Mercury Insurance 2009 Annual Report Download - page 82

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MERCURY GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Amounts in thousands)
Year Ended December 31,
2009 2008 2007
Common stock, beginning of year .............................. $ 71,428 $ 69,369 $ 66,436
Proceeds of stock options exercised ......................... 393 1,286 2,173
Share-based compensation expense ......................... 763 652 487
Tax benefit on sales of incentive stock options ................ 5 121 273
Common stock, end of year .................................... 72,589 71,428 69,369
Accumulated other comprehensive income, beginning of year ........ (876) 80,557 69,652
Net increase (decrease) in other comprehensive income, net of
tax ................................................. 279 (81,433) 10,905
Accumulated other comprehensive (loss) income, end of year ........ (597) (876) 80,557
Retained earnings, beginning of year ............................ 1,423,499 1,712,072 1,588,042
Cumulative effect of accounting change, net of tax ............. — 80,557 —
Net income (loss) ....................................... 403,072 (242,119) 237,832
Dividends paid to shareholders ............................. (127,617) (127,011) (113,802)
Retained earnings, end of year ................................. 1,698,954 1,423,499 1,712,072
Total shareholders’ equity ................................. $1,770,946 $1,494,051 $1,861,998
See accompanying notes to consolidated financial statements.
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