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For complete financial information, view the full financial section of our 2000 annual report online. Or, download the financials in PDF format (requires Adobe Acrobat reader -- available online free of charge).
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Year ended December 31,
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(in thousands, except per share data) (1)
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2000
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% Change
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1999
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1998
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1997
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1996
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Commissions and fees(2)
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$
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204,862
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11.5
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$
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183,681
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$
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167,532
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$
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149,819
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$
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139,390
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Total revenues
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$
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209,706
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11.3
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$
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188,391
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$
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171,485
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$
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156,200
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$
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145,200
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Total expenses
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$
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155,728
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7.9
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$
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144,382
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$
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132,882
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$
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124,655
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$
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116,460
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Income before taxes
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$
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53,978
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22.7
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$
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44,009
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$
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38,603
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$
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31,545
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$
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28,740
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Net income
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$
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33,186
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23.9
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$
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26,789
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$
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23,562
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$
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19,188
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$
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17,685
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Net income per share
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$
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1.16
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23.4
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$
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0.94
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$
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0.83
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$
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0.68
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0.63
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Weighted average number of shares outstanding
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28,663
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28,445
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28,380
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28,251
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28,125
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Dividends declared per share
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$
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0.2700
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$
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0.2300
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$
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0.2050
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$
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0.1767
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$
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0.1633
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Total assets
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$
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276,719
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$
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244,423
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$
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241,196
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$
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217,604
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$
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201,004
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Long-term debt
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$
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2,736
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$
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5,086
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$
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18,922
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$
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7,905
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$
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7,214
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Shareholders' equity(3)
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$
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121,911
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$
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103,005
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$
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84,117
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$
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77,006
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$
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68,255
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- (1) All share and per-share information has been restated to give effect to the three-for-two common stock split, which became effective February 27, 1998 and the two-for-one common stock split, which became effective August 23, 2000. Each stock split was effected as a stock dividend. Prior years’ results have been restated to reflect the stock acquisitions of Daniel-James in 1998; Ampher-Ross and Signature Insurance Group in 1999; and Bowers, Schumann & Welch, The Flagship Group, WMH and Huffman & Associates, and Mangus Insurance & Bonding in 2000.
(2) See Notes 2 and 3 to consolidated financial statements for information regarding business purchase transactions which impacts the comparability of this information.
(3) Shareholders’ equity as of December 31, 2000, 1999, 1998, 1997, and 1996 included net increases of $2,495,000, $4,922,000, $5,540,000, $6,744,000 and $6,511,000, respectively, as a result of the company’s application of SFAS 115, “Accounting for Certain Investments in Debt and Equity Securities.”
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