AIG 2013 Annual Report Download - page 71

income (loss), which is a non-GAAP measure. See Item 7. MD&A — Use of Non-GAAP Measures for
additional information.*
Total AIG shareholders’ equity $ 98,002 $ 101,538 $ 78,856 $ 60,585
Recapitalization – – (3,328) –
Value on conversion of equity units – – 2,169 5,880
Pro forma shareholders’ equity 98,002 101,538 77,697 66,465
Accumulated other comprehensive
income 12,574 6,481 8,871 6,435
Total AIG shareholders’ equity,
excluding accumulated other
comprehensive income $ 85,428 $ 95,057 $ 69,985 $ 54,150
Total common shares outstanding 1,476,321,935 1,896,821,482 140,463,159 135,070,907
Issuable for equity units – – 2,854,069 7,736,904
Shares assumed converted – – 1,655,037,962 1,655,037,962
Pro forma common shares
outstanding 1,476,321,935 1,896,821,482 1,798,355,190 1,797,845,773
Book value per common share $ 66.38 $ 53.53 $ 561.40 $ 448.54
Book value per common share,
excluding accumulated other
comprehensive income $ 57.87 $ 50.11 $ 498.25 $ 400.90
Pro forma book value per share N/A N/A $ 43.20 $ 36.97
Pro forma book value per share,
excluding accumulated other
comprehensive income N/A N/A $ 38.27 $ 33.39
* Amounts for periods after December 31, 2009 have been revised to reflect reclassification of income taxes from AOCI to additional paid in
capital to correct the presentation of components of AIG shareholders’ equity. These income tax items related to the creation in 2009 of special
purpose vehicles that held our interests in AIA Group Limited (AIA) and American Life Insurance Company (ALICO). There was no effect on Total
AIG shareholders’ equity or on Total equity as a result of this reclassification.
The decline in interest expense in 2010 was due primarily to a reduced weighted-average interest rate on
borrowings, a lower average outstanding balance and a decline in amortization of the prepaid commitment fee asset
related to the partial repayment of the credit facility provided by the FRBNY (the FRBNY Credit Facility). On
January 14, 2011, AIG repaid the remaining $20.7 billion and terminated this facility, resulting in a net $3.3 billion
pretax charge in the first quarter of 2011, representing primarily the accelerated amortization of the remaining prepaid
commitment fee asset included in Net loss on extinguishment of debt. See Note 24 to the Consolidated Financial
Statements for further discussion of the Recapitalization.
As a result of the closing of the Recapitalization on January 14, 2011, the preferred interests (the SPV Preferred
Interests) in the special purpose vehicles that held remaining AIA shares and the proceeds of the AIA initial public
offering and the ALICO sale (the SPVs) were transferred to the Department of the Treasury. After such closing, the
SPV Preferred Interests were not considered permanent equity on AIG’s Consolidated Balance Sheets and were
classified as redeemable noncontrolling interests.
We entered into an agreement to sell ILFC on December 16, 2013 and executed multiple asset dispositions in 2011,
as further discussed in Note 4 to the Consolidated Financial Statements.
FRBNY Activity and Effect on Interest Expense in 2010
Asset Dispositions in 2011 and 2013
..................................................................................................................................................................................................................................
AIG 2013 Form 10-K 53
ITEM 6 / SELECTED FINANCIAL DATA
At December 31,
(in millions, except per share data) 2013 2012 2011 2010 2009
$ 100,470
–
–
100,470
6,360
$ 94,110
1,464,063,323
–
–
1,464,063,323
$ 68.62
$ 64.28
N/A
N/A
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