Assurant 2015 Annual Report Download - page 150
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ASSURANT, INC. – 2015 Form 10-KF-64
24 Quarterly Results of Operations (Unaudited)
23� 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,
2015
2014
2013
Numerator
Net income $ 141,555 $470,907 $488,907
Deduct dividends paid (94,168)(77,495)(74,128 )
Undistributed earnings $ 47,387 $393,412 $414,779
Denominator
Weighted average shares outstanding used in basic earnings per share
calculations 68,163,825 72,181,447 76,648,688
Incremental common shares from:
SARs — — 65,712
PSUs 789,547 905,648 864,572
ESPP 63,837 64,915 75,792
Weighted average shares used in diluted earnings per share calculations 69,017,209 73,152,010 77,654,764
Earnings per common share — Basic
Distributed earnings $ 1�38 $ 1�06 $ 0�96
Undistributed earnings 0�70 5�46 5�42
Net income $ 2�08 $ 6�52 $ 6�38
Earnings per common share — Diluted
Distributed earnings $ 1�36 $ 1�06 $ 0�95
Undistributed earnings 0�69 5�38 5�35
Net income $ 2�05 $ 6�44 $ 6�30
There were no anti-dilutive SARs or PSUs outstanding for the years ended December 31, 2015, 2014 and 2013.
24� Quarterly Results of Operations (Unaudited)
The Company’s quarterly results of operations for the years ended December 31, 2015 and 2014 are summarized in the tables below:
Three Month Periods Ended
March 31 June 30 September 30 December 31
2015
Total revenues $ 2,598,610 $2,644,894 $2,534,156 $2,547,834
Income (loss) before provision (benet) for income taxes 83,193 40,025 (32,251) 110,214
Net income (loss) 50,044 32,789 (7,022) 65,744
Basic per share data:
Income (loss) before provision (benet) for income taxes $ 1�19 $ 0�58 $ (0�48) $ 1�65
Net income (loss) $ 0�72 $ 0�48 $ (0�10) $ 0�99
Diluted* per share data:
Income (loss) before provision (benet) for income taxes $ 1�18 $ 0�58 $ (0�48) $ 1�63
Net income (loss) $ 0�71 $ 0�47 $ (0�10) $ 0�97
March 31 June 30 September 30 December 31
2014
Total revenues $ 2,448,372 $2,608,101 $2,702,488 $2,622,692
Income before provision for income taxes 235,253 193,787 224,751 90,346
Net income 137,245 143,610 140,297 49,755
Basic per share data:
Income before provision for income taxes $ 3�23 $ 2�67 $ 3�11 $ 1�27
Net income $ 1�88 $ 1�98 $ 1�94 $ 0�70
Diluted per share data:
Income before provision for income taxes $ 3�18 $ 2�63 $ 3�08 $ 1�25
Net income $ 1�86 $ 1�95 $ 1�92 $ 0�69
* In accordance with earnings per share guidance, diluted per share amounts are computed in the same manner as basic per share amounts when a
loss from operations exists.