Assurant 2012 Annual Report Download - page 131

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ASSURANT, INC.2012 Form10-K F-55
22 Earnings per common share
e Companies net earned premiums and other considerations by segment and product are as follows:
2012 2011 2010
Solutions:
Credit $ 590,843 $ 564,411 $ 535,832
Service contracts 1,816,785 1,694,363 1,750,891
Preneed 80,978 101,722 130,558
Other 90,614 77,911 67,018
TOTAL $ 2,579,220 $ 2,438,407 $ 2,484,299
Specialty Property:
Homeowners (lender-placed and voluntary) $ 1,418,061 $ 1,274,485 $ 1,342,791
Manufactured housing (lender-placed and voluntary) 207,675 216,613 220,309
Other 428,305 413,540 390,123
TOTAL $ 2,054,041 $ 1,904,638 $ 1,953,223
Health:
Individual $ 1,178,878 $ 1,251,447 $ 1,375,005
Small employer group markets 410,581 466,853 489,117
TOTAL $ 1,589,459 $ 1,718,300 $ 1,864,122
Employee Bene ts:
Group dental $ 394,413 $ 412,339 $ 420,439
Group disability 409,757 449,293 488,411
Group life 188,246 193,914 191,892
Group vision and supplemental products 21,848 8,477 653
TOTAL $ 1,014,264 $ 1,064,023 $ 1,101,395
22. Earnings per common share
e following table presents net income, the weighted average common shares used in calculating basic earnings per common share and those
used in calculating diluted earnings per common share for each period presented below.
Years Ended December31,
2012
2011
2010
Numerator
Net income $ 483,705 $ 538,956 $ 278,607
Deduct dividends paid (69,393) (67,385) (69,618)
Undistributed earnings $ 414,312 $ 471,571 $ 208,989
Denominator
Weighted average shares outstanding used in basic earnings per share calculations 84,276,427 96,626,306 110,632,551
Incremental common shares from:
PSUs 786,088 870,961 496,856
SARs 133,405 192,756 219,323
ESPP 111,145 105,286 124,484
Weighted average shares used in diluted earnings per share calculations 85,307,065 97,795,309 111,473,214
Earnings per common share—Basic
Distributed earnings $ 0.81 $ 0.70 $ 0.63
Undistributed earnings 4.93 4.88 1.89
Net income $ 5.74 $ 5.58 $ 2.52
Earnings per common share—Diluted
Distributed earnings $ 0.81 $ 0.69 $ 0.62
Undistributed earnings 4.86 4.82 1.88
Net income $ 5.67 $ 5.51 $ 2.50
Average SARs totaling 2,094,251 and 3,053,101 for the years ended
December31, 2011 and 2010, respectively, were also outstanding but
were anti-dilutive and thus not included in the computation of diluted
EPS under the treasury stock method. No SARs were anti-dilutive for
the year ended December31, 2012.
Average PSUs totaling 156 for the year ended December31, 2012
were also outstanding but were anti-dilutive and thus not included
in the computation of diluted EPS under the treasury stock method.
ere were no anti-dilutive PSUs outstanding for the years ended
December31, 2011 and 2010.