A reconciliation of Consolidated Net Operating Income (Loss) Per Unrestricted Share to Income (Loss) from Continuing Operations Per Unrestricted Share for the three months and year ended December 31, 2012 and 2011 is presented below:
|Three Months Ended||Year Ended|
|(Dollars in Millions) (Unaudited)||Dec 31,2012||Dec 31,2011||Dec 31,2012||Dec 31,2011|
|Consolidated Net Operating Income (Loss) Per Unrestricted Share||$||(0.06||)||$||0.40||$||0.91||$||0.78|
|Net Income (Loss) Per Unrestricted Share From:|
|Net Realized Gains on Sales of Investments||0.06||0.06||0.72||0.36|
|Net Impairment Losses Recognized in Earnings||(0.03||)||(0.05||)||(0.08||)||(0.12||)|
|Income (Loss) from Continuing Operations Per Unrestricted Share||$||(0.03||)||$||0.41||$||1.55||$||1.02|
Book Value Per Share Excluding Unrealized Gains and Losses on Fixed Maturities
Book Value Per Share Excluding Unrealized Gains and Losses on Fixed Maturities is a ratio that uses a non-GAAP financial measure. It is calculated by dividing shareholders’ equity after excluding the impact of unrealized net capital gains and losses on fixed income securities by total Common Shares Issued and Outstanding. Book Value Per Share is the most directly comparable GAAP financial measure. Kemper uses the trend in book value per share, excluding the impact of unrealized net capital gains and losses on fixed income securities in conjunction with book value per share to identify and analyze the change in net worth attributable to management efforts between periods. Kemper believes the non-GAAP financial measure is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period and are generally driven by economic developments, primarily capital market conditions, the magnitude and timing of which are generally not influenced by management. Kemper believes it enhances understanding and comparability of performance by highlighting underlying business activity and profitability drivers.
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