Assurant 2014 Annual Report Download - page 149

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ASSURANT, INC. – 2014 Form 10-K F-61
23 Earnings per common share
The Company’s net earned premiums by segment and product are as follows:
2014 2013 2012
Solutions:
Credit $ 478,898 $ 547,100 $ 590,843
Service contracts 2,481,793 2,057,353 1,816,785
Preneed 61,093 66,523 80,978
Other 107,084 112,782 90,614
TOTAL $ 3,128,868 $ 2,783,758 $ 2,579,220
Specialty Property:
Homeowners (lender-placed and voluntary) $ 1,743,965 $ 1,678,172 $ 1,418,061
Manufactured housing (lender-placed and voluntary) 237,576 226,058 207,675
Other 524,556 475,814 428,305
TOTAL $ 2,506,097 $ 2,380,044 $ 2,054,041
Health:
Individual $ 1,544,968 $ 1,174,141 $ 1,178,878
Small employer group 400,484 407,266 410,581
TOTAL $ 1,945,452 $ 1,581,407 $ 1,589,459
Employee Benefi ts:
Group disability $ 409,028 $ 403,286 $ 409,757
Group dental 392,502 383,223 394,413
Group life 200,285 192,392 188,246
Group supplemental and vision products 49,910 35,686 21,848
TOTAL $ 1,051,725 $ 1,014,587 $ 1,014,264
23. Earnings per common share
The following table presents net income, the weighted average common shares used in calculating basic earnings per common
share and those used in calculating diluted earnings per common share for each period presented below.
Years Ended December 31,
2014
2013
2012
Numerator
Net income $ 470,907 $ 488,907 $ 483,705
Deduct dividends paid (77,495) (74,128) (69,393)
Undistributed earnings $ 393,412 $ 414,779 $ 414,312
Denominator
Weighted average shares outstanding used in basic earnings per share
calculations 72,181,447 76,648,688 84,276,427
Incremental common shares from:
SARs — 65,712 133,405
PSUs 905,648 864,572 786,088
ESPP 64,915 75,792 111,145
Weighted average shares used in diluted earnings per share calculations 73,152,010 77,654,764 85,307,065
Earnings per common share — Basic
Distributed earnings $ 1.06 $ 0.96 $ 0.81
Undistributed earnings 5.46 5.42 4.93
Net income $ 6.52 $ 6.38 $ 5.74
Earnings per common share — Diluted
Distributed earnings $ 1.06 $ 0.95 $ 0.81
Undistributed earnings 5.38 5.35 4.86
Net income $ 6.44 $ 6.30 $ 5.67
There were no anti-dilutive SARs outstanding for the years ended December 31, 2014, 2013 and 2012.
Average PSUs totaling 156 for the year ended December 31,
2012 were also outstanding but were anti-dilutive and thus
not included in the computation of diluted EPS under the
treasury stock method. There were no anti-dilutive PSUs
outstanding for the years ended December 31, 2014 and 2013.