| Reconciliation of Adjusted Book Value per Share
to GAAP Book Value per Share | | Dec 31,
2005 | Dec 31,
2006 | Dec 31,
2007 | Dec 31,
2008 | Dec 31,
2009 | Jun 30,
2010 |
| Book value per share numerators (in millions): | | Common shareholders' equity |
$ 3,833.2 | $ 4,455.3 | $ 4,713.4 | $ 2,898.8 | $ 3,657.4 | $ 3,513.96 | | | Proceeds from assumed exercise of outstanding Warrants | |  | | | | | | | | Benefits to be received from share obligations under employee benefit plans | |
5.1 | 4.7 | 1.7 | 1.1 | .4 | ____ | | | Remaining adjustment of subsidiary preferred stock to face value | |
(86.0)
| (41.8)
| (15.8)
| | | |
| Book value per share numerator |
3,752.3 | 4,418.2 | 4,699.3 | 2,899.9 | 3,657.8 | 3,513.96 |
| | Equity in net unrealized (gains) losses from Symetra's fixed maturity portfolio |
|
(24.2) | 4.1 | 5.6 | 197.3 | 9.0 | (73.8) | | Adjusted book value per common share numerator | $ 3,728.1
 | $ 4,422.3
| $ 4,704.9
| $ 3,097.2
| $ 3,666.8
| $ 3,439.8
|
| | | Book value per share denominators (in thousands of shares): | | Common Shares outstanding |
10,779.2 | 10,782.8 | 10,553.6 | 8,808.8 | 8,860.2 | 8,532.4 | | | Common Shares issuable upon exercise of outstanding Warrants | | | | | | | | | | Share obligations under employee benefits plans |
|
34.3
| 29.5
| 9.9
| 6.0
| 2.4
|
| | Book value per share denominator |
10,813.5 | 10,812.3 | 10,563.5 | 8,814.8 | 8,862.6 | 8,532.4 |
| | Unearned restricted shares |
|
| | (46.5)
| (42.6)
| (59.1)
| (58.6)
| | Adjusted book value per common share denominator |
10,813.5 | 10,812.3 | 10,517.0 | 8,772.2 | 8,803.5 | 8,473.8 |
| | | | | Adjusted book value per common share | $ 344.76
| $ 409.00
| $ 447.36
| $ 353.07
| $ 416.52
| $ 405.94
|
Book value per share is derived by dividing the Company's total GAAP shareholders' equity as of a given date by the number of Common Shares outstanding as of that date, including the dilutive effects of outstanding Options and Warrants, as well as the unamortized accretion of preferred stock.
Adjusted book value per share is a non-GAAP measure which is derived by expanding the GAAP book value per share calculation to exclude net unrealized gains or losses from Symetra's fixed maturity portfolio as of the applicable date. In addition, for periods subsequent to December 31, 2006, the number of common shares outstanding used in the calculation of adjusted book value per share is adjusted to exclude unearned shares of restricted stock representative of the proportion of unamortized compensation cost at the date of the calculation to the value of the restricted stock on the date of issuance. This adjustment was not made to adjusted book value per share for periods prior to December 31, 2006, as the impact was not significant. |
|
