Consolidated statements of shareholders' equity
Year ended December 31
1998
1997
1996
The St. Paul Companies (In thousands)
Preferred Shareholders' Equity
PSOP convertible preferred stock:
Beginning of year
$ 137,892
$ 142,131
$ 144,165
Redemptions during the year
(3,711)
(4,239)
(2,034)
End of year
134,181
137,892
142,131
Guaranteed obligation - PSOP:
Beginning of year
(121,167)
(126,068)
(133,293)
Principal payments
2,562
4,901
7,225
End of year
(118,605)
(121,167)
(126,068)
Convertible preferred stock:
Beginning of year
-
199,996
213,873
Conversions during the year
-
(511)
(12,677)
Redemptions during the year
-
(199,485)
(1,200)
End of year
-
199,996
Total Preferred Shareholders' Equity
15,576
16,725
216,059
Common Shareholders' Equity
Common stock:
Beginning of year
2,057,108
1,895,608
1,869,241
Stock issued under stock incentive plans
69,578
32,421
32,956
Stock issued for preferred shares redeemed
7,993
8,708
8,338
Stock issued for acquisition
-
113,264
1,664
Reacquired common shares
(34,732)
(13,892)
(28,808)
Other
27,724
20,999
12,217
End of year
2,127,671
2,057,108
1,895,608
Retained earnings:
Beginning of year
3,720,140
3,097,261
2,747,556
Net income
89,348
929,292
732,702
(222,758)
(186,036)
(169,360)
Dividends declared on common stock
(8,503)
(10,304)
(28,893)
Dividends declared on preferred stock, net of taxes
Reacquired common shares
(100,356)
(114,232)
(196,238)
Tax benefit on employee stock options and awards
6,468
8,211
5,623
Premium on preferred shares redeemed
(4,282)
(4,052)
5,871
End of year
3,480,057
3,720,140
3,097,261
Guaranteed obligation - ESOP:
Beginning of year
(8,453)
(20,353)
(32,294)
Principal payments
8,453
11,900
11,941
End of year
-
(8,453)
(20,353)
Unrealized appreciation of investments, net of taxes:
Beginning of year
845,811
679,381
899,119
Change for the year
181,579
166,430
(219,738)
End of year
845,811
679,381
1,027,390
Unrealized loss on foreign currency translation, net of taxes:
Beginning of year
(23,163)
(20,500)
(40,967)
Currency translation adjustments
8,856
(2,663)
(5,127)
Realized loss relating to discontinued operations
-
-
25,594
End of year
(14,307)
(23,163)
(20,500)
Minimum pension liability, net of taxes:
-
Beginning of year
-
(100,312)
-
Change for the year
-
100,312
End of year
-
-
-
Total Common Shareholders' Equity
6,620,811
6,591,443
5,631,397
$6,636,387
$6,608,168
Total Shareholders' Equity
$5,847,456
