On reserving, as you'll recall, the second quarter is one in which we regularly perform an in-depth reserve review, and you've already noted in our materials this review again resulted in sizable releases totaling $101 million a positive development in the quarter.
Now I'll touch on a couple of issues of note. First, with respect to the ongoing drought conditions; as you'll recall our exposure to risks in crop insurance have reduced over recent years, and while we do have some exposure that exposure is manageable and even in extreme conditions for us being unpleasant, but modest earnings event. Jamie will have more detail. Second with respect to LIBOR, I know there are a lot of questions on this topic, particularly as we are [writing] of relevant coverage both in the U.S. and abroad. Unfortunately, the reality is it's just too early to tell how this will play out.
And finally, I do want to recognize one change in our leadership team that's the addition of Eileen Whelley as our new Chief Human Resources Officer. Eileen has a deep resume, including top HR leadership positions both inside and outside of the Insurance sector and she is already taking a principal role in our ongoing mission to build on what I truly believe is the most talented group of risk professionals in the industry.
So, as I said at the start, we are encouraged by the results we've reported today. They demonstrate our continued progress and are directly tied to our focus on improving margins, while meeting the needs of our clients.With that, I'll turn it over to Pete to discuss the financials in more detail. Peter R. Porrino Thanks, Mike and good evening. Operating income for the second quarter was $222 million or $0.71 per share on a fully diluted basis compared to operating income of $243 million or $0.75 a share in the second quarter of 2011. Read the rest of this transcript for free on seekingalpha.com