Mercury Insurance 2012 Annual Report Download - page 76

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See accompanying notes to consolidated financial statements.
55
MERCURY GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Year Ended December 31,
2012 2011 2010
Revenues:
Net premiums earned $ 2,574,920 $ 2,566,057 $ 2,566,685
Net investment income 131,896 140,947 143,814
Net realized investment gains 66,380 58,397 57,089
Other 10,174 11,884 8,297
Total revenues 2,783,370 2,777,285 2,775,885
Expenses:
Losses and loss adjustment expenses 1,961,448 1,829,205 1,825,766
Policy acquisition costs 477,788 481,721 505,565
Other operating expenses 207,281 215,711 255,358
Interest 1,543 5,549 6,806
Total expenses 2,648,060 2,532,186 2,593,495
Income before income taxes 135,310 245,099 182,390
Income tax expense 18,399 53,935 30,192
Net income $ 116,911 $ 191,164 $ 152,198
Net income per share:
Basic $ 2.13 $ 3.49 $ 2.78
Diluted $ 2.13 $ 3.49 $ 2.78
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
Year Ended December 31,
2012 2011 2010
Net income $ 116,911 $ 191,164 $ 152,198
Other comprehensive income (loss), before tax:
Gains (losses) on hedging instrument 0 1,139 (220)
Other comprehensive income (loss), before tax 0 1,139 (220)
Income tax expense (benefit) related to gains (losses) on hedging instrument 0 399 (77)
Other comprehensive income (loss), net of tax: 0 740 (143)
Comprehensive income $ 116,911 $ 191,904 $ 152,055