Progressive 2013 Annual Report Download - page 4

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The Progressive Corporation and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
For the years ended December 31,
(millions — except per share amounts) 2013 2012 2011
Common Shares, $1.00 Par Value
Balance, Beginning of year $ 604.6 $ 613.0 $ 662.4
Stock options exercised 0 .1 2.0
Treasury shares purchased1(11.0) (8.6) (51.3)
Net restricted equity awards issued/vested/(forfeited) 2.2 .1 (.1)
Balance, End of year $ 595.8 $ 604.6 $ 613.0
Paid-In Capital
Balance, Beginning of year $1,077.0 $1,006.2 $1,007.1
Stock options exercised 0 .4 20.4
Tax benefit from exercise/vesting of equity-based compensation 10.3 5.8 6.4
Treasury shares purchased1(20.4) (14.5) (80.7)
Net restricted equity awards (issued)/(vested)/forfeited (2.2) (.1) .1
Amortization of equity-based compensation 64.9 62.4 50.3
Reinvested dividends on restricted stock units 12.4 11.2 2.6
Other 0 5.6 0
Balance, End of year $1,142.0 $1,077.0 $1,006.2
Retained Earnings
Balance, Beginning of year $3,454.4 $3,495.0 $3,595.7
Net income 1,165.4 902.3 1,015.5
Treasury shares purchased1(242.0) (151.1) (865.8)
Cash dividends declared on common shares ($1.4929, $1.2845,
and $.4072 per share) (889.2) (772.5) (248.1)
Reinvested dividends on restricted stock units (12.4) (11.2) (2.6)
Other, net 23.8 (8.1) .3
Balance, End of year $3,500.0 $3,454.4 $3,495.0
Accumulated Other Comprehensive Income, Net of Tax
Balance, Beginning of year $ 871.0 $ 692.5 $ 783.7
Other comprehensive income (loss) 80.7 178.5 (91.2)
Balance, End of year $ 951.7 $ 871.0 $ 692.5
Total Shareholders’ Equity $6,189.5 $6,007.0 $5,806.7
1In December 2013, we purchased 4.0 million shares at a price of $25.50 per share in a privately negotiated transaction with the “Peter B. Lewis
Trust under Agreement dated December 21, 1994, as modified.” Mr. Lewis was our non-executive Chairman of the Board until his death in
November 2013.
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 consolidated financial statements.
App.-A-4