Assurant 2011 Annual Report Download - page 121

ASSURANT, INC.2011 Form10-K F-45
20 Statutory Information
18. Stock Repurchase
 e following table shows the shares repurchased during the periods indicated:
Period in 2011
Number of
SharesPurchased
AveragePrice
PaidPerShare
TotalNumberofShares Purchased as Part
ofPublicly Announced Programs
January 1,695,000 $ 38.76 1,695,000
February 1,097,940 40.27 1,097,940
March 1,629,100 39.00 1,629,100
April 1,469,000 38.21 1,469,000
May 213,000 39.68 213,000
June 1,302,000 35.16 1,302,000
July 687,000 35.20 687,000
August 994,000 33.76 994,000
September 527,500 35.04 527,500
October 856,000 37.14 856,000
November 1,545,000 37.85 1,545,000
December 2,073,000 39.86 2,073,000
TOTAL 14,088,540 $ 37.83 14,088,540
On January22, 2010, the Company’s Board of Directors authorized
the Company to repurchase up to $600,000 of its outstanding common
stock. On January18, 2011, the Company’s Board of Directors
authorized the Company to repurchase up to an additional $600,000
of its outstanding common stock, making the total remaining under
the authorization $805,587 as of that date.
During the year ended December31, 2011, the Company repurchased
14,088,540 shares of the Company’s outstanding common stock at a
cost of $532,648, exclusive of commissions, leaving $305,392 remaining
under the total repurchase authorization at December31, 2011.
19. Accumulated Other Comprehensive Income
 e components of accumulated other comprehensive income, net of tax, at December31, are as follows:
Foreigncurrency
translation adjustment
Unrealized gains
onsecurities OTTI
Pension
under-funding
Accumulated other
comprehensive income
Balance at December31, 2009 $ 23,912 $ 194,550 $ 6,275 $ (158,812) $ 65,925
Activity in 2010 8,186 218,705 6,292 (13,584) 219,599
Balance at December31, 2010 32,098 413,255 12,567 (172,396) 285,524
Activity in 2011 (23,888) 300,518 2,819 (10,106) 269,343
BALANCE AT DECEMBER31, 2011 $ 8,210 $ 713,773 $ 15,386 $ 182,502 $ 554,867
 e amounts in the unrealized gains on securities column are net of
reclassi cation adjustments of $15,907, $26,544 and $(26,209), net
of tax, in 2011, 2010 and 2009, respectively, for net realized gains
(losses) on sales of securities included in net income.  e amounts in
the OTTI column are net of reclassi cation adjustments of $(994),
$(1,034) and $(4,992)net of tax, in 2011, 2010 and 2009, respectively,
for net realized losses on sales of securities included in net income.
The amounts in the pension underfunding column are net of
reclassi cation adjustments of $10,334, $9,820 and $8,114, net of
tax, in 2011, 2010 and 2009, respectively, for amortization of prior
service cost included in net income.
20. Statutory Information
 e Company’s insurance subsidiaries prepare  nancial statements on the
basis of statutory accounting practices (“SAP”) prescribed or permitted
by the insurance departments of their states of domicile. Prescribed
SAP includes the Accounting Practices and Procedures Manual of the
National Association of Insurance Commissioners (“NAIC”) as well
as state laws, regulations and administrative rules.
 e principal di erences between SAP and GAAP are: 1) policy
acquisition costs are expensed as incurred under SAP, but are deferred
and amortized under GAAP; 2) the value of business acquired is not
capitalized under SAP but is under GAAP; 3) amounts collected from
holders of universal life-type and annuity products are recognized as
premiums when collected under SAP, but are initially recorded as
contract deposits under GAAP, with cost of insurance recognized as
revenue when assessed and other contract charges recognized over