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| 8-K - FORM 8-K - Allied World Assurance Co Holdings, AG | d537553d8k.htm |
 Investor
Presentation 1
st
Quarter 2013
Exhibit 99.1 |
 Forward-Looking Statements & Safe Harbor
2
This presentation contains certain statements, estimates and forecasts with respect to future
performance and events. These statements, estimates and forecasts are
"forward-looking statements". In some cases, forward-looking
statements can be identified by the use of forward-looking terminology such as
"may," “might,” “will," “should,” "expect," “plan,” "intend," "estimate," "anticipate," "believe,”
“predict,” “potential” or "continue" or the negatives thereof or
variations thereon or similar terminology. All statements other than statements of
historical fact included in this presentation are forward-looking statements and are
based on various underlying assumptions and expectations and are subject to known and
unknown risks, uncertainties and assumptions, may include projections of our future financial
performance based on our growth strategies and anticipated trends in our business. These
statements are only predictions based on our current expectations and projections about
future events. There are important factors that could cause our actual results,
level of activity, performance or achievements to differ materially from the results,
level of activity, performance or achievements expressed or implied in the
forward-looking statements. As a result, there can be no assurance that the forward-looking
statements included in this presentation will prove to be accurate or correct. In light of
these risks, uncertainties and assumptions, the future performance or events described in
the forward-looking statements in this presentation might not occur.
Accordingly, you should not rely upon forward-looking statements as a prediction of
actual results and we do not assume any responsibility for the accuracy or completeness
of any of these forward-looking statements that may be made from time to time. We are
under no obligation (and expressly disclaim any such obligation) to update or revise any
forward-looking statements, whether as a result of new information, future
developments or otherwise. |
 Agenda
Executive Summary
Executive Summary
Operating Segments
Operating Segments
U.S. Insurance
U.S. Insurance
International Insurance
International Insurance
Reinsurance
Reinsurance
Financial Highlights
Financial Highlights
Conclusion
Conclusion
Appendix
Appendix
3 |
 Allied
World’s Franchise Well-diversified property and casualty insurer and reinsurer
with significant geographic reach
Experienced executive management team with strong risk
management culture
Total return investment philosophy
Excellent capitalization with active capital management
Highly
Rated
–
“A”
(Excellent)
by
A.M.
Best,
“A”
(Strong)
by
S&P,
“A2”
(Good)
by
Moody’s
and
“A+”
(Good)
by
Fitch
Industry leading results and value creation
4 |
 Diversified
insurance
and
reinsurance
products offered across a global platform
with operations in the U.S., Bermuda,
Lloyd’s, Europe, Hong Kong and Singapore
Emphasis on insurance and
casualty
lines
with
strong
reinsurance
and property capabilities
Customer focus
Moving closer to clients in markets
Demonstrated expertise in markets in
which we underwrite
A “go to”
market for targeted lines and
classes of business such as healthcare and
construction
Allied World –
A Diversified mix
Leading specialty insurance company with a broad range of product offerings,
global capabilities and significant U.S. focus
5
* Includes healthcare-related program business
Total TTM March 2013 GPW: $ 2,485M
66% Insurance / 34% Reinsurance
72% Casualty / 28% Property |
 Experienced
Management: Shifting the Business Focus 6
2007 GPW: $1,506M
In response to the changing macro economic environment, Allied World
has transformed itself since 2007
Total TTM March 2013 GPW: $2,485M
Allied World 2007
Allied World Today
Reduced dependence on Bermuda
large account excess business
U.S. segment has increased
significantly with focus on small and
middle market account primary and
specialty business
Reinsurance segment has strong U.S.
presence and is growing internationally |
 o
We focus on total investment return
as a key driver of book value
growth, of which net investment
income is one component
•
All investments categorized as
“trading”
•
Similar treatment of cash and
derivatives
•
Management incentive focused
on net
income
o
We currently maintain a short
duration, overweight credit position
in core fixed income
o
We continue to build out the non-
core portfolio in 2013 including
equity investments through Allied
World Financial Services
o
Emphasis on detailed transparency
7
Investment Strategy
*
$7.7
$8.1
$8.5
Portfolio
Size ($Bn)
$6.2
$6.9
$7.5
*
$8.4
$8.6
$426
$20
$418
$469
$160
$456
$167
$113
*
*
Total Investment Return ($MM)
Book
Yield
vs.
