Travelers 2014 Annual Report Download - page 169

Table of Contents
THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(in millions)
The accompanying notes are an integral part of the consolidated financial statements.
168
For the year ended December 31,
2014
2013
2012
Common stock
Balance, beginning of year
$
21,500
$
21,161
$
20,732
Employee share - based compensation
149
158
261
Compensation amortization under share - based plans and other
changes
194
181
168
Balance, end of year
21,843
21,500
21,161
Retained earnings
Balance, beginning of year
24,291
21,352
19,579
Net income
3,692
3,673
2,473
Dividends
(735
)
(734
)
(700
)
Other
3
—
—
Balance, end of year
27,251
24,291
21,352
Accumulated other comprehensive income, net of tax
Balance, beginning of year
810
2,236
2,005
Other comprehensive income (loss)
70
(1,426
)
231
Balance, end of year
880
810
2,236
Treasury stock (at cost)
Balance, beginning of year
(21,805
)
(19,344
)
(17,839
)
Treasury stock acquired—share repurchase authorization
(3,275
)
(2,400
)
(1,450
)
Net shares acquired related to employee share - based
compensation plans
(58
)
(61
)
(55
)
Balance, end of year
(25,138
)
(21,805
)
(19,344
)
Total shareholders' equity
$
24,836
$
24,796
$
25,405
Common shares outstanding
Balance, beginning of year
353.5
377.4
392.8
Treasury stock acquired—share repurchase authorization
(35.1
)
(28.4
)
(22.4
)
Net shares issued under employee share - based compensation
plans
3.8
4.5
7.0
Balance, end of year
322.2
353.5
377.4