v2.4.1.9
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Shareholders' Equity (Tables)
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12 Months Ended |
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| Shareholders' Equity [Abstract] |
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| Schedule of common stock outstanding roll forward |
Platinum Holdings is authorized to issue up to 200,000,000 common shares, $0.01 par value. The following table reconciles the beginning and ending balance of common shares issued and outstanding for the years ended December 31, 2014, 2013 and 2012 (amounts in thousands):
| | 2014 | | | 2013 | | | 2012 | | Shares issued and outstanding, beginning of year | | | 28,143 | | | | 32,722 | | | | 35,526 | | Options exercised | | | 12 | | | | 685 | | | | 170 | | Restricted shares issued (1) | | | 41 | | | | (13 | ) | | | (5 | ) | Restricted share units issued | | | 204 | | | | 109 | | | | 120 | | Shares repurchased | | | (3,559 | ) | | | (5,360 | ) | | | (3,089 | ) | Shares issued and outstanding, end of year | | | 24,841 | | | | 28,143 | | | | 32,722 | |
(1) Restricted shares issued are net of forfeitures and cancelations. |
| Reconciliation of beginning and ending balances for accumulated other comprehensive income |
The following table reconciles the beginning and ending balances for accumulated other comprehensive income for the years ended December 31, 2014, 2013 and 2012 ($ in thousands): | 2014 | | Pre-tax | | | Tax | | | Net of tax | | Balance, beginning of year | $ | 57,982 | | | $ | (9,898 | ) | | $ | 48,084 | | Other comprehensive income (loss) on available-for-sale securities before reclassifications: | | | | | | | | | | | | Change in net unrealized gains and losses on securities with other-than-temporary impairments recorded | | (991 | ) | | | 1 | | | | (990 | ) | Change in net unrealized gains and losses on all other securities | | 52,828 | | | | (3,571 | ) | | | 49,257 | | Total change in net unrealized gains and losses | | 51,837 | | | | (3,570 | ) | | | 48,267 | | | | | | | | | | | | | | Reclassifications to net income on available-for-sale securities: | | | | | | | | | | | | Net realized gains on investments | | (5,372 | ) | | | 871 | | | | (4,501 | ) | Net impairment losses on investments | | 840 | | | | (1 | ) | | | 839 | | Total reclassifications to net income | | (4,532 | ) | | | 870 | | | | (3,662 | ) | | | | | | | | | | | | | Other comprehensive income (loss) | | 47,305 | | | | (2,700 | ) | | | 44,605 | | Balance, end of year | $ | 105,287 | | | $ | (12,598 | ) | | $ | 92,689 | |
| 2013 | | Pre-tax | | | Tax | | | Net of tax | | Balance, beginning of year | $ | 159,975 | | | $ | (22,285 | ) | | $ | 137,690 | | Other comprehensive income (loss) on available-for-sale securities before reclassifications: | | | | | | | | | | | | Change in net unrealized gains and losses on securities with other-than-temporary impairments recorded | | (631 | ) | | | 11 | | | | (620 | ) | Change in net unrealized gains and losses on all other securities | | (76,152 | ) | | | 8,734 | | | | (67,418 | ) | Total change in net unrealized gains and losses | | (76,783 | ) | | | 8,745 | | | | (68,038 | ) | | | | | | | | | | | | | Reclassifications to net income on available-for-sale securities: | | | | | | | | | | | | Net realized gains on investments | | (27,243 | ) | | | 3,675 | | | | (23,568 | ) | Net impairment losses on investments | | 2,033 | | | | (33 | ) | | | 2,000 | | Total reclassifications to net income | | (25,210 | ) | | | 3,642 | | | | (21,568 | ) | | | | | | | | | | | | | Other comprehensive income (loss) | | (101,993 | ) | | | 12,387 | | | | (89,606 | ) | Balance, end of year | $ | 57,982 | | | $ | (9,898 | ) | | $ | 48,084 | |
| 2012 | | Pre-tax | | | Tax | | | Net of tax | | Balance, beginning of year | $ | 168,861 | | | $ | (22,226 | ) | | $ | 146,635 | | Other comprehensive income (loss) on available-for-sale securities before reclassifications: | | | | | | | | | | | | Change in net unrealized gains and losses on securities with other-than-temporary impairments recorded | | 211 | | | | 99 | | | | 310 | | Change in net unrealized gains and losses on all other securities | | 77,652 | | | | (5,508 | ) | | | 72,144 | | Total change in net unrealized gains and losses | | 77,863 | | | | (5,409 | ) | | | 72,454 | | | | | | | | | | | | | | Reclassifications to net income on available-for-sale securities: | | | | | | | | | | | | Net realized gains on investments | | (89,780 | ) | | | 5,652 | | | | (84,128 | ) | Net impairment losses on investments | | 3,031 | | | | (302 | ) | | | 2,729 | | Total reclassifications to net income | | (86,749 | ) | | | 5,350 | | | | (81,399 | ) | | | | | | | | | | | | | Other comprehensive income (loss) | | (8,886 | ) | | | (59 | ) | | | (8,945 | ) | Balance, end of year | $ | 159,975 | | | $ | (22,285 | ) | | $ | 137,690 | |
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| Amounts reclassified out of accumulated other comprehensive income |
The following table sets forth the amounts reclassified out of accumulated other comprehensive income and the location of those amounts in the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012 ($ in thousands): | 2014 | | | 2013 | | | 2012 | | Revenue: | | | | | | | | | | | | Net realized gains on investments | $ | (5,372 | ) | | $ | (27,243 | ) | | $ | (89,780 | ) | Net impairment losses on investments | | 840 | | | | 2,033 | | | | 3,031 | | | | | | | | | | | | | | Income tax expense | $ | 870 | | | $ | 3,642 | | | $ | 5,350 | |
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| Repurchases of common shares |
Our Board of Directors has authorized the repurchase of our common shares through a share repurchase program. C: Since the program was established, our Board of Directors has approved increases in the repurchase program from time to time, most recently on April 22, 2014, to result in authority as of such date to repurchase up to a total of $250.0 million of our common shares. The following table summarizes our repurchases of common shares for the years ended December 31, 2014, 2013 and 2012 ($ in thousands, except per share data): Year | | Shares Repurchased | | | Weighted Average Cost per Share (1) | | | Aggregate Amount Paid | | | | | | | | | | | | | | | 2014 | | | 3,558,690 | | | $ | 60.61 | | | $ | 215,684 | | 2013 | | | 5,360,266 | | | | 56.58 | | | | 303,294 | | 2012 | | | 3,088,589 | | | $ | 37.46 | | | $ | 115,702 | |
(1) Including commissions. |
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