Progressive 2010 Annual Report Download - page 28

For the years ended December 31, 2010 2009 2008
RETAINED EARNINGS
Balance, Beginning of year $ 3,683.1 $ 2,697.8 $ 2,927.7
Cumulative effect of change in
accounting principle 0 189.6 0
Net income (loss) 1,068.3 $1,068.3 1,057.5 $ 1,057.5 (70.0) $ (70.0)
Cash dividends declared on common shares
($1.3987, $.1613, and $0 per share) (924.8) (108.5) 0
Treasury shares purchased (226.0) (154.5) (157.1)
Other, net (4.9) 1.2 (2.8)
Balance, End of year $ 3,595.7 $ 3,683.1 $ 2,697.8
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Balance, Beginning of year $ 453.2 $ (51.9) $ 492.8
Cumulative effect of change in
accounting principle 0 (189.6) 0
Changes in:
Net non-credit related OTTI losses, adjusted
for valuation changes 13.9 (15.7) |||||||||||||||||||
Other unrealized gains (losses) on securities 323.2 712.3 |||||||||||||||||||
Total net unrealized gains (losses) on securities 337.1 696.6 (541.8)
Net unrealized gains on forecasted transactions (6.9) (3.3) (2.9)
Foreign currency translation adjustment .3 1.4 0
Other comprehensive income (loss) 330.5 330.5 694.7 694.7 (544.7) (544.7)
Balance, End of year $ 783.7 $ 453.2 $ (51.9)
Comprehensive income (loss) $ 1,398.8 $ 1,752.2 $ (614.7)
COMMON SHARES, $1.00 PAR VALUE
Balance, Beginning of year $ 672.6 $ 676.5 $ 680.2
Stock options exercised 3.4 3.5 3.5
Treasury shares purchased (13.3) (1 1.1) (9.9)
Restricted stock awards issued, net of forfeitures (.3) 3.7 2.7
Balance, End of year $ 662.4 $ 672.6 $ 676.5
PAID-IN CAPITAL
Balance, Beginning of year $ 939.7 $ 892.9 $ 834.8
Stock options exercised 23.8 15.3 23.5
Tax benefit from exercise/vesting of
stock-based compensation 14.0 9.7 11.1
Treasury shares purchased (19.3) (15.0) (12.4)
Restricted stock awards issued, net of forfeitures .3 (3.7) (2.7)
Amortization of stock-based compensation 44.8 39.2 35.1
Other 3.8 1.3 3.5
Balance, End of year $ 1,007.1 $ 939.7 $ 892.9
Total Shareholders’ Equity $ 6,048.9 $ 5,748.6 $ 4,215.3
There are 20.0 million Serial Preferred Shares authorized; no such shares are issued or outstanding.
There are 5.0 million Voting Preference Shares authorized; no such shares have been issued.
See Notes to the complete Consolidated Financial Statements included in Progressive’s 2010 Annual Report to Shareholders, which is attached as an
Appendix to Progressive’s 2011 Proxy Statement.
Consolidated Statements of Changes in Shareholders’ Equity
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES 34
(millions
– except per share amounts)