CONSOLIDATED QUARTERLY RESULTS - UNAUDITED

12 Months Ended

Dec. 31, 2012

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, 2012 and 2011 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)
2012
Premiums and policy fees	$	696,305		$	711,429		$	684,939		$	721,605
Reinsurance ceded		(304,558	)		(344,673	)		(321,059	)		(375,546	)
Net of reinsurance ceded		391,747			366,756			363,880			346,059
Net investment income		462,121			456,222			467,944			476,045
Realized investment gains (losses)		(12,947	)		3,717			(20,223	)		(36,878	)
Other income		111,260			81,480			81,190			84,633
Total revenues		952,181			908,175			892,791			869,859
Total benefits and expenses		801,602			800,488			801,805			766,140
Income before income tax		150,579			107,687			90,986			103,719
Income tax expense		51,558			31,532			30,506			36,923
Net income		99,021			76,155			60,480			66,796
Less: Net income (loss) attributable to noncontrolling interests		—			—			—			—
Net income available to PLC's common shareowners	$	99,021		$	76,155		$	60,480		$	66,796
Net income available to PLC's common shareowners—basic	$	1.20		$	0.93		$	0.75		$	0.84
Average shares outstanding—basic		82,330,330			81,639,756			80,662,745			79,652,495
Net income available to PLC's common shareowners—diluted	$	1.18		$	0.91		$	0.73		$	0.82
Average shares outstanding—diluted		83,921,135			83,243,703			82,406,103			81,339,803
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