Net operating loss attributable to Validus for the three months ended December 31, 2012 was $(100.8) million, or $(1.05) per diluted common share, compared to net operating income available to Validus of $23.4 million, or $0.21 per diluted common share, for the three months ended December 31, 2011.
Net loss attributable to Validus, net operating loss attributable to Validus, diluted loss per share and diluted operating loss per share by Validus entity for the three months ended December 31, 2012 were as follows:
|Net (Loss)IncomeAttributable toValidus||Diluted Loss Per Share Attributable to Validus||Net Operating(Loss) IncomeAttributable toValidus||Diluted Operating Loss Per Share Attributable to Validus|
|(Expressed in millions of U.S. dollars, except per share information)|
|Other AlphaCat Companies & Other||24.2||0.3|
|Validus Re consolidated||(66.0||)||(80.5||)|
|Corporate & Eliminations||(31.0||)||(27.9||)|
Net operating income (loss), a non-GAAP financial measure, is defined as net income (loss) excluding net realized and unrealized gains (losses) on investments, foreign exchange gains (losses), gains (losses) from investment affiliates and non-recurring items. Net operating income (loss) available (attributable) to Validus is defined as net operating income (loss) as defined above, but excluding income (loss) available (attributable) to noncontrolling interest. Reconciliations of these measures to net income (loss) and net income (loss) available (attributable) to Validus, the most directly comparable GAAP measures, are presented at the end of this release.
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