Total
Return
* Prior to the 2009 move from an “available for sale” portfolio to a trading
portfolio, which impacts the presentation of returns from the non core portfolio.
-
Focused on maximizing total return performance via a diversified portfolio
|
 Active Capital
Management Improves Shareholder Value 8
Diluted book value per
share has more than
doubled since 2008
Capital Management History
o
Share Repurchases:
•
$1.7 billion of shares and warrants
repurchased since December 2007
•
$367 million remaining capacity in
share repurchase program as of April
2013
•
Increased the dividend over 30% in
May 2013 to $0.50 per share
•
$276 million of common dividends
since going public in 2006
•
Financial leverage of 18.9% at
March 2013
(In millions, except for per share amounts)
* Excludes $243.8 million syndicated loan that was repaid on February 23, 2009
$96.50
$92.59
$46.05
$59.56
$74.29
$80.11
$2,417
$499
-$646
$2,916
$3,213
$499
-$682
$3,712
$3,075
$798
-$1,475
$3,873
$3,149
$798
-$1,658
$3,947
$3,326
$798
-$1,975
$4,124
$3,432
$798
-$2,025
$4,230
2008
2009
2010
2011
2012
Q1 2013
Shareholder's Equity
Debt
Accumulated Share and Warrant Repurchases & Dividends
Diluted Book Value per Share
*
Dividends:
o
Conservative Capital Position:
o |
 Growth in book
value per share calculated by taking change in book value per share from March 31, 2008 through March 31,
2013
adjusted
for
dividends.
Diluted
book
value
per
share
used
when
available.
Source: SNL Financial
9
Peer
Average
=
63%
Five Year Growth in Book Value per Share
April 2008 –
March 2013
Superior Value Creation
124%
110%
99%
77%
73%
70%
64%
63%
61%
58%
52%
41%
39%
7%
Allied World
ProAssurance
Arch
RLI
HCC
W.R. Berkley
Markel
Endurance
Axis
Navigators
Aspen
Hanover
Argo
OneBeacon |
 Quarterly
Highlights – First Quarter 2013
Solid
underwriting,
investment
and
reserving
expertise
–
as
well
as
a
focus
on
capital management –
continue to drive book value growth
10
•
4.2% growth in diluted book value per share
•
Underwriting income of $69 million for quarter, up 16.1% from
prior period
•
Gross premiums written of $837 million for quarter, up 23% from
prior period
o
Combined ratio
of 85.1%
o
Expense ratio
of 30.0%
o
U.S. Insurance
gross premiums written increased $52 million, up 25%
from prior period
o
International Insurance
gross premiums written increased $15
million, up 13%
o
Reinsurance
gross premiums written increased $89 million, up 25% |
 Agenda
Executive Summary
Executive Summary
Operating Segments
Operating Segments
U.S. Insurance
U.S. Insurance
International Insurance
International Insurance
Reinsurance
Reinsurance
Financial Highlights
Financial Highlights
Conclusion
Conclusion
Appendix
Appendix
11 |
 U.S. Insurance
Segment -
A significant U.S.-
based specialty franchise with diversified offerings
•
Direct property and casualty insurance for
small and middle-market non-Fortune 1000
companies
•
10 branch offices in strategic locations
throughout the U.S.
