Unum 2007 Annual Report Download - page 140
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Notes to Consolidated Financial Statements
138 Unum 2007 Annual Report
Note 17. Subsequent Event
Pursuant to the common stock repurchase program previously discussed in Note 11, on January 31, 2008, we repurchased approximately
14.0 million shares for $350.0 million through an accelerated stock repurchase program with a financial counterparty. The repurchased
shares will be held in treasury, until such time as they may be reissued or retired.
As part of this transaction, we simultaneously entered into a forward contract indexed to the price of our common stock, which subjects
the transaction to a future price adjustment. Upon settlement of the contract in May 2008, the price adjustment will be calculated based
on the volume weighted average price of our common stock during the term of the agreement, less a discount. If we are required to pay
a price adjustment to the counterparty, we have the option of settling the adjustment in shares of our common stock or cash. Any price
adjustment payable to us will be settled in shares of our common stock.
Note 18. Quarterly Results of Operations (Unaudited)
The following is a summary of our unaudited quarterly results of operations for 2007 and 2006:
2007
(in millions of dollars, except share data) 4th 3rd 2nd 1st
Premium Income $ 1,983.9 $ 1,986.5 $ 1,986.7 $ 1,944.0
Net Investment Income 619.4 603.2 597.8 589.5
Net Realized Investment Gain (Loss) (25.8) (46.1) 10.4 (3.7)
Total Revenue 2,643.5 2,610.2 2,665.6 2,600.6
Income from Continuing Operations Before Income Tax 225.4 279.0 232.9 259.9
Income from Continuing Operations 160.5 187.0 153.5 171.4
Income from Discontinued Operations — — — 6.9
Net Income 160.5 187.0 153.5 178.3
Net Income Per Common Share
Basic
Income from Continuing Operations 0.45 0.52 0.44 0.50
Net Income 0.45 0.52 0.44 0.52
Assuming Dilution
Income from Continuing Operations 0.44 0.52 0.43 0.49
Net Income 0.44 0.52 0.43 0.51