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| 8-K/A - FORM 8-K/A - Allied World Assurance Co Holdings, AG | d683806d8ka.htm |
 Investor
Presentation 4
th
Quarter 2013
Exhibit 99.1 |
 2
Forward-Looking Statements & Safe Harbor
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, and
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
Operating Segments
U.S. Insurance
International Insurance
Reinsurance
Financial Highlights
Conclusion
Appendix
3 |
 Allied
World’s Franchise Specialty property and casualty insurer and reinsurer with
niche businesses and significant geographic reach
Experienced executive management team with a strong risk
management culture
Total return investment philosophy, emphasis on detailed transparency
Conservative approach, 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 |
 Niche
specialty
insurance
and
reinsurance
products offered across a global platform
with operations in the U.S., Bermuda,
Canada, Lloyd’s, Europe, Hong Kong and
Singapore
Emphasis on insurance and
casualty
lines
with
opportunistic
reinsurance and property capabilities
Customer focus
Moving closer to clients
Demonstrated expertise in markets in
which we underwrite
A “go to”
market for targeted lines and
industry verticals such as healthcare and
real estate/construction
Allied
World
–
A
Niche
Mix
of
Specialty
Lines
We are a leading specialty insurance company with a broad range of
product offerings, global capabilities and a significant U.S. focus
5
Total 2013 GPW: $2,739M
66% Insurance / 34% Reinsurance
72% Casualty / 28% Property |
 6
2007 GPW: $1,506M
In response to the changing macro economic environment, Allied World
has transformed itself since 2007
2013 GPW: $2,739M
Allied World 2007
Allied World Today
Reduced dependence on Bermuda
large account excess business and
expansion in Europe, including launch
of Syndicate 2232 at Lloyd’s
Post the 2008 Darwin acquisition, the
U.S. segment has increased significantly
with focus on small and middle market
account primary and specialty business
Reinsurance segment has a strong U.S.
presence and is growing internationally
Experienced Management: Shifting the Business Focus
International
Insurance
23%
Reinsurance
34%
U.S.
Insurance
43%
International
Insurance
52%
U.S.
Insurance
13%
Reinsurance
35% |
 Allied
World’s Evolution 7
Purchased
Darwin
Professional
Underwriters
2008
Terminated merger
agreement with
Transatlantic
2011
2012
Launched Lloyd’s
Syndicate 2232
2010
Opened Hong Kong
and Singapore
offices
2009
Swiss
redomestication
Build out of additional U.S. insurance lines,
including Defense Base Act, Surety,
Construction, and Environmental, as well as
Crop Reinsurance
Completed
purchase of
Founders’
interest
2013
Hired over 60
underwriters
Opened Zug
office
Launched Allied
World Financial
Services
Build out of European
platform including
Aviation, Marine and
Primary Casualty
Significant milestones achieved over the past five years have shaped the franchise
Opened Toronto
office |
 8
Strategy of Hiring Focused, Experienced Leadership
Targeted growth driven by key teams with seasoned experience and
a shared culture
Recently Hired Underwriting Teams
(1)
(1)
Senior underwriters are Assistant Vice President level and above.
Underwriting Team
Senior
Underwriters
Average Years
Industry Experience
Selected Former Experience
Aviation
3
15
Alterra/Markel
Construction
1
17
AIG
Crop Reinsurance
1
28
Platinum
Defense Base Act
11
15
AIG, ACE
Environmental
6
12
AIG, Tokio Marine
Inland Marine
6
15
Axis, OneBeacon
Marine
2
25
Alterra, CV Starr, AIG
Primary Casualty
3
37
XL Insurance, HCC
Surety
3
10
AIG, American Safety
U.S. M&A
3
12
AIG, Gulf, Banking/Finance Roles
8 |
 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”, with mark to market
flowing through the income
statement
•
Similar treatment of cash and
derivatives
•
Senior management incentive
compensation largely focused on
net
income
•
Emphasis on detailed transparency
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
9
Investment Strategy
-
Focused
on
maximizing
total
return
performance
via
a
diversified
portfolio
* 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.