•
Admitted and excess & surplus lines (E&S)
capabilities in all 50 states
•
Increased access to attractive small account
primary business
•
Industry verticals strategy
o
•
Specialty product capabilities
o
* Includes healthcare-related program business
Allied World U.S. Insurance Segment
Product Mix
12
Total TTM March 2013 GPW: $1,046M
Healthcare*
27%
Inland Marine
3%
Primary General
Casualty
13%
Programs
4%
D&O
Private
8%
D&O Public
7%
E&O
10%
Environmental
3%
Excess General
Casualty
15%
General
Property
9%
M&A
1%
Focused on servicing products in select industry
classes, including healthcare, private / non-profit,
and public entity / construction
Defense Base Act approved underwriter, surety,
primary construction, environmental, inland marine
and M&A capabilities |
 Allied World
International Insurance Segment Product Mix
13
International Insurance Segment
-
Global diversification and expansion
•
Offices in Bermuda, Dublin, Hong Kong,
London, Singapore and Switzerland
position the company to meet developing
opportunities
•
Lloyd’s Syndicate 2232
•
Specialty product capabilities:
•
MGA business initiated in targeted areas
Total TTM March 2013 GPW: $590M
Healthcare
13%
General
Casualty
23%
Professional
Lines
30%
General
Property
27%
SME
1%
Trade Credit
6%
o
Association with Lloyd’s enhances Allied World’s
brand recognition
o
Increases access to Latin America and Asia-
Pacific region
o
Offers individual risk products
o
Trade credit and political risk
o
International healthcare
o
Small-to-medium enterprises (SME Professional) |
 Allied World
Reinsurance Segment Product Mix
14
•
Opportunistic and flexible approach
to respond to dynamic market
opportunities
•
U.S. operation has improved access
to U.S. regional business and
strengthened local relationships
•
Strategic Bermuda Platform
•
Miami, Singapore, and Swiss offices
and Lloyd’s Syndicate 2232 increase
global reach
Reinsurance Segment
-
Flexibility to take advantage of reinsurance opportunities in the global marketplace
Total TTM March 2013 GPW: $849M
o
Expansion into newer lines including
crop and hail
o
Property reinsurance capabilities
that focus on small and medium
account regional carriers
o
Property catastrophe, property per risk,
workers’
compensation catastrophe,
accident & health and specialty casualty
North American CAT
22%
Global CAT
14%
Global
Property
6%
North American
Property
7%
Global Marine,
Aerospace & Crop
15%
Professional Liability
6%
General Casualty
19%
Global Casualty
5%
Specialty
6%
o
Partnership with Aeolus Capital
Management |
 Agenda
Executive Summary
Executive Summary
Operating Segments
Operating Segments
U.S. Insurance
U.S. Insurance
International Insurance
International Insurance
Reinsurance
Reinsurance
Financial Highlights
Financial Highlights
Conclusion
Conclusion
Appendix
Appendix
15 |
 Financial Highlights
Operating Results
Operating Results
Q1
Q1
2013
2013
Q1
Q1
2012
2012
2012
2012
2011
2011
2010
2010
2009
2009
Net Income
$159
$218
$493
$275
$665
$607
Operating Income
$84
$92
$203
$184
$398
$538
Net Income Return on Average Equity
18.8%
27.4%
15.3%
8.9%
21.9%
22.6%
Operating Return on Average Equity
10.0%
11.5%
6.3%
6.0%
13.1%
20.0%
Combined Ratio
85.1%
85.2%
94.5%
95.9%
84.9%
76.1%
Cash Flow from Operations
$14
$143
$629
$548
$451
$668
Total Financial Statement Portfolio Return
1.3%
2.0%
5.5%
2.0%
6.1%
7.9%
Ending Diluted Book Value per Share
$96.50
$85.48
$92.59
$80.11
$74.29
$59.56
Growth in Diluted Book Value per Share
4.2%
6.7%
15.6%
7.8%
24.7%
29.3%
Allied World has reported consistently strong results despite a
competitive landscape, financial turbulence and catastrophe activity
16
($ in millions, except per share amounts) |
 17
Expense Ratio Declining as We Build Scale
Note: GAAP expense ratio
*Peer average includes ACGL, AGII, AHL, AXS, ENH, HCC, MKL, NAVG, OB, PRA, RLI, THG and
WRB. Source: SNL Financial
Allied World expanded global operations,
including: the build-out of the U.S. platform,
the acquisition of Darwin, the establishment
of a U.S. reinsurance company and the
opening of Lloyd's Syndicate 2232
22.5%
26.7%
30.2%
32.8%
30.1%
29.4%
30.0%
30.1%
30.4%
32.1%
33.6%
33.7%
34.2%
34.6%
2007
2008
2009
2010
2011
2012
Q1 2013
Allied World
Peer Average* |
 18
Growth Balanced With Underwriting Profitability
-Consistent performance despite a presence in varied lines of business
Five Year Performance
Average Combined Ratio vs. Growth in Net Premiums Earned
* ProAssurance not shown on chart (five year Average Combined Ratio of 62.3% with net premiums
earned five-year CAGR of 2.2% from April 2008 through March 2013).
