Mercury Insurance 2015 Annual Report Download - page 71

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See accompanying notes to consolidated financial statements.
59
MERCURY GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in thousands)
Year Ended December 31,
2015 2014 2013
Common stock, beginning of year $ 88,705 $ 81,591 $ 79,380
Proceeds of stock options exercised 2,111 6,824 1,884
Share-based compensation expense 142 142 125
Tax benefit on sales of incentive stock options 27 148 202
Common stock, end of year 90,985 88,705 81,591
Additional paid in capital, beginning of year 3,804 411 —
Share-based compensation expense 5,066 3,970 849
Exercise of stock options — (577)(438)
Additional paid in capital, end of year 8,870 3,804 411
Retained earnings, beginning of year 1,782,937 1,740,484 1,763,117
Net income 74,479 177,949 112,143
Dividends paid to shareholders (136,386)(135,496)(134,776)
Retained earnings, end of year 1,721,030 1,782,937 1,740,484
Total shareholders’ equity $ 1,820,885 $ 1,875,446 $ 1,822,486