Mercury Insurance 2013 Annual Report Download - page 70

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See accompanying notes to consolidated financial statements.
55
MERCURY GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in thousands)
Year Ended December 31,
2013 2012 2011
Common stock, beginning of year $ 79,380 $ 76,634 $ 74,188
Proceeds of stock options exercised 1,884 2,492 1,951
Share-based compensation expense 125 168 439
Tax benefit on sales of incentive stock options 202 86 56
Common stock, end of year 81,591 79,380 76,634
Additional paid in capital, beginning of year 0 538 78
Share-based compensation expense 849 (538) 460
Exercise of stock options (438) 0 0
Additional paid in capital, end of year 411 0 538
Accumulated other comprehensive income (loss), beginning of year 0 0 (740)
Other comprehensive income, net of tax 0 0 740
Accumulated other comprehensive income, end of year 0 0 0
Retained earnings, beginning of year 1,763,117 1,780,311 1,721,289
Net income 112,143 116,911 191,164
Dividends paid to shareholders (134,776)(134,105)(132,142)
Retained earnings, end of year 1,740,484 1,763,117 1,780,311
Total shareholders’ equity $ 1,822,486 $ 1,842,497 $ 1,857,483