Source: SNL Financial |
 Strong
Underwriting Results Underwriting performance has been strong since our inception
19
Historical
Loss
Ratios
Through
March
2013
($MM)
1
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
CY Total
70.1%
65.3%
75.9%
103.1%
59.6%
58.4%
55.6%
45.9%
52.0%
65.8%
65.1%
55.1%
0.0%
-4.9%
-5.8%
-3.6%
-8.2%
-10.2%
-24.2%
-18.8%
-23.0%
-17.4%
-9.7%
-9.5%
70.1%
70.1%
81.7%
106.7%
67.7%
68.6%
79.8%
64.7%
75.1%
83.2%
74.9%
64.6%
(56.8)
(56.8)
(26.7)
(52.7)
(79.4)
(8.4)
(45.7)
5.6
(48.5)
(16.5)
(43.1)
(45.3)
(8.2)
(113.0)
6.2
(33.8)
(76.9)
(6.2)
(26.1)
(136.9)
(8.9)
(87.9)
(100.3)
(73.8)
(7.8)
(33.9)
(312.6)
(16.5)
(57.2)
(118.1)
(102.5)
11.6
2.4
32.2
(248.0)
4.4
(10.9)
(57.0)
(146.7)
(54.4)
(24.8)
(22.6)
(1.2)
(313.4)
(0.0)
(1.3)
(22.1)
(89.5)
(42.3)
(68.7)
(21.7)
(27.9)
20.1
(253.5)
4.4
(3.5)
(9.1)
(11.1)
(81.7)
(90.9)
(34.9)
(7.9)
11.1
53.4
(170.3)
0.0
(0.1)
1.4
(11.4)
(7.6)
(12.0)
(13.8)
(0.1)
(4.7)
(8.6)
12.9
(44.1)
(119.0)
(336.2)
(421.7)
(449.5)
(208.3)
(227.9)
(60.9)
(37.1)
26.5
44.8
12.9
(1,776.5)
-27.4%
-28.7%
-30.7%
-33.1%
-15.0%
-17.0%
-4.7%
-2.8%
1.9%
3.1%
0.7%
42.6%
41.4%
50.9%
73.6%
52.7%
51.6%
75.1%
61.9%
77.0%
86.3%
75.6%
64.6%
16.4%
28.0%
9.7%
5.9%
19.9%
10.3%
42.6%
41.4%
34.5%
45.6%
52.7%
51.6%
65.4%
61.9%
71.1%
66.5%
65.3%
64.6%
Case
Incurred
through
2013
Q1
2
40.8%
34.1%
46.7%
61.4%
40.0%
40.5%
53.3%
31.0%
48.8%
42.9%
31.0%
3.6%
Remaining IBNR / EP Ratio @ 2013 Q1
1.8%
7.3%
4.2%
12.1%
12.6%
11.0%
21.8%
30.9%
28.2%
43.4%
44.7%
61.0%
AY
CY Original Loss Ratio
Prior Year Development
AY Original Loss Ratio
2002
2004
2006
2007
2008
2009
2003
2005
2010
2011
2012
2013
Subsequent Development
Loss Ratio Points
AY Developed
Cat Losses
AY Developed ex Cat Losses
(1)
Pro-forma including Darwin development since inception (2)
Case incurred ratios by year are not directly comparable to our financial
statements as reinsurance case incurred losses shown above are on a treaty year basis |
 March 31, 2013
Total: $4.5 B •
Net reserves about 4.1% above mid-point of range at
March 31, 2013
•
$1.8 billion net favorable reserve development since
inception
•
71% of net reserves are IBNR
Net Loss & LAE Reserve Mix at March 31, 2013
Case
U.S. Insurance
10%
IBNR
International
Insurance
27%
Case
International
Insurance
9%
IBNR
Reinsurance
22%
Case
Reinsurance
10%
IBNR
U.S. Insurance
22%
Net Prior Year Reserve Releases* ($MM)
Range of Net Reserves at March 31, 2013 ($MM)
Prudent Reserving Philosophy
20
* Pro-forma including Darwin
development since inception
$1,113
$1,232
$1,168
$1,438
$1,611
$1,461
$1,615
$1,815
$1,693
U.S. Insurance
International Insurance
Reinsurance
Low Estimate
Carried
High Estimate
$113
$137
$313
$248
$313
$254
$170
$39
$44
2006
2007
2008
2009
2010
2011
2012
Q1
2012
Q1
2013 |
 21
•
We maintain a short
duration/overweight credit
position in core fixed-
income
•
We will continue to build
out the non-core portfolio
in 2013
Investment Portfolio Highlights
Total Cash and Investments: $8.6B
Q1 2013 Total Portfolio Return:
Q1 2013: 1.3%
2012: 5.5%
Average Credit Quality is AA- |
 Peer
Comparisons – Net Income ROE
Source: SNL Financial
22
Five Year Average Quarterly Annualized Net Income ROE
April 2008 –
March 2013
Peer
Average
=
8.3% |
 Agenda
Executive Summary
Executive Summary
Operating Segments
Operating Segments
U.S. Insurance
U.S. Insurance
International Insurance
International Insurance
Reinsurance
Reinsurance
Financial Highlights
Financial Highlights
Conclusion
Conclusion
Appendix
Appendix
23 |
 Conclusion
24
