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ASSURANT, INC.2012 Form10-K F-3
Consolidated Statements of Operations
YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
(in thousands except number of shares and per share amounts)
Years Ended December31,
2012
2011
2010
Revenues
Net earned premiums and other considerations $ 7,236,984 $ 7,125,368 $ 7,403,039
Net investment income 713,128 689,532 703,190
Net realized gains on investments, excluding other-than-temporary impairment losses 66,196 40,416 59,570
Total other-than-temporary impairment losses (1,939) (8,183) (10,244)
Portion of net loss (gain) recognized in other comprehensive income, before taxes 96 347 (923)
Net other-than-temporary impairment losses recognized in earnings (1,843) (7,836) (11,167)
Amortization of deferred gain on disposal of businesses 18,413 20,461 10,406
Fees and other income 475,392 404,863 362,684
TOTAL REVENUES 8,508,270 8,272,804 8,527,722
Bene ts, losses and expenses
Policyholder bene ts 3,655,404 3,749,734 3,635,999
Amortization of deferred acquisition costs and value of business acquired 1,403,215 1,327,788 1,401,569
Underwriting, general and administrative expenses 2,631,594 2,428,795 2,516,622
Interest expense 60,306 60,360 60,646
Goodwill impairment 0 0 306,381
TOTAL BENEFITS, LOSSES AND EXPENSES 7,750,519 7,566,677 7,921,217
Income before provision for income taxes 757,751 706,127 606,505
Provision for income taxes 274,046 167,171 327,898
NET INCOME $ 483,705 $ 538,956 $ 278,607
Earnings Per Share
Basic $ 5.74 $ 5.58 $ 2.52
Diluted $ 5.67 $ 5.51 $ 2.50
Dividends per share $ 0.81 $ 0.70 $ 0.63
Share Data
Weighted average shares outstanding used in basic per share calculations 84,276,427 96,626,306 110,632,551
Plus: Dilutive securities 1,030,638 1,169,003 840,663
WEIGHTED AVERAGE SHARES USED IN DILUTED
PERSHARECALCULATIONS 85,307,065 97,795,309 111,473,214
See the accompanying notes to the consolidated financial statements