CONSOLIDATED QUARTERLY RESULTS - UNAUDITED

12 Months Ended

Dec. 31, 2011

CONSOLIDATED QUARTERLY RESULTS - UNAUDITED

CONSOLIDATED QUARTERLY RESULTS - UNAUDITED

23. CONSOLIDATED QUARTERLY RESULTS—UNAUDITED

        The Company's unaudited consolidated quarterly operating data for the year ended December 31, 2011 and 2010 is presented below. In the opinion of management, all adjustments (consisting only of normal recurring items) necessary for a fair statement of quarterly results have been reflected in the following data. It is also management's opinion, however, that quarterly operating data for insurance enterprises are not necessarily indicative of results that may be expected in succeeding quarters or years. In order to obtain a more accurate indication of performance, there should be a review of operating results, changes in shareowners' equity, and cash flows for a period of several quarters.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(Dollars In Thousands, Except Per Share Amounts)
2011
Premiums and policy fees	$	666,343		$	716,586		$	696,978		$	720,233
Reinsurance ceded		(331,808	)		(364,248	)		(326,967	)		(371,652	)
Net of reinsurance ceded		334,535			352,338			370,011			348,581
Net investment income		444,213			448,785			462,926			464,719
Realized investment gains (losses)		(13,877	)		14,437			30,585			1,077
Other income		72,209			87,224			75,859			72,520
Total revenues		837,080			902,784			939,381			886,897
Total benefits and expenses		746,366			767,945			817,095			764,260
Income before income tax		90,714			134,839			122,286			122,637
Income tax expense		31,887			46,920			39,429			36,603
Net income		58,827			87,919			82,857			86,034
Less: Net income (loss) attributable to noncontrolling interests		(51	)		296			—			—
Net income available to PLC's common shareowners	$	58,878		$	87,623		$	82,857		$	86,034
Net income available to PLC's common shareowners—basic	$	0.68		$	1.01		$	0.98		$	1.03
Average shares outstanding—basic		86,603,228			86,346,216			84,722,232			83,205,456
Net income available to PLC's common shareowners—diluted	$	0.67		$	1.00		$	0.96		$	1.02
Average shares outstanding—diluted		87,820,085			87,653,731			86,004,571			84,464,572
2010
Premiums and policy fees	$	628,772		$	679,241		$	640,265		$	677,116
Reinsurance ceded		(305,829	)		(379,729	)		(334,040	)		(388,742	)
Net of reinsurance ceded		322,943			299,512			306,225			288,374
Net investment income		411,997			422,500			429,548			419,631
Realized investment gains (losses)		12,958			(68,982	)		9,138			21,493
Other income		43,872			59,072			58,190			61,284
Total revenues		791,770			712,102			803,101			790,782
Total benefits and expenses		700,777			672,949			718,852			670,405
Income before income tax		90,993			39,153			84,249			120,377
Income tax expense		27,929			14,248			28,564			39,162
Net income		63,064			24,905			55,685			81,215
Less: Net income (loss) attributable to noncontrolling interests		(73	)		(127	)		(77	)		(168	)
Net income available to PLC's common shareowners	$	63,137		$	25,032		$	55,762		$	81,383
Net income available to PLC's common shareowners—basic	$	0.73		$	0.29		$	0.64		$	0.94
Average shares outstanding—basic		86,500,199			86,562,379			86,603,569			86,600,622
Net income available to PLC's common shareowners—diluted	$	0.72		$	0.29		$	0.64		$	0.93
Average shares outstanding—diluted		87,551,386			87,666,035			87,701,592			87,781,602