Amortization of deferred gain on disposal of businesses
12,988
(1,506
)
16,310
18,413
20,461
Fees and other income
1,303,466
1,033,805
586,730
475,392
404,863
Total revenues
10,325,494
10,381,653
9,047,657
8,508,270
8,272,804
Benefits, losses and expenses
Policyholder benefits (2)
4,742,535
4,405,333
3,675,532
3,655,404
3,749,734
Amortization of deferred acquisition costs and value of businesses acquired
1,402,573
1,485,558
1,470,287
1,403,215
1,327,788
Underwriting, general and administrative expenses
3,924,089
3,688,230
3,034,404
2,631,594
2,428,795
Interest expense
55,116
58,395
77,735
60,306
60,360
Total benefits, losses and expenses
10,124,313
9,637,516
8,257,958
7,750,519
7,566,677
Income before provision for income taxes
201,181
744,137
789,699
757,751
706,127
Provision for income taxes (3)
59,626
273,230
300,792
274,046
167,171
Net income
$
141,555
$
470,907
$
488,907
$
483,705
$
538,956
Earnings per share:
Basic
$
2.08
$
6.52
$
6.38
$
5.74
$
5.58
Diluted
$
2.05
$
6.44
$
6.30
$
5.67
$
5.51
Dividends per share
$
1.37
$
1.06
$
0.96
$
0.81
$
0.70
Share data:
Weighted average shares outstanding used in basic per share calculations
68,163,825
72,181,447
76,648,688
84,276,427
96,626,306
Plus: Dilutive securities
853,384
970,563
1,006,076
1,030,638
1,169,003
Weighted average shares used in diluted per share calculations
69,017,209
73,152,010
77,654,764
85,307,065
97,795,309
Selected Consolidated Balance Sheet Data:
Cash and cash equivalents and investments
$
14,283,077
$
15,450,108
$
15,961,199
$
15,885,722
$
15,192,878
Total assets
$
30,043,128
$
31,562,466
$
29,714,689
$
28,946,607
$
27,019,862
Policy liabilities (4)
$
19,787,133
$
19,711,953
$
18,698,615
$
18,666,355
$
17,278,342
Debt
$
1,171,382
$
1,171,079
$
1,638,118
$
972,399
$
972,278
Total stockholders’ equity
$
4,523,967
$
5,181,307
$
4,833,479
$
5,185,366
$
4,873,950
Per share data:
Total book value per basic share (5)
$
67.92
$
73.73
$
66.23
$
64.93
$
54.31
(1)
Included in net realized gains are other-than-temporary impairments of $5,024, $30, $4,387, $1,843 and $7,836 for 2015, 2014, 2013, 2012, and 2011, respectively.
(2)
2015 includes higher loss experience and adverse claim development on 2015 individual major medical policies. 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.
(3)
During 2011, we had an $80,000 release of a capital loss valuation allowance related to deferred tax assets.
(4)
Policy liabilities include future policy benefits and expenses, unearned premiums and claims and benefits payable.
(5)
Total stockholders’ equity divided by the basic shares outstanding for book value per basic share calculation. At December 31, 2015, 2014, 2013, 2012, and 2011 there were 66,606,258, 70,276,896, 72,982,023, 79,866,858, and 89,743,761 shares, respectively, outstanding.
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