2009 excludes the impact of adopting ASC 320-10-65.
Portfolio
Size ($Bn)
Total Investment Return ($MM)
Book
Yield
vs.
Total
Return
7.0%
0.3%
7.7%
6.1%
2.0%
5.5%
2.6%
4.9%
4.8%
4.2%
3.3%
2.5%
2.1%
1.9%
2007
2010
2011
2012
2013
Book yield
Total Return
*
2009
*
2008
*
$298
$309
$301
$244
$196
$167
$158
($8)
($273)
$77
$286
$10
$306
$59
$136
($16)
$179
($61)
($46)
($18)
2008
2009
2010
2011
2012
2013
Net investment income
Realized gains (losses)
Change in unrealized gains (losses)
*
*
*
$426
$20
$557
$469
$160
$455
$217
$6.3
$6.9
$7.5
$8.0
$8.1
$8.8 $8.4
2007 |
 -
-
-
-
-
-
Active Capital Management Improves Shareholder Value
10
Diluted book value per
share has more than
doubled since 2008
(In millions, except for per share amounts)
(1)
Excludes $243.8 million syndicated loan that was repaid on February 23, 2009.
(2)
Includes dividends paid in January 2014.
(1)
(1)
(2)
$2,417
$3,213
$3,075
$3,149
$3,326
$3,520
$499
$499
$798
$798
$798
$798
$646
$682
$1,475
$1,658
$1,975
$2,214
$2,916
$3,712
$3,873
$3,947
$4,124
$4,318
$46.05
$59.56
$74.29
$80.11
$92.59
$102.58
2008
2009
2010
2011
2012
2013
Capital Management History
Share Repurchases:
•
$1.9 billion of shares and warrants
repurchased since December 2007
•
$213 million remaining capacity in
share repurchase program as of
January 2014
•
Increased the dividend over 33% in
May 2013 to $0.50 per share
•
$327
(2)
million of common dividends
paid since going public in 2006
•
Financial leverage of 18.5% at
December 2013
Dividends:
Conservative Capital Position:
Accumulated Share and Warrant Repurchases & Dividends
Debt
Shareholders' Equity
Diluted Book Value per Share |
 Growth in
book value per share calculated by taking change in book value per share from December 31, 2008 through
December 31, 2013 adjusted for regular and special dividends. Diluted book value per share
used when available. (1)
Includes dividend of $0.50 per share declared in Q4 2013.
Source: SNL Financial, Company filings
11
Peer Average = 83.4%
Five Year Growth in Book Value per Share
2009
–
2013
Superior Value Creation
(1)
136.4%
132.6%
114.7%
102.6%
96.7%
95.1%
90.6%
84.2%
75.0%
70.3%
58.7%
56.3%
55.4%
51.5%
Allied World
Arch
Markel
ProAssurance
RLI
Axis
W.R. Berkley
Endurance
Hanover
HCC
OneBeacon
Aspen
Navigators
Argo |
 Agenda
Executive Summary
Operating Segments
U.S. Insurance
International Insurance
Reinsurance
Financial Highlights
Conclusion
Appendix
12 |
 U.S. Insurance
Segment -
A small and middle-market, U.S.-
based specialty franchise with niche product offerings
•
Property and casualty insurance for small
and middle-market, non-Fortune 1000
companies
•
Industry verticals strategy
o
Focused on servicing products in select
specialty industry classes, including healthcare,
private / non-profit, and public entity /
construction
•
Specialty product capabilities
o
Defense Base Act approved underwriter,
surety, primary construction, environmental,
inland marine and M&A capabilities
•
11 branch offices in strategic locations
throughout North America (including
Toronto office)
•
Admitted and excess & surplus lines (E&S)
capabilities in all 50 states
•
Increased access to attractive small account
primary business
Allied World U.S. Insurance
13
2013 GPW: $1,163M
Healthcare
20%
Inland Marine
4%
Primary General
Casualty
15%
Programs
8%
D&O Private
6%
D&O Public
7%
E&O
10%
Environmental
3%
Excess General
Casualty
16%
General
Property
8%
M&A
1%
Primary
Construction
2% |
 Allied World
International 14
International Insurance Segment
-
A targeted global presence
2013 GPW: $642M
•
Specialty product capabilities:
o
Recently announced entry into aviation,
marine and primary casualty
o
Trade credit and political risk
o
International healthcare
o
Small-to-medium enterprises (SME
Professional)
•
Lloyd’s Syndicate 2232
o
Association with Lloyd’s enhances Allied
World’s brand recognition
o
Increases access to Latin America and
Asia-Pacific region
•
Managing general agent (MGA)
business initiated in targeted
areas
•
Offices in Bermuda, Dublin, Hong Kon
London, Singapore and Switzerland
position the company to meet
developing opportunities
|
 15
Reinsurance Segment
-
Flexibility to take advantage of opportunities as they arise
2013 GPW: $934M
Allied World Reinsurance
•
Opportunistic and flexible approach to
respond to dynamic market
opportunities
o
Expansion into newer lines including crop
global marine and global property
catastrophe
o
Strategic partnership with Aeolus Capital
Management
•
U.S. operation has access to U.S.
