Mercury Insurance 2007 Annual Report Download - page 65

Download and view the complete annual report

Please find page 65 of the 2007 Mercury Insurance annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 92

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92

2007 MERCURYNOW 63
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Year ended December 31,
Amounts expressed in thousands 2007 2006 2005
Common stock, beginning of year $ 66,436 $ 63,103 $ 60,206
Proceeds of stock options exercised 2,173 1,943 2,394
Share-based compensation expense 487 885 —
Tax benefit on sales of incentive stock options 273 505 503
Common stock, end of year 69,369 66,436 63,103
Accumulated other comprehensive income, beginning of year 69,652 66,549 80,549
Net increase (decrease) in other comprehensive income, net of tax 10,905 3,103 (14,000)
Accumulated other comprehensive income, end of year 80,557 69,652 66,549
Retained earnings, beginning of year 1,588,042 1,478,185 1,318,793
Net income 237,832 214,817 253,259
Dividends paid to shareholders (113,802) (104,960) (93,867)
Retained earnings, end of year 1,712,072 1,588,042 1,478,185
Total shareholders’ equity $ 1,861,998 $ 1,724,130 $ 1,607,837
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY