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ASSURANT, INC. – 2013 Form 10-KF-60
23 Quarterly Results of Operations (Unaudited)
22. Earnings per common share
The 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,
2013
2012
2011
Numerator
Net income $ 488,907 $ 483,705 $ 538,956
Deduct dividends paid (74,128) (69,393) (67,385)
Undistributed earnings $ 414,779 $ 414,312 $ 471,571
Denominator
Weighted average shares outstanding used in basic earnings per share
calculations 76,648,688 84,276,427 96,626,306
Incremental common shares from:
PSUs 864,572 786,088 870,961
SARs 65,712 133,405 192,756
ESPP 75,792 111,145 105,286
Weighted average shares used in diluted earnings per share calculations 77,654,764 85,307,065 97,795,309
Earnings per common share—Basic
Distributed earnings $ 0.96 $ 0.81 $ 0.70
Undistributed earnings 5.42 4.93 4.88
Net income $ 6.38 $ 5.74 $ 5.58
Earnings per common share—Diluted
Distributed earnings $ 0.95 $ 0.81 $ 0.69
Undistributed earnings 5.35 4.86 4.82
Net income $ 6.30 $ 5.67 $ 5.51
Average SARs totaling 2,094,251 for the year ended December 31,
2011 were outstanding but were anti-dilutive and thus not
included in the computation of diluted EPS under the treasury
stock method. There were no anti-dilutive SARs outstanding
for the years ended December 31, 2013 and 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. There were no anti-dilutive PSUs
outstanding for the years ended December 31, 2013 and 2011.
23. Quarterly Results of Operations (Unaudited)
The Company’s quarterly results of operations for the years ended December 31, 2013 and 2012 are summarized in the
tables below:
Three Month Periods Ended
March 31 June 30 September 30 December 31
2013
Total revenues $ 2,150,623 $ 2,237,766 $ 2,258,650 $ 2,400,618
Income before provision for income taxes 206,424 210,767 193,971 178,537
Net income 117,780 133,523 128,788 108,816
Basic per share data:
Income before provision for income taxes $ 2.58 $ 2.72 $ 2.57 $ 2.42
Net income $ 1.47 $ 1.72 $ 1.70 $ 1.48
Diluted per share data:
Income before provision for income taxes $ 2.55 $ 2.69 $ 2.54 $ 2.39
Net income $ 1.46 $ 1.70 $ 1.68 $ 1.46