regional business and strong local
relationships o Property reinsurance capabilities that
focus on small and medium account
regional carriers
•
Strategic Bermuda platform o Property catastrophe, property per risk,
workers’ compensation catastrophe,
accident & health and specialty casualty Miami, Singapore and Swiss offices
and Lloyd’s Syndicate 2232 increase
global reach and drive targeted
growth |
 Agenda
Executive Summary
Operating Segments
U.S. Insurance
International Insurance
Reinsurance
Financial Highlights
Conclusion
Appendix
16 |
 Operating
Results 2009
2010
2011
2012
2013
Underwriting Income
$317
$207
$59
$97
$278
Operating Income
$538
$398
$184
$203
$364
Net Income
$607
$665
$275
$493
$418
Operating Return on Average Equity
20.0%
13.1%
6.0%
6.3%
10.6%
Net Income Return on Average Equity
22.6%
21.9%
8.9%
15.3%
12.2%
Combined Ratio
76.1%
84.9%
95.9%
94.5%
86.2%
Cash Flow from Operations
$668
$451
$548
$629
$114
Total Financial Statement Portfolio Return
7.9%
6.1%
2.0%
5.5%
2.6%
Ending Diluted Book Value per Share
$59.56
$74.29
$80.11
$92.59
$102.58
Growth in Diluted Book Value per Share
29.3%
24.7%
7.8%
15.6%
10.8%
Allied World has reported consistently strong results despite a competitive
landscape, financial turbulence and catastrophe activity
17
($ in millions, except per share amounts)
Financial Highlights |
 18
Expense Ratio Advantage
Note: GAAP expense ratio
*Peer average includes ACGL, AGII, AHL, AXS, ENH, HCC, MKL, NAVG, OB, PRA, RLI, THG and WRB.
Source: SNL Financial, Company filings
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
A 4.2 point
advantage
compared to
peers
22.5%
26.7%
30.2%
32.8%
30.1%
29.4%
30.2%
30.1%
30.4%
32.1%
33.6%
33.7%
34.2%
34.4%
2007
2008
2009
2010
2011
2012
2013
Allied World
Peer Average* |
 19
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
Source: SNL Financial, Company filings
Allied World
Arch
Argo
Aspen
Axis
Endurance
Hanover
HCC
Markel
Navigators
OneBeacon
ProAssurance
RLI
W.R. Berkley
(15%)
(5%)
0%
5%
10%
15%
60.0%
65.0%
70.0%
75.0%
80.0%
85.0%
90.0%
95.0%
100.0%
105.0%
5 Year Average Combined Ratio
(10%) |
 (1)
Pro-forma including Darwin development since inception. (2) Case incurred loss
ratios by year are not directly comparable to our financial statements as reinsurance case incurred losses shown above are on a treaty year basis.
