Progressive 2015 Annual Report Download - page 5

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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) 2015 2014 2013
Common Shares, $1.00 Par Value
Balance, Beginning of year $ 587.8 $ 595.8 $ 604.6
Treasury shares purchased1(7.3) (11.1) (11.0)
Net restricted equity awards issued/vested/(forfeited) 3.1 3.1 2.2
Balance, End of year $ 583.6 $ 587.8 $ 595.8
Paid-In Capital
Balance, Beginning of year $1,184.3 $1,142.0 $1,077.0
Tax benefit from exercise/vesting of equity-based compensation 16.8 12.8 10.3
Treasury shares purchased1(15.2) (21.6) (20.4)
Net restricted equity awards (issued)/(vested)/forfeited (3.1) (3.1) (2.2)
Amortization of equity-based compensation 64.5 51.4 64.9
Reinvested dividends on restricted stock units 5.7 2.8 12.4
Adjustment to carrying amount of noncontrolling interest (34.2) 0 0
Balance, End of year $1,218.8 $1,184.3 $1,142.0
Retained Earnings
Balance, Beginning of year $4,133.4 $3,500.0 $3,454.4
Net income attributable to Progressive 1,267.6 1,281.0 1,165.4
Treasury shares purchased1(186.0) (238.7) (242.0)
Cash dividends declared on common shares ($0.8882, $0.6862, and
$1.4929 per share) (520.5) (402.6) (889.2)
Reinvested dividends on restricted stock units (5.7) (2.8) (12.4)
Other, net (2.2) (3.5) 23.8
Balance, End of year $4,686.6 $4,133.4 $3,500.0
Accumulated Other Comprehensive Income, Net of Tax
Balance, Beginning of year $1,023.1 $ 951.7 $ 871.0
Attributable to noncontrolling interest 1.1 0 0
Other comprehensive income (223.8) 71.4 80.7
Balance, End of year $ 800.4 $1,023.1 $ 951.7
Total Shareholders’ Equity $7,289.4 $6,928.6 $6,189.5
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