Assurant 2015 Annual Report Download - page 45

33ASSURANT, INC. – 2015 Form 10-K
PART II
ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations
As of and for the years ended December 31,
2015 2014 2013 2012
2011
Earnings per share:
Basic $ 2�08 $ 6�52 $ 6�38 $ 5�74 $ 5�58
Diluted $ 2�05 $ 6�44 $ 6�30 $ 5�67 $ 5�51
DIVIDENDS PER SHARE $ 1�37 $ 1�06 $ 0�96 $ 0�81 $ 0�70
Share data:
Weighted average shares outstanding used in basic
per share calculations 68,163,825 72,181,447 76,648,688 84,276,427 96,626,306
Plus: Dilutive securities 853,384 970,563 1,006,076 1,030,638 1,169,003
WEIGHTED AVERAGE SHARES USED IN
DILUTED PER SHARE CALCULATIONS 69,017,209 73,152,010 77,654,764 85,307,065 97,795,309
Selected Consolidated Balance Sheet Data:
Cash and cash equivalents and investments $ 14,283,077 $ 15,450,108 $ 15,961,199 $ 15,885,722 $ 15,192,878
Total assets $ 30,043,128 $ 31,562,466 $ 29,714,689 $ 28,946,607 $ 27,019,862
Policy liabilities(4) $ 19,787,133 $ 19,711,953 $ 18,698,615 $ 18,666,355 $ 17,278,342
Debt $ 1,171,382 $ 1,171,079 $ 1,638,118 $ 972,399 $ 972,278
Total stockholders’ equity $ 4,523,967 $ 5,181,307 $ 4,833,479 $ 5,185,366 $ 4,873,950
Per share data:
Total book value per basic share(5) $ 67�92 $ 73�73 $ 66�23 $ 64�93 $ 54�31
(1) Included in net realized gains are other-than-temporary impairments of $5,024, $30, $4,387, $1,843 and $7,836 for 2015, 2014, 2013, 2012, and
2011, respectively.
(2) 2015 includes higher loss experience and adverse claim development on 2015 individual major medical policies. During 2012, we incurred losses
of $250,206, net of reinsurance, mainly associated with Superstorm Sandy. During 2011, we incurred losses of $157,645 associated with Hurricane
Irene, Tropical Storm Lee, wildfires in Texas and severe storms, including tornadoes in the southeast. Reportable catastrophe losses include only
individual catastrophic events that generated losses to the Company in excess of $5,000, pre-tax and net of reinsurance.
(3) During 2011, we had an $80,000 release of a capital loss valuation allowance related to deferred tax assets.
(4) Policy liabilities include future policy benefits and expenses, unearned premiums and claims and benefits payable.
(5) Total stockholders’ equity divided by the basic shares outstanding for book value per basic share calculation. At December 31, 2015, 2014, 2013,
2012, and 2011 there were 66,606,258, 70,276,896, 72,982,023, 79,866,858, and 89,743,761 shares, respectively, outstanding.
ITEM 7 Management’s Discussion and Analysis
of Financial Condition and Results
of Operations
The following discussion and analysis of our nancial condition and results of operations should be read in conjunction with
our consolidated nancial statements and accompanying notes which appear elsewhere in this report. It contains forward-
looking statements that involve risks and uncertainties� Our actual results may differ materially from those anticipated in
these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this report,
particularly under the headings “Item 1A—Risk Factors” and “Forward-Looking Statements�”