Mercury Insurance 2007 Annual Report Download - page 67

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2007 MERCURYNOW 65
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended December 31,
Amounts expressed in thousands 2007 2006 2005
Cash flows from financing activities:
Dividends paid to shareholders (113,802) (104,960) (93,867)
Excess tax benefit from exercise of stock options 273 505 —
Mortgage loan pay-off (11,250) — —
Proceeds from stock options exercised 2,173 1,943 2,394
Net cash used in financing activities (122,606) (102,512) (91,473)
Net increase (decrease) in cash 639 (22,178) 30,496
Cash:
Beginning of the year 47,606 69,784 39,288
End of the year $ 48,245 $ 47,606 $ 69,784
See accompanying notes to consolidated financial statements.