Assurant 2011 Annual Report Download - page 79

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ASSURANT, INC.2011 Form10-K F-3
Consolidated Statements of Operations
YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009
(in thousands except number of shares and per share amounts)
Years Ended December31,
2011 2010 2009
Revenues
Net earned premiums and other considerations $ 7,125,368 $ 7,403,039 $ 7,550,335
Net investment income 689,532 703,190 698,838
Net realized gains (losses) on investments, excluding other-than-temporary impairment losses 40,416 59,570 (14,937)
Total other-than-temporary impairment losses (8,183) (10,244) (35,905)
Portion of gain recognized in other comprehensive income, before taxes 347 (923) (2,755)
Net other-than-temporary impairment losses recognized in earnings (7,836) (11,167) (38,660)
Amortization of deferred gain on disposal of businesses 20,461 10,406 22,461
Fees and other income 404,863 362,684 482,464
TOTAL REVENUES 8,272,804 8,527,722 8,700,501
Bene ts, losses and expenses
Policyholder bene ts 3,755,209 3,640,978 3,867,982
Amortization of deferred acquisition costs and value of business acquired 1,448,575 1,521,238 1,601,880
Underwriting, general and administrative expenses 2,293,705 2,392,035 2,377,364
Interest expense 60,360 60,646 60,669
Goodwill impairment — 306,381 83,000
TOTAL BENEFITS, LOSSES AND EXPENSES 7,557,849 7,921,278 7,990,895
Income before provision for income taxes 714,955 606,444 709,606
Provision for income taxes 169,116 327,267 279,032
NET INCOME $ 545,839 $ 279,177 $ 430,574
Earnings per share
Basic $ 5.65 $ 2.52 $ 3.65
Diluted $ 5.58 $ 2.50 $ 3.63
Dividends per share $ 0.70 $ 0.63 $ 0.59
Share data:
Weighted average shares outstanding used in basic per share calculations 96,626,306 110,632,551 118,036,632
Plus: Dilutive securities 1,169,003 840,663 459,008
WEIGHTED AVERAGE SHARES USED IN DILUTED
PERSHARECALCULATIONS 97,795,309 111,473,214 118,495,640
See the accompanying notes to the consolidated financial statements.