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Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Net earned premiums $ 1,073.1 $ 1,215.1 $ 3,238.7 $ 3,832.6
Fees and other income 349.1 347.7 1,016.2 1,033.7
Net investment income 132.6 124.8 374.9 380.3
Net realized gains on investments, excluding other-than-temporary impairment losses 8.9 [1] 10.7 26.0 [1] 194.7 [1]
Total other-than-temporary impairment losses (0.4) 0.0 (0.9) (0.4)
Portion of net gain recognized in other comprehensive income, before taxes 0.0 0.0 0.0 (0.3)
Net other-than-temporary impairment losses recognized in earnings (0.4) 0.0 (0.9) (0.7)
Amortization of deferred gains and gains on disposal of businesses [2] 23.1 135.8 83.5 309.2
Gain on pension plan curtailment 0.0 0.0 0.0 29.6
Total revenues 1,586.4 1,834.1 4,738.4 5,779.4
Benefits, losses and expenses        
Policyholder benefits [3] 682.2 435.2 1,456.6 1,379.8
Amortization of deferred acquisition costs and value of business acquired 332.5 330.3 993.7 1,007.3
Underwriting, general and administrative expenses 667.1 833.7 1,964.7 2,554.6
Interest expense 12.2 14.0 37.2 43.7
Total benefits, losses and expenses 1,694.0 1,613.2 4,452.2 4,985.4
(Loss) income before (benefit) provision for income taxes (107.6) 220.9 286.2 794.0
(Benefit) provision for income taxes (50.3) 76.5 79.5 259.9
Net (loss) income $ (57.3) $ 144.4 $ 206.7 $ 534.1
Earnings Per Share        
Basic (in dollars per share) $ (1.05) $ 2.40 $ 3.75 $ 8.54
Diluted (in dollars per share) [4] (1.05) 2.37 3.73 8.46
Dividends per share (in dollars per share) $ 0.53 $ 0.50 $ 1.59 $ 1.50
Share Data        
Weighted average shares outstanding used in basic per share calculations (in shares) 54,524,874 60,262,073 55,096,933 62,522,980
Plus: Dilutive securities (in shares) 0 566,268 312,318 570,340
Weighted average shares used in diluted earnings per share calculations (in shares) 54,524,874 60,828,341 55,409,251 63,093,320
[1] Nine months ended September 30, 2016 net gains includes $146.7 related to the sale of AEB as described in Note 5.
[2] The nine months ended September 30, 2017 and 2016 include $75.2 and $300.4, respectively, related to the amortization of deferred gains and gains related to the AEB sale on March 1, 2016.
[3] The presentation of Assurant Health policyholder benefits includes the impact of the total current period net utilization of premium deficiency reserves for claim costs and claim adjustment expenses included in policyholder benefits, as well as maintenance costs, which are included within underwriting, general and administrative expenses. For the nine months ended September 30, 2017 and 2016, the premium deficiency reserve liability decreased $28.8 and $20.2, respectively, through an offset to policyholder benefit expense. In addition, there was favorable claims development experienced through September 30, 2017, in excess of actual benefit expense, which contributed to the credit balance within policyholder benefits expenses.
[4] In accordance with earnings per share guidance, diluted per share amounts are computed in the same manner as basic per share amounts when a loss from operations exists.