Share repurchases under the Board-approved share repurchase authorization for the year ended December 31, 2012 were 6,626,684 common shares at an average price of $23.03 per share for a total of $152.6 million. Alterra did not repurchase any common shares under the share repurchase authorization during the fourth quarter of 2012. As of December 31, 2012, $301.7 million remained under the share repurchase authorization.
Shareholders’ equity was $2,839.7 million as of December 31, 2012, an increase of 1.1% from December 31, 2011. Diluted book value per share as of December 31, 2012 was $28.34. Including dividends declared, diluted book value per share decreased for the fourth quarter of 2012 by 3.6%, and grew by 7.5% for the year ended December 31, 2012. Not included in shareholders’ equity as of December 31, 2012 were $218.0 million of unrecognized gains on held-to-maturity securities, which represented $2.18 in unrecognized diluted book value per share.
A copy of Alterra’s fourth quarter financial supplement is available on Alterra’s website at www.alterracap.com.
Alterra Capital Holdings Limited is a global enterprise dedicated to providing diversified specialty insurance and reinsurance products to corporations, public entities and property and casualty insurers.Non-GAAP Financial Measures In presenting Alterra’s results, management has included and discussed net operating income, net operating income per diluted share, annualized net operating return on average shareholders’ equity, net operating return on average shareholders' equity and diluted tangible book value per share. These measures are “non-GAAP financial measures” as defined in Regulation G. Management believes that these non-GAAP financial measures, which may be defined differently by other companies, allow for a more complete understanding of Alterra’s business. These measures, however, should not be viewed as a substitute for measures determined in accordance with U.S. GAAP. The reconciliation of these measures to their respective most directly comparable U.S. GAAP financial measures is presented in the attached financial information in accordance with Regulation G.