Strong growth in underwriting income from a diversified product mix
•
Gross premiums increasing in each operating segment
Historically strong returns
•
Combined ratio compares favorably to peers
•
Expense ratio remains at or below 30% as we build scale
Solid investment returns
Active capital management
Industry leading value creation
Current valuation is attractive given the company’s historical
performance and strong position to capitalize on market opportunities
|
 Growth in
book value per share calculated by taking change in book value per share from March 31, 2008 through March 31,
2013
adjusted
for
dividends.
Diluted
book
value
per
share
used
when
available.
Five Year Growth in Book Value per Share (through March 2013)
vs.
Price to Book Value @ May 8, 2013
25
Conclusion
-
Allied World is attractively valued given its demonstrated ability to grow book value
0.5x
1.0x
1.3x
1.5x
1.8x
2.0x
0.8x
0%
20%
40%
60%
80%
100%
120%
Allied World
Arch
Argo
Aspen
Axis
Endurance
HCC
Markel
Navigators
OneBeacon
ProAssurance
RLI
W.R. Berkley
Hanover
Five Year Growth in Diluted Book Value Per Share |
 Agenda
Executive Summary
Executive Summary
Operating Segments
Operating Segments
U.S. Insurance
U.S. Insurance
International Insurance
International Insurance
Reinsurance
Reinsurance
Financial Highlights
Financial Highlights
Conclusion
Conclusion
Appendix
Appendix
26 |
 Non-GAAP
Financial Measures 27
In presenting the company's results, management has included and discussed in this
presentation certain non generally accepted accounting principles ("non-
GAAP") financial measures within the meaning of Regulation G as promulgated by the U.S.
Securities and Exchange Commission. Management believes that these non-GAAP
measures, which may be defined differently by other companies, better explain the company's results of operations in a manner that allows
for a more complete understanding of the underlying trends in the company's business. However,
these measures should not be viewed as a substitute for those determined in accordance
with generally accepted accounting principles ("U.S. GAAP").
"Operating income" is an internal performance measure used in the management of the
company’s operations and represents after-tax operational results excluding,
as applicable, net realized investment gains or losses, net impairment charges recognized in earnings, net foreign exchange gain or loss and other
non-recurring items. The company excludes net realized investment gains or losses, net
impairment charges recognized in earnings, net foreign exchange gain or loss, and other
non-recurring items from the calculation of operating income because these amounts are heavily influenced by and fluctuate in part
according to the availability of market opportunities and other factors. The company has
excluded from operating income the termination fee received from Transatlantic
Holdings, Inc. in 2011 as this is a non-recurring item. In addition to presenting net income determined in accordance with U.S. GAAP, the
company believes that showing operating income enables investors, analysts, rating agencies
and other users of the company’s financial information to more easily analyze our
results of operations and underlying business performance. Operating income should not be viewed as a substitute for U.S. GAAP net
income.
The company has included "diluted book value per share" because it takes into account
the effect of dilutive securities; therefore, the company believes it is an important
measure of calculating shareholder returns.
