Progressive 2011 Annual Report Download - page 29

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30
Consolidated Statements of Changes in Shareholders’ Equity
(millions
–
except per share amounts)
For the years ended December 31, 2011 2010 2009
COMMON SHARES, $1.00 PAR VALUE
Balance, Beginning of year $ 662.4 $ 672.6 $ 676.5
Stock options exercised 2.0 3.4 3.5
Treasury shares purchased (51.3) (13.3) (11.1)
Net restricted stock awards issued (forfeited) (.1) (.3) 3.7
Balance, End of year $ 613.0 $ 662.4 $ 672.6
PAID-IN CAPITAL
Balance, Beginning of year $ 1,007.1 $ 939.7 $ 892.9
Stock options exercised 20.4 23.8 15.3
Tax benefit from exercise/vesting of stock-based compensation 6.4 14.0 9.7
Treasury shares purchased (80.7) (19.3) (15.0)
Net restricted stock awards (issued) forfeited .1 .3 (3.7)
Amortization of stock-based compensation 50.3 44.8 39.2
Other 2.6 3.8 1.3
Balance, End of year $ 1,006.2 $ 1,007.1 $ 939.7
RETAINED EARNINGS
Balance, Beginning of year $ 3,595.7 $ 3,683.1 $ 2,697.8
Cumulative effect of change in accounting principle 0 0 189.6
Net income 1,015.5 1,068.3 1,057.5
Cash dividends declared on common shares ($.4072, $1.3987,
and $.1613 per share) (248.1) (924.8) (108.5)
Treasury shares purchased (865.8) (226.0) (154.5)
Other, net (2.3) (4.9) 1.2
Balance, End of year $ 3,495.0 $ 3,595.7 $ 3,683.1
ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAX
Balance, Beginning of year $ 783.7 $ 453.2 $ (51.9)
Cumulative effect of change in accounting principle 0 0 (189.6)
Other comprehensive income (loss) (91.2) 330.5 694.7
Balance, End of year $ 692.5 $ 783.7 $ 453.2
Total Shareholders’ Equity $ 5,806.7 $ 6,048.9 $ 5,748.6
There are 20.0 million Serial Preferred Shares authorized; no such shares are issued or outstanding.
There are 5.0 million Voting Preference Shares authorized; no such shares have been issued.
See Notes to the complete Consolidated Financial Statements included in Progressive’s 2011 Annual Report to Shareholders,
which is attached as an Appendix to Progressive’s 2012 Proxy Statement.
The Progressive Corporation and Subsidiaries