20
Historical Loss Ratios Through December 2013 ($MM)
(1)
Strong Underwriting Results since Inception
(2) |
 •
Net reserves about 4.1% above mid-point of
range at December 31, 2013
•
$1.9 billion net favorable reserve development
since inception
•
71% of net reserves are IBNR
Net Prior Year Reserve Releases* ($MM)
21
* Pro-forma including Darwin
development since inception
Prudent Reserving Philosophy
December 31, 2013 Total: $4.5B
Net Loss & LAE Reserve Mix at December 31, 2013
Case
U.S. Insurance
11%
IBNR
International
Insurance
25%
Case
International
Insurance
8%
IBNR
Reinsurance
22%
Case
Reinsurance
10%
IBNR
U.S. Insurance
24% |
 Allied
World
–
Investment
Portfolio
Breakout
22
Core Assets
74.6%
Non-Core Assets
25.4%
Total Investment Portfolio at December 31, 2013: $8,393M
Cash & Cash
Equivalents
8.1%
U.S. Government Securities
16.3%
U.S. Government Agencies
3.7%
Non-U.S. Government
Securities and Agencies
2.3%
State, Municipalities and
Political Subdivisions
2.8%
Mortgage-Backed Securities
12.8%
Corporate Securities
22.6%
Asset-Backed Securities
6.0%
Hedge Funds
6.1%
Floating-rate Bank Loans
3.6%
Private Equity
2.6%
Non-agency High Yield
2.6%
Predominantly AWFS
1.8%
High Yield Loan Fund
0.4%
Equities
8.3% |
 23
Investment
Portfolio
Return
–
Breakout
and
Peer
Comparison
•
We have increased our allocation to investment strategies outside of the core fixed
income portfolio
•
Portfolio
was
>
95%
core
fixed
income
in
2008
and
has
moved
to
a
75/25%
core/non-
core split at present
•
Returns from the non-core piece have had a disproportionately positive impact on the
total investment return
Composition of Allied World Total Investment Return
2013 Full-Year Total Return
(1,2)
Return from Fixed Income Strategy
Return from Non-Core Strategy
Barclays Customized Benchmark
(3)
(3)
(2)
(1)
Full-Year
total
return
from
January
2013
–
December
2013;
NA
indicates
data
not
available
at
time
of
filing.
Source:
BlackRock,
Company
filings
Blend of Barclays Aggregate benchmarks representative of the underlying sectors of our
portfolio. 7.7%
6.1%
5.5%
Peer Average =1.9% |
 Peer
Comparisons
–
Net
Income
ROE
Source: SNL Financial, Company filings
24
Five Year Average Quarterly Annualized Net Income ROE
2009 –
2013
Peer Average =
9.7%
15.6%
15.1%
14.0%
13.2%
11.2%
10.8%
10.4%
9.7%
9.6%
8.0%
6.9%
6.7%
5.8%
4.1%
Allied
World
Arch
RLI
Pro
Assurance
W.R. Berkley
HCC
OneBeacon
Axis
Endurance
Aspen
Navigators
Markel
Hanover
Argo |
 Agenda
Executive Summary
Operating Segments
U.S. Insurance
International Insurance
Reinsurance
Financial Highlights
Conclusion
Appendix
25 |
 Conclusion
26
Strong growth in underwriting income from niche businesses
•
Full-year gross premiums increasing in each operating segment
Historically strong returns
•
Combined ratio compares favorably to peers
•
Expense ratio remains at or below 30%
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 December 31, 2008 through December
31, 2013 adjusted for dividends. Diluted book value per share used when available.
RLI
not
shown
on
chart
(five
year
growth
in
book
value
per
share
of
97%
with
price
to
book
value
of
2.20X
as
of
February
21,
2014)
* Includes dividend of $0.50 per share declared in Q4 2013.
Five Year Growth in Book Value per Share (through December 2013)
vs.
