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Stockholders' Equity and Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2019

The amounts outstanding at the dates indicated are shown below:



	Years ended December 31,
	2019		2018		2017
Common stock
Shares issued	30,832,449		30,832,449		30,832,449
Treasury shares	(3,945,249	)	(3,947,000	)	(3,900,565	)
Outstanding shares	26,887,200		26,885,449		26,931,884
Restricted shares	(10,000	)	(10,000	)	(74,000	)
Unrestricted outstanding shares	26,877,200		26,875,449		26,857,884

Stock-Based Compensation Information

SAR, RS and RSU information for the periods indicated are shown below:



	SAR				RS Shares				RS Units
	Shares		Weighted-Average Grant Date Fair Value		Shares		Weighted-Average Grant Date Fair Value		Units		Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2016	6,153		$	113.36	76,000		$	110.73	100,445		$	105.97
Granted	—		—		—		—		16,500		117.69
Exercised	(333	)	116.48		(2,000	)	130.52		(62,111	)	108.90
Forfeited	—		—		—		—		(2,069	)	104.17
Expired	(3,234	)	118.37		—		—		—		—
Outstanding at December 31, 2017	2,586		106.70		74,000		110.19		52,765		106.26
Granted	—		—		—		—		8,250		121.93
Exercised	(650	)	99.79		(64,000	)	114.90		(41,949	)	106.94
Forfeited	—		—		—		—		(750	)	121.93
Expired	(1,601	)	114.17		—		—		—		—
Outstanding at December 31, 2018	335		84.41		10,000		80.05		18,316		111.12
Granted	—		—		—		—		8,250		113.19
Exercised	—		—		—		—		(18,316	)	111.12
Forfeited	—		—		—		—		—		—
Expired	(269	)	77.90		—		—		—		—
Outstanding at December 31, 2019	66		$	110.83	10,000		$	80.05	8,250		$	113.19



	SAR			RS Shares		RS Units
Weighted-average contractual remaining life (in years)	0.34			3.17		0.33
Exercisable shares	66			N/A		N/A
Weighted-average exercise price	$	110.83		$	80.05	$	111.12
Weighted-average exercise price exercisable shares	110.83			N/A		N/A
Compensation expense (credit)
Year ended December 31, 2019	$	15,000		$	80,000	$	1,168,000
Year ended December 31, 2018	(28,000		)	328,000		1,098,000
Year ended December 31, 2017	(15,000		)	823,000		3,227,000
Fair value of liability award
December 31, 2019	$	1,000		N/A		$	971,000
December 31, 2018	33,000			N/A		2,426,000

Summary of Basic and Diluted Earnings Per Share



	Years ended December 31,
	2019		2018		2017
Weighted average shares outstanding	26,882,691		26,886,357		26,896,926
Incremental shares from RS awards and RSUs	8,552		30,286		63,769
Total shares for diluted calculations	26,891,243		26,916,643		26,960,695
Net income attributable to American National (in thousands)*	$	620,363	$	158,995	$	493,651
Basic earnings per share*	$	23.08	$	5.91	$	18.35
Diluted earnings per share*	$	23.07	$	5.91	$	18.31



*	This includes the impact of the U. S. Tax Cut and Jobs Act ("Tax Reform") of a $206.4 million tax benefit, primarily due to the remeasurement of our existing deferred tax balances to the 21% corporate income tax rate. Excluding the impact of Tax Reform, the Company’s net income for the year ended December 31, 2017 would have been $287.3 million and net earnings per basic and diluted share would have been $10.68 and $10.65, respectively.

Statutory Capital and Surplus and Net Income of Insurance Entities in Accordance with Statutory Accounting Practices

The statutory capital and surplus and net income of our life and property and casualty insurance entities in accordance with statutory accounting practices are shown below (in thousands):



	December 31,
	2019		2018
Statutory capital and surplus
Life insurance entities	$	2,159,770	$	1,989,586
Property and casualty insurance entities	1,329,782		1,183,913



	Years ended December 31,
	2019		2018		2017
Statutory net income
Life insurance entities	$	47,133	$	59,909	$	46,820
Property and casualty insurance entities	96,269		66,680		72,267

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details