Amortization of deferred gain on disposal of businesses
(1,506
)
16,310
18,413
20,461
10,406
Fees and other income
1,033,805
586,730
475,392
404,863
362,684
Total revenues
10,381,653
9,047,657
8,508,270
8,272,804
8,527,722
Benefits, losses and expenses
Policyholder benefits (2)
4,405,333
3,675,532
3,655,404
3,749,734
3,635,999
Amortization of deferred acquisition costs and value of businesses acquired
1,485,558
1,470,287
1,403,215
1,327,788
1,401,569
Underwriting, general and administrative expenses
3,688,230
3,034,404
2,631,594
2,428,795
2,516,622
Interest expense
58,395
77,735
60,306
60,360
60,646
Goodwill impairment (3)
—
—
—
—
306,381
Total benefits, losses and expenses
9,637,516
8,257,958
7,750,519
7,566,677
7,921,217
Income before provision for income taxes
744,137
789,699
757,751
706,127
606,505
Provision for income taxes (4)
273,230
300,792
274,046
167,171
327,898
Net income
$
470,907
$
488,907
$
483,705
$
538,956
$
278,607
Earnings per share:
Basic
Net income
$
6.52
$
6.38
$
5.74
$
5.58
$
2.52
Diluted
Net income
$
6.44
$
6.30
$
5.67
$
5.51
$
2.50
Dividends per share
$
1.06
$
0.96
$
0.81
$
0.70
$
0.63
Share data:
Weighted average shares outstanding used in basic per share calculations
72,181,447
76,648,688
84,276,427
96,626,306
110,632,551
Plus: Dilutive securities
970,563
1,006,076
1,030,638
1,169,003
840,663
Weighted average shares used in diluted per share calculations
73,152,010
77,654,764
85,307,065
97,795,309
111,473,214
Selected Consolidated Balance Sheet Data:
Cash and cash equivalents and investments
$
15,450,108
$
15,961,199
$
15,885,722
$
15,192,878
$
14,670,364
Total assets
$
31,562,466
$
29,714,689
$
28,946,607
$
27,019,862
$
26,345,501
Policy liabilities (5)
$
19,711,953
$
18,698,615
$
18,666,355
$
17,278,342
$
16,616,206
Debt
$
1,171,079
$
1,638,118
$
972,399
$
972,278
$
972,164
Mandatorily redeemable preferred stock
$
—
$
—
$
—
$
—
$
5,000
Total stockholders’ equity
$
5,181,307
$
4,833,479
$
5,185,366
$
4,873,950
$
4,633,136
Per share data:
Total book value per basic share (6)
$
73.73
$
66.23
$
64.93
$
54.31
$
44.88
(1)
Included in net realized gains are other-than-temporary impairments of $30, $4,387, $1,843, $7,836 and $11,167 for 2014, 2013, 2012, 2011, and 2010, respectively.
(2)
During 2012, we incurred losses of $250,206, net of reinsurance, mainly associated with Superstorm Sandy. During 2011, we incurred losses of $157,645 associated with Hurricane Irene, Tropical Storm Lee, wildfires in Texas and severe storms, including tornadoes in the southeast. Reportable catastrophe losses include only individual catastrophic events that generated losses to the Company in excess of $5,000, pre-tax and net of reinsurance.
Following the completion of our annual goodwill impairment analysis, we recorded an impairment charge of $306,381 related to Assurant Employee Benefits and Assurant Health during the fourth quarter of 2010. The impairment charges resulted in a decrease to net income but did not have any related tax benefit.
(4)
During 2011, we had an $80,000 release of a capital loss valuation allowance related to deferred tax assets.
(5)
Policy liabilities include future policy benefits and expenses, unearned premiums and claims and benefits payable.
(6)
Total stockholders’ equity divided by the basic shares outstanding for book value per basic share calculation. At December 31, 2014, 2013, 2012, 2011, and 2010 there were 70,276,896, 72,982,023, 79,866,858, 89,743,761 and 103,227,238 shares, respectively, outstanding.
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