Assurant 2013 Annual Report Download - page 10

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8 < 2013 ASSURANT ANNUAL REPORT
4 A reconciliation of stockholders’ equity, excluding AOCI, to GAAP equity is as shown below:
3 Assurant uses book value per diluted share excluding AOCI, as an
important measure of the Company’s stockholders’ value. Book value
per diluted share excluding AOCI equals total stockholders’ equity
excluding AOCI divided by diluted shares outstanding. The Company
believes book value per diluted share excluding AOCI provides investors
a valuable measure of stockholders’ value because it excludes the effect
of unrealized gains (losses) on investments, which tend to be highly
variable from period to period and other AOCI items. The comparable
GAAP measure would be book value per diluted share, defi ned as total
stockholders’ equity divided by diluted shares outstanding. Book value
per diluted share was $65.24 as of Dec. 31, 2013 and, for prior years,
as shown in the following reconciliation table.
2013 2012
2011 2010 2009
Book value per diluted share (excluding AOCI) $59.48 $53.87 $47.34 $41.65 $39.22
Changes due to effect of including AOCI 5.76 10.27 6.12 2.75 0.57
Book value per diluted share $65.24 $64.14 $53.46 $44.40 $39.79
2013 2012
2011 2010 2009
Stockholders’ equity (excluding AOCI) $4,407 $4,355 $4,316 $4,346 $4,639
AOCI 426 830 558 287 68
GAAP equity S4,833 $5,185 $4,874 $4,633 $4,707
(dollars in millions)