Common Stock
Accumulated
(in thousands,
except per share data)
Shares
Outstanding
Par
Value
Additional
Paid-In
Capital
Retained
Earnings
Other
Comprehensive
Income
Total
Balance at January 1, 2000
61,591
$
6,159
$
1,782
$
87,492
$
4,922
$
100,355
Net income
32,793
32,793
Net decrease in unrealized
appreciation of available-
for-sale securities
(2,427
)
(2,427
)
Comprehensive income
30,366
Common stock issued for
employee stock benefit plans
947
95
2,134
2,229
Common stock purchased for
employee stock benefit plans
(365
)
(37
)
(3,916
)
(1,583
)
(5,536
)
Net distributions from pooled
entities
(9
)
(1
)
(1,869
)
(1,870
)
Principal payments made on
ESOP obligations from pooled
entities
353
353
Cash dividends paid
($0.135 per share)
(7,525
)
(7,525
)
Balance at December 31, 2000
62,164
6,216
–
109,661
2,495
118,372
Net income
53,913
53,913
Net increase in unrealized
appreciation of available-
for-sale securities
1,951
1,951
Net loss on cash-flow
hedging derivative
(53
)
(53
)
Comprehensive income
55,811
Common stock issued for
employee stock benefit plans
786
79
4,749
4,828
Common stock issued for
agency acquisition
244
24
6,432
6,456
Net distributions from pooled
entities
(849
)
(849
)
Adjustment to conform fiscal
year-end for pooled entity
385
385
Cash dividends paid
($0.16 per share)
(9,718
)
(9,718
)
Balance at December 31, 2001
63,194
6,319
11,181
153,392
4,393
175,285
Net income
83,122
83,122
Net decrease in unrealized
appreciation of available-
for-sale securities
(270
)
(270
)
Net loss on cash-flow
hedging derivative
(2,017
)
(2,017
)
Comprehensive income
80,835
Proceeds from the issuance of
common stock, net of
expenses
5,000
500
148,937
149,437
Common stock purchased for
employee stock benefit plans
(400
)
(40
)
(10,102
)
(10,142
)
Common stock issued for
employee stock benefit plans
380
38
9,430
9,468
Common stock issued to
directors
4
1
118
119
Cash dividends paid
($0.20 per share)
(13,412
)
(13,412
)
Balance at December 31, 2002
68,178
$
6,818
$
159,564
$
223,102
$
2,106
$
391,590
See accompanying notes to our consolidated financial statements.
©2003 Brown & Brown Insurance, Inc.
