Progressive 2012 Annual Report Download - page 4

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The Progressive Corporation and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
For the years ended December 31,
(millions — except per share amounts) 2012 2011 2010
Common Shares, $1.00 Par Value
Balance, Beginning of year $ 613.0 $ 662.4 $ 672.6
Stock options exercised .1 2.0 3.4
Treasury shares purchased (8.6) (51.3) (13.3)
Net restricted equity awards issued (forfeited) .1 (.1) (.3)
Balance, End of year $ 604.6 $ 613.0 $ 662.4
Paid-In Capital
Balance, Beginning of year $1,006.2 $1,007.1 $ 939.7
Stock options exercised .4 20.4 23.8
Tax benefit from exercise/vesting of equity-based compensation 5.8 6.4 14.0
Treasury shares purchased (14.5) (80.7) (19.3)
Net restricted equity awards (issued) forfeited (.1) .1 .3
Amortization of equity-based compensation 62.4 50.3 44.8
Reinvested dividends on restricted stock units 11.2 2.6 3.8
Other 5.6 0 0
Balance, End of year $1,077.0 $1,006.2 $1,007.1
Retained Earnings
Balance, Beginning of year $3,495.0 $3,595.7 $3,683.1
Net income 902.3 1,015.5 1,068.3
Treasury shares purchased (151.1) (865.8) (226.0)
Cash dividends declared on common shares ($1.2845, $.4072,
and $1.3987 per share) (772.5) (248.1) (924.8)
Reinvested dividends on restricted stock units (11.2) (2.6) (3.8)
Other, net (8.1) .3 (1.1)
Balance, End of year $3,454.4 $3,495.0 $3,595.7
Accumulated Other Comprehensive Income, Net of Tax
Balance, Beginning of year $ 692.5 $ 783.7 $ 453.2
Other comprehensive income (loss) 178.5 (91.2) 330.5
Balance, End of year $ 871.0 $ 692.5 $ 783.7
Total Shareholders’ Equity $6,007.0 $5,806.7 $6,048.9
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 consolidated financial statements.
App.-A-4