.65
(1) Included in net realized gains (losses) are other-than-temporary impairments of $7,836, $11,167, $38,660, $340,153 and $48,184 for 2011,2010,2009,2008 and 2007,
respectively.
(2) During 2011, we incurred losses of $157,645 associated with hurricane Irene, Tropical Storm Irene, wildfires in Texas and severe storms, including tornados in the southeast. During
2008, we incurred losses of $132,615 associated with hurricanes Gustav and Ike.
(3) Following the completion of our annual goodwill impairment analysis, we recorded an impairment charge of $306,381 related to Assurant Employee Benefits and Assurant Health
and a charge of $83,000 related to Assurant Employee Benefits during the fourth quarters of 2010 and 2009, respectively. The impairment charges resulted in a decrease to net income
but did not have any related tax benefit.
(4) During 2011, we had an $80,000 release of a capital loss valuation allowance related to deferred tax assets. During 2008, we recorded a $84,864 tax benefit due to the sale of a
non-operating subsidiary and the related deferred tax assets on a capital loss carryover.
(5) Policy liabilities include future policy benefits and expenses, unearned premiums and claims and benefits payable.
(6) Total stockholders’ equity divided by the basic shares of common stock outstanding. At December 31, 2011, 2010 and 2009 there were 89,743,761, 103,227,238, and
117,591,250shares, respectively, of common stock outstanding. At December31,2008 and 2007 there were 117,640,936 and 118,012,036shares of common stock outstanding.
ITEM 7 Management’s Discussion and Analysis
of Financial Condition and Results of Operations
 e following discussion and analysis of our  nancial condition and results of operations should be read in conjunction with our consolidated
 nancial statements and accompanying notes which appear elsewhere in this report. It contains forward-looking statements that involve risks and
uncertainties. Our actual results may di er materially from those anticipated in these forward-looking statements as a result of various factors,
including those discussed below and elsewhere in this report, particularly under the headings “Item1A—Risk Factors” and “Forward-Looking
Statements.”