Mercury Insurance 2010 Annual Report Download - page 75

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MERCURY GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Amounts in thousands)
Year Ended December 31,
2010 2009 2008
Common stock, beginning of year .............................. $ 72,589 $ 71,428 $ 69,369
Proceeds of stock options exercised ......................... 816 393 1,286
Share-based compensation expense ......................... 651 763 652
Tax benefit on sales of incentive stock options ................ 132 5 121
Common stock, end of year .................................... 74,188 72,589 71,428
Additional paid in capital, beginning of year ......................000
Share-based compensation expense ......................... 161 0 0
Exercise of stock options .................................. (83) 0 0
Additional paid in capital, end of year ........................... 78 0 0
Accumulated other comprehensive (loss) income, beginning of year . . . (597) (876) 80,557
Change in other comprehensive (loss) income, net of tax ........ (143) 279 (81,433)
Accumulated other comprehensive loss, end of year ................ (740) (597) (876)
Retained earnings, beginning of year ............................ 1,698,954 1,423,499 1,712,072
Cumulative effect of accounting change, net of tax ............. 0 0 80,557
Net income (loss) ....................................... 152,198 403,072 (242,119)
Dividends paid to shareholders ............................. (129,863) (127,617) (127,011)
Retained earnings, end of year ................................. 1,721,289 1,698,954 1,423,499
Total shareholders’ equity ................................. $1,794,815 $1,770,946 $1,494,051
See accompanying notes to consolidated financial statements.
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