Mercury Insurance 2008 Annual Report Download - page 65

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55
MERCURY GENERAL CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Years ended December 31,
(Amounts in thousands)
2008 2007 2006
Common stock, beginning of year 69,369$ 66,436$ 63,103$
Proceeds of stock options exercised 1,286 2,173 1,943
Share-based compensation expense 652 487 885
Tax benefit on sales of incentive stock options 121 273 505
Common stock, end of yea
r
71,428 69,369 66,436
Accumulated other comprehensive income, beginning of year 80,557 69,652 66,549
Net increase (decrease) in other comprehensive income, net of tax (81,433) 10,905 3,103
Accumulated other comprehensive (loss) income, end of yea
r
(876) 80,557 69,652
Retained earnings, beginning of year 1,712,072 1,588,042 1,478,185
Cumulative effect of accounting changes, net of tax 80,557 - -
Net (loss) income (242,119) 237,832 214,817
Dividends paid to shareholders (127,011) (113,802) (104,960)
Retained earnings, end of yea
r
1,423,499 1,712,072 1,588,042
Total shareholders' equity 1,494,051$ 1,861,998$ 1,724,130$
See accompanying notes to consolidated financial statements.