Travelers 2012 Annual Report Download - page 174

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
(in millions)
For the year ended December 31, 2012 2011 2010
Convertible preferred stock—savings plan
Balance, beginning of year ................................ $—$68$79
Redemptions .......................................... —(5) (11)
Conversion to common stock .............................. —(63) —
Balance, end of year ..................................... ——68
Common stock
Balance, beginning of year ................................ 20,732 20,162 19,593
Employee share-based compensation ......................... 261 328 420
Common shares issued—conversion of preferred stock ............ —93 —
Compensation amortization under share-based plans and other
changes ............................................ 168 149 149
Balance, end of year ..................................... 21,161 20,732 20,162
Retained earnings
Balance, beginning of year ................................ 19,579 18,847 16,315
Net income ........................................... 2,473 1,426 3,216
Dividends ............................................ (700) (669) (677)
Premium on preferred stock converted to common stock .......... —(30) —
Other ............................................... —5(7)
Balance, end of year ..................................... 21,352 19,579 18,847
Accumulated other comprehensive income, net of tax
Balance, beginning of year ................................ 2,005 1,255 1,219
Other comprehensive income .............................. 231 750 36
Balance, end of year ..................................... 2,236 2,005 1,255
Treasury stock (at cost)
Balance, beginning of year ................................ (17,839) (14,857) (9,791)
Treasury stock acquired—share repurchase authorization .......... (1,450) (2,900) (5,000)
Net shares acquired related to employee share-based compensation
plans .............................................. (55) (82) (66)
Balance, end of year ..................................... (19,344) (17,839) (14,857)
Total common shareholders’ equity ........................ 25,405 24,477 25,407
Total shareholders’ equity ............................... $ 25,405 $ 24,477 $ 25,475
Common shares outstanding
Balance, beginning of year ................................ 392.8 434.6 520.3
Treasury stock acquired—share repurchase authorization .......... (22.4) (51.0) (95.7)
Net shares issued under employee share-based compensation plans . . . 7.0 7.7 10.0
Common shares issued—conversion of preferred stock ............ —1.5 —
Balance, end of year ..................................... 377.4 392.8 434.6
The accompanying notes are an integral part of the consolidated financial statements.
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