Assurant 2014 Annual Report Download - page 10

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8 ▪ 2014 ASSURANT ANNUAL REPORT
4 A reconciliation of stockholders’ equity, excluding AOCI, to GAAP equity is as shown below:
3 Assurant uses book value per diluted share, excluding AOCI, as an important measure of the Company’s stockholder value. Book value per diluted
share, excluding AOCI, equals total stockholders’ equity, excluding AOCI, divided by diluted shares outstanding. The Company believes book value
per diluted share, excluding AOCI, provides investors a valuable measure of stockholder value because it excludes the effect of unrealized gains
(losses) on investments, which tend to be highly variable from period -to -period and other AOCI items. The comparable GAAP measure would be book
value per diluted share defi ned as total stockholders’ equity divided by diluted shares outstanding. Book value per diluted share was $72.61 as of
Dec. 31, 2014 and, for prior periods, as shown in the following reconciliation table.
2014 2013
2012 2011 2010
Book value per diluted share (excluding AOCI) $64.82 $59.48 $53.87 $47.34 $41.65
Changes due to effect of including AOCI 7.79 5.76 10.27 6.12 2.75
Book value per diluted share $72.61 $65.24 $64.14 $53.46 $44.40
2014 2013
2012 2011 2010
Stockholders’ equity (excluding AOCI) $4,625 $4,407 $4,355 $4,316 $4,346
AOCI 556 426 830 558 287
GAAP equity $5,181 $ 4,833 $5,185 $4,874 $4,633
(dollars in millions)