Mercury Insurance 2012 Annual Report Download - page 77

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See accompanying notes to consolidated financial statements.
56
MERCURY GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in thousands)
Year Ended December 31,
2012 2011 2010
Common stock, beginning of year $ 76,634 $ 74,188 $ 72,589
Proceeds of stock options exercised 2,492 1,951 816
Share-based compensation expense 168 439 651
Tax benefit on sales of incentive stock options 86 56 132
Common stock, end of year 79,380 76,634 74,188
Additional paid in capital, beginning of year 538 78 0
Share-based compensation expense (538)460 161
Exercise of stock options 0 0 (83)
Additional paid in capital, end of year 0 538 78
Accumulated other comprehensive loss, beginning of year 0 (740)(597)
Other comprehensive income (loss), net of tax 0 740 (143)
Accumulated other comprehensive loss, end of year 0 0 (740)
Retained earnings, beginning of year 1,780,311 1,721,289 1,698,954
Net income 116,911 191,164 152,198
Dividends paid to shareholders (134,105)(132,142)(129,863)
Retained earnings, end of year 1,763,117 1,780,311 1,721,289
Total shareholders’ equity $ 1,842,497 $ 1,857,483 $ 1,794,815