"Annualized net income return on average shareholders' equity" ("ROAE") is
calculated using average shareholders’ equity, excluding the average after tax
unrealized gains (or losses) on investments. Unrealized gains (losses) on investments are
primarily the result of interest rate and credit spread movements and the resultant
impact on fixed income securities. Such gains (losses) are not related to management actions or operational performance, nor are they
likely to be realized. Therefore, the company believes that excluding these unrealized gains
(losses) provides a more consistent and useful measurement of operating performance,
which supplements U.S. GAAP information. In calculating ROAE, the net income (loss) available to shareholders for the period is
multiplied by the number of such periods in a calendar year in order to arrive at annualized
net income (loss) available to shareholders. The company presents ROAE as a measure
that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial
information.
"Annualized operating return on average shareholders' equity" is calculated using
operating income (as defined above and annualized in the manner described for net
income (loss) available to shareholders under ROAE above), and average shareholders' equity, excluding the average after tax unrealized
gains (losses) on investments. Unrealized gains (losses) are excluded from equity for the
reasons outlined in the annualized net income return on average shareholders' equity
explanation above.
See slides 28 - 30 for a reconciliation of non-GAAP measures used in this presentation
to their most directly comparable U.S. GAAP measures.
|
 Non-GAAP
Financial Measures - Reconciliations
28
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED ANNUALIZED RETURN ON SHAREHOLDERS' EQUITY RECONCILIATION
(Expressed in thousands of United States dollars, except for percentage
information) Quarter Ended March 31,
2013
2012
Opening shareholders' equity
$
3,326,335
$
3,149,022
Deduct: accumulated other comprehensive income
-
(14,484)
Adjusted opening shareholders' equity
3,326,335
3,134,538
Closing shareholders' equity
$
3,431,963
$
3,245,821
Deduct: accumulated other comprehensive income
-
(2,325)
Adjusted closing shareholders' equity
3,431,963
3,243,496
Average shareholders' equity
$
3,379,149
$
3,189,017
Net income available to shareholders
$
158,992
$
218,156
Annualized net income available to shareholders
635,968
872,624
Annualized
return
on
average
shareholders'
equity
-
net income available to shareholders
18.8%
27.4%
Operating income available to shareholders
$
84,168
$
91,505
Annualized operating income available to shareholders
336,672
366,020
Annualized
return
on
average
shareholders'
equity
-
operating income available to shareholders
10.0%
11.5% |
 29
Non-GAAP
Financial
Measures
-
Reconciliations
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED OPERATING INCOME RECONCILIATION
(Expressed in thousands of United States dollars, except share and per share
amounts) Quarter Ended March 31,
2013
2012
Net income
$
158,992
$
218,156
Add after tax effect of:
Net realized investment gains
(77,342)
(126,570)
Foreign exchange loss (gain)
2,518
(81)
Operatin
g income
$
84,168
$
91,505
Weighted average common shares outstanding:
Basic
34,613,606
37,205,166
Diluted
35,431,843
38,284,635
Basic per share data:
Net income
$
4.59
$
5.86
Add after tax effect of:
Net realized investment gains
(2.23)
(3.40)
Foreign exchange loss (gain)
0.07
-
Operating income
$
2.43
$
2.46
Diluted per share data:
Net income
$
4.49
$
5.70
Add after tax effect of:
Net realized investment gains
(2.18)
(3.31)
Foreign exchange loss (gain)
0.07
-
Operating income
$
2.38
$
2.39 |
 Non-GAAP
Financial
Measures
-
Reconciliations
30
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED DILUTED BOOK VALUE PER SHARE RECONCILIATION
(Expressed in thousands of United States dollars, except share and per share
amounts) As of
As of
As of
March 31,
December 31,
March 31,
2013
2012
2012
Price per share at period end
$
92.72
$
78.80
$
68.67
Total shareholders' equity
$
3,431,963
$
3,326,335
$
3,245,821
Basic common shares outstanding
34,626,361
34,797,781
36,786,067
Add: unvested restricted share units
91,159
135,123
187,623
Add: performance based equity awards
272,062
485,973
524,888
Add: employee share purchase plan
5,616
10,750
-
Add: dilutive options/warrants outstanding
1,166,137
1,224,607
1,429,333
Weighted average exercise price per share
$
47.34
$
47.02
$
45.98
Deduct: options bought back via treasury method
(595,451)
(730,652)
(957,064)
Common shares and common share
equivalents outstanding
35,565,884
35,923,582
37,970,847
Basic book
value per common share
$
99.11
$
95.59
$
88.24
Diluted book value per common share
$
96.50
$
92.59
$
85.48 |