Travelers 2013 Annual Report Download - page 178

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
(in millions)
For the year ended December 31, 2013 2012 2011
Convertible preferred stock—savings plan
Balance, beginning of year ................................ $—$—$68
Redemptions .......................................... ——(5)
Conversion to common stock .............................. —— (63)
Balance, end of year ..................................... ———
Common stock
Balance, beginning of year ................................ 21,161 20,732 20,162
Employee share-based compensation ......................... 158 261 328
Common shares issued—conversion of preferred stock ............ ——93
Compensation amortization under share-based plans and other
changes ............................................ 181 168 149
Balance, end of year ..................................... 21,500 21,161 20,732
Retained earnings
Balance, beginning of year ................................ 21,352 19,579 18,847
Net income ........................................... 3,673 2,473 1,426
Dividends ............................................ (734) (700) (669)
Premium on preferred stock converted to common stock .......... —— (30)
Other ............................................... ——5
Balance, end of year ..................................... 24,291 21,352 19,579
Accumulated other comprehensive income, net of tax
Balance, beginning of year ................................ 2,236 2,005 1,255
Other comprehensive income (loss) .......................... (1,426) 231 750
Balance, end of year ..................................... 810 2,236 2,005
Treasury stock (at cost)
Balance, beginning of year ................................ (19,344) (17,839) (14,857)
Treasury stock acquired—share repurchase authorization .......... (2,400) (1,450) (2,900)
Net shares acquired related to employee share-based compensation
plans .............................................. (61) (55) (82)
Balance, end of year ..................................... (21,805) (19,344) (17,839)
Total shareholders’ equity ............................... $ 24,796 $ 25,405 $ 24,477
Common shares outstanding
Balance, beginning of year ................................ 377.4 392.8 434.6
Treasury stock acquired—share repurchase authorization .......... (28.4) (22.4) (51.0)
Net shares issued under employee share-based compensation plans . . . 4.5 7.0 7.7
Common shares issued—conversion of preferred stock ............ —— 1.5
Balance, end of year ..................................... 353.5 377.4 392.8
The accompanying notes are an integral part of the consolidated financial statements.
168