Assurant 2012 Annual Report Download - page 132

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ASSURANT, INC.2012 Form10-KF-56
24 Commitments and Contingencies
23. Quarterly Results of Operations (Unaudited)
e Company’s quarterly results of operations for the years ended December31, 2012 and 2011 are summarized in the tables below:
ree Month Periods Ended
March31 June30 September30 December31
2012
Total revenues $ 2,072,924 $ 2,129,290 $ 2,145,080 $ 2,160,976
Income before provision for income taxes 249,648 264,661 208,619 34,823
Net income 163,260 169,170 126,288 24,987
Basic per share data:
Income before provision for income taxes $ 2.81 $ 3.07 $ 2.54 $ .44
Net income $ 1.84 $ 1.96 $ 1.54 $ .31
Diluted per share data:
Income before provision for income taxes $ 2.77 $ 3.04 $ 2.51 $ .43
Net income $ 1.81 $ 1.94 $ 1.52 $ .31
March31 June30 September30 December31
2011
Total revenues $ 2,036,671 $ 2,062,887 $ 2,061,715 $ 2,111,531
Income before provision for income taxes 214,426 130,642 112,423 248,636
Net income 140,751 165,016 74,037 159,152
Basic per share data:
Income before provision for income taxes $ 2.12 $ 1.34 $ 1.18 $ 2.69
Net income $ 1.39 $ 1.69 $ 0.78 $ 1.72
Diluted per share data:
Income before provision for income taxes $ 2.10 $ 1.32 $ 1.17 $ 2.65
Net income $ 1.38 $ 1.67 $ 0.77 $ 1.70
During the fourth quarter of 2012, the Company recorded reportable catastrophe losses of $134,950 (after-tax) related to Superstorm Sandy
in the Assurant Specialty Property segment. Additionally, during the fourth quarter of 2012, the company took a non-cash charge of $20,419
(after-tax) for the impairment of certain other intangible assets in the Assurant Solutions segment.
During the third quarter of 2011, the Company recorded reportable catastrophe losses of $52,323 (after-tax) in the Assurant Specialty Property segment.
24. Commitments and Contingencies
e Company and its subsidiaries lease o ce space and equipment under operating lease arrangements. Certain facility leases contain escalation
clauses based on increases in the lessors’ operating expenses. At December31, 2012, the aggregate future minimum lease payments under these
operating lease agreements that have initial or non-cancelable terms in excess of one year are:
2013 $ 26,184
2014 23,170
2015 20,622
2016 13,932
2017 9,379
ereafter 18,409
Total minimum future lease payments $ 111,696
Rent expense was $29,644, $29,440 and $39,700 for 2012, 2011 and 2010, respectively.