Price to Book Value @ February 21, 2014
27
Conclusion
-
Allied World is attractively valued given its demonstrated ability to grow book value
|
 Agenda
Executive Summary
Operating Segments
U.S. Insurance
International Insurance
Reinsurance
Financial Highlights
Conclusion
Appendix
28 |
 Non-GAAP
Financial Measures 29
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 accordanc 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 investment
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
30 – 32 for a reconciliation of non-GAAP measures used in this presentation to their most directly comparable U.S. GAAP measures.
|
 30
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) Three Months Ended December 31,
Year Ended December 31,
2013
2012
2013
2012
Net income (loss)
$
137,907
$
(41,147)
$
417,880
$
493,007
Add after tax effect of:
Net realized investment (gains) losses
(64,027)
(15,104)
(61,867)
(291,139)
Foreign exchange loss
658
860
8,019
783
Operating income (loss)
$
74,538
$
(55,391)
$
364,032
$
202,651
Weighted average common shares outstanding:
Basic
33,604,985
35,097,043
34,154,905
36,057,145
Diluted
34,376,604
35,097,043
34,955,278
37,069,885
Basic per share data:
Net income (loss)
$
4.10
$
(1.17)
$
12.23
$
13.67
Add after tax effect of:
Net realized investment (gains) losses
(1.91)
(0.43)
(1.81)
(8.07)
Foreign exchange loss
0.02
0.02
0.23
0.02
Operating income (loss)
$
2.21
$
(1.58)
$
10.65
$
5.62
Diluted per share data:
Net income (loss)
$
4.01
$
(1.17)
$
11.95
$
13.30
Add after tax effect of:
Net realized investment (gains) losses
(1.86)
(0.43)
(1.77)
(7.85)
Foreign exchange loss
0.02
0.02
0.23
0.02
Operating income (loss)
$
2.17
$
(1.58)
$
10.41
$
5.47 |
 Non-GAAP
Financial
Measures
-
Reconciliations
31
ALLIED WORLD ASSURANCE COMPANY HOLDINGS, AG
UNAUDITED ANNUALIZED RETURN ON SHAREHOLDERS' EQUITY RECONCILIATION
(Expressed in thousands of United States dollars, except for percentage
information) Three Months Ended December 31,
Year Ended December 31,
2013
2012
2013
2012
Opening shareholders' equity
$
3,443,928
$
3,435,786
$
3,326,335
$
3,149,022
Deduct: accumulated other comprehensive income
—
(1,385)
—
(14,484)
Adjusted opening shareholders' equity
3,443,928
3,434,401
3,326,335
3,134,538
Closing shareholders' equity
$
3,519,826
$
3,326,335
$
3,519,826
$
3,326,335
Deduct: accumulated other comprehensive income
—
—
—
—
Adjusted closing shareholders' equity
3,519,826
3,326,335
3,519,826
3,326,335
Average shareholders' equity
$
3,481,877
$
3,380,368
$
3,423,081
$
3,230,437
Net income (loss) available to shareholders
$
137,907
$
(41,147)
$
417,880
$
493,007
Annualized net income (loss) available to shareholders
551,628
(164,588)
417,880
493,007
Annualized return on average shareholders' equity -
net income (loss) available to shareholders
15.8%
(4.9)%
12.2%
15.3%
Operating income (loss) available to shareholders
$
74,538
$
(55,391)
$
364,032
$
202,651
Annualized operating income (loss) available to shareholders
298,152
(221,564)
364,032
202,651
Annualized return on average shareholders' equity -
operating income (loss) available to shareholders
8.6%
(6.6)%
10.6%
6.3% |
 Non-GAAP
Financial
Measures
-
Reconciliations
32
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
December
31,
December
31,
2013
2012
Price per share at period end
$
112.81
$
78.80
Total shareholders' equity
$
3,519,826
$
3,326,335
Basic common shares outstanding
33,417,882
34,797,781
Add:
unvested
restricted
share
units
47,899
135,123
Add:
performance
based
equity
awards
268,173
485,973
Add: employee share purchase plan
18,532
10,750
Add: dilutive options outstanding
976,104
1,224,607
Weighted average exercise price per share
$
48.22
$
47.02
Deduct: options bought back via treasury method
(417,229)
(730,652)
Common shares and common share
equivalents outstanding
34,311,361
35,923,582
Basic book value per common share
$
105.33
$
95.59
Diluted book value per common share
$
102.58
$
92.59 |