Total capitalization at September 30, 2012 was $4.6 billion, including $289.8 million of junior subordinated deferrable debentures and $247.1 million of senior notes.
A summary of the share repurchases made to date under the Company’s previously announced share repurchase program is as follows:
|Share Repurchase Activity (Expressed in thousands of U.S. dollars except for share and per share information)|
|As at June 30, 2012||Quarter ended|
|Effect of share repurchases:||(cumulative)||July||August||September||September 30, 2012|
|Aggregate purchase price (a)||$||1,168,422||$||22,805||$||15,618||$||—||$||38,423|
|Average price (a)||$||27.84||$||32.75||$||32.65||$||—||$||32.71|
|Estimated cumulative net accretive (dilutive) impact on:|
|Diluted BV per common share (b)||2.42|
|Diluted EPS - Quarter (c)||0.63|
| Share Repurchase Activity
(Expressed in thousands of U.S. dollars except for share and per share information)
|As at September 30, 2012||As at|
|Effect of share repurchases:||(cumulative)||October 23, 2012||Cumulative to Date Effect|
|Aggregate purchase price (a)||$||1,206,845||$||—||$||1,206,845|
|Average price (a)||$||27.98||$||—||$||27.98|
|(a)||Share transactions are on a trade date basis through October 23, 2012 and are inclusive of commissions. Average share price is rounded to two decimal places.|
|(b)||As the average price per share repurchased during the periods 2009, 2010, 2011 and 2012 was lower than the book value per common share, the repurchase of shares increased the Company's period ending book value per share.|
|(c)||The estimated impact on diluted earnings per share was calculated by comparing reported results versus i) net income per share plus an estimate of lost net investment income on the cumulative share repurchases divided by ii) weighted average diluted shares outstanding excluding the weighted average impact of cumulative share repurchases. The impact of cumulative share repurchases was accretive to diluted earnings per share.|
Conference CallThe Company will host a conference call for analysts and investors on October 26, 2012 at 9:30 AM (Eastern) to discuss the third quarter 2012 financial results and related matters. The conference call can be accessed via telephone by dialing 1-800-706-7745 (toll-free U.S.) or 1-617-614-3472 (international) and entering the pass code 61856228#. Those who intend to participate in the conference call should register at least ten minutes in advance to ensure access to the call. A telephone replay of the conference call will be available through November 9, 2012 by dialing 1-888-286-8010 (toll-free U.S.) or 1-617-801-6888 (international) and entering the pass code 86075046#.
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