Prudential 2011 Annual Report Download - page 272

PRUDENTIAL FINANCIAL, INC.
Notes to Consolidated Financial Statements
24. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The unaudited quarterly results of operations for the years ended December 31, 2011 and 2010 are summarized in the table below:
Three Months Ended
March 31 June 30 September 30 December 31
(in millions, except per share amounts)
2011
Total revenues ................................................... $10,186 $12,247 $14,917 $11,695
Total benefits and expenses ......................................... 9,482 11,075 12,583 10,788
Income from continuing operations before income taxes and equity in earnings
of operating joint ventures ........................................ 704 1,172 2,334 907
Income from continuing operations ................................... 619 851 1,553 680
Net income ..................................................... 633 867 1,544 694
Less: Income attributable to noncontrolling interests ..................... 25 29 10 8
Net income attributable to Prudential Financial, Inc. ..................... 608 838 1,534 686
Basic income from continuing operations attributable to Prudential Financial,
Inc. per share—Common Stock(1) ................................. 1.19 1.67 3.12 1.24
Diluted income from continuing operations attributable to Prudential
Financial, Inc. per share—Common Stock(1) ......................... 1.17 1.65 3.08 1.23
Basic net income attributable to Prudential Financial, Inc. per share—
Common Stock(1) .............................................. 1.22 1.70 3.10 1.27
Diluted net income attributable to Prudential Financial, Inc. per share—
Common Stock(1) .............................................. 1.20 1.68 3.06 1.26
Basic and diluted income (loss) from continuing operations attributable to
Prudential Financial, Inc. per share—Class B Stock .................... 5.00 (0.50) 10.50 40.50
Basic and diluted net income (loss) attributable to Prudential Financial, Inc.
per share—Class B Stock ........................................ 5.00 (0.50) 10.50 40.50
2010
Total revenues ................................................... $ 9,247 $10,987 $ 9,917 $ 8,049
Total benefits and expenses ......................................... 8,238 9,481 8,167 7,922
Income from continuing operations before income taxes and equity in earnings
of operating joint ventures ........................................ 1,009 1,506 1,750 127
Income from continuing operations ................................... 668 1,089 1,240 176
Net income ..................................................... 671 1,104 1,242 189
Less: Income (loss) attributable to noncontrolling interests ................ (26) 27 (2) 12
Net income attributable to Prudential Financial, Inc. ..................... 697 1,077 1,244 177
Basic income from continuing operations attributable to Prudential Financial,
Inc. per share—Common Stock(1) ................................. 1.16 1.69 2.49 0.42
Diluted income from continuing operations attributable to Prudential
Financial, Inc. per share—Common Stock(1) ......................... 1.15 1.66 2.46 0.42
Basic net income attributable to Prudential Financial, Inc. per share—
Common Stock(1) .............................................. 1.16 1.72 2.50 0.45
Diluted net income attributable to Prudential Financial, Inc. per share—
Common Stock(1) .............................................. 1.15 1.70 2.46 0.45
Basic and diluted income (loss) from continuing operations attributable to
Prudential Financial, Inc. per share—Class B Stock .................... 75.50 134.50 33.50 (21.50)
Basic and diluted net income (loss) attributable to Prudential Financial, Inc.
per share—Class B Stock ........................................ 75.50 134.50 34.00 (21.50)
(1) Quarterly earnings per share amounts may not add to the full year amounts due to the averaging of shares.
Results for the first quarter of 2011 include a pre-tax charge of $95 million related to an out of period adjustment recorded by the
Company. The adjustment is related to the amortization of unrealized losses associated with U.S. dollar-denominated collateralized
mortgage-backed securities held by the Gibraltar Life Insurance Company, Ltd. consolidated operations (“Gibraltar Life operations”), that
were reclassified from available-for-sale to held-to-maturity in December 2008. The adjustment, which had no impact on the carrying value
of these securities, resulted from using the contractual maturities of the securities rather than the expected effective duration of the
securities as the basis for the amortization of the unrealized losses that existed when the securities were reclassified.
270 Prudential Financial, Inc. 2011 Annual Report