1. The Company adopted and retrospectively applied new guidance that changed the types and amount of costs that may be deferred. This had a de minimis effect on net income, operating income and income per share for third quarter 2011.
2. Income (loss) per diluted share is calculated by dividing income (loss) by diluted shares outstanding, which excludes the effects of securities that would be antidilutive.
|New Business Production|
|Table 2: Present Value of New Business Production (“PVP”) (1) and Gross Par Written|
|(amounts in millions)|
|Quarter Ended September 30,|
|Public finance U.S. - Direct||$||30||$||40|
|Structured finance - U.S.||5||11|
|Public finance U.S. - Direct||$||3,007||$||4,342|
|Structured finance - U.S.||182||266|
|Gross par written||$||3,189||$||4,608|
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