1. The Company adopted and retrospectively applied new guidance that changed the types and amount of costs that may be deferred. This reduced net income and operating income by $0.5 million, or $0.01 per share, for second 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

June 30,
  2012     2011
Public finance - U.S. – Direct $ 47.0 $ 44.8
Public finance - non-U.S. 1.1
Structured finance - U.S.   1.5   7.1
Total PVP $ 49.6 $ 51.9
Public finance - U.S. – Direct $ 4,670 $ 3,648
Public finance - non-U.S. 35
Structured finance - U.S.     725
Gross par written $ 4,705 $ 4,373


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