THG 2018 Annual Report

THREE MONTHS ENDED (in millions, except per share data) 2017 March 31 June 30 Sept. 30 Dec. 31 Total revenues $ 1,036.2 $ 1,053.3 $ 1,085.9 $ 1,092.5 Income from continuing operations $ 28.4 $ 56.3 $ 59.5 $ 71.9 Net income $ 45.2 $ 78.4 $ 11.1 $ 51.5 Income from continuing operations per share: Basic $ 0.67 $ 1.32 $ 1.40 $ 1.69 Diluted $ 0.66 $ 1.32 $ 1.38 $ 1.67 Net income per share: Basic $ 1.06 $ 1.84 $ 0.26 $ 1.21 Diluted $ 1.05 $ 1.83 $ 0.26 $ 1.20 Dividends declared per share $ 0.50 $ 0.50 $ 0.50 $ 0.54 (1) As a result of the sale of Chaucer, (see Note 2 ± ³'LVFRQWLQXHG 2SHUDWLRQV´ RQ 'HFHPEHU WKH %RDUG RI 'LUHFWRUV GHFODUHG a special dividend of $4.75 per share (see Note 12 ± ³(DUQLQJV 3HU 6KDUH DQG 6KDUHKROGHUV¶ (TXLW\ 7UDQVDFWLRQV´ Due to the use of weighted average shares outstanding when calculating earnings per common share, the sum of the quarterly per common share data may not equal the per common share data for the year. In accordance with ASU No. 2016-01, changes in fair value of equity securities are now reflected in income from continuing operations; whereas previously these changes were captured in AOCI. The fourth quarter of 2018 reflects $50.1 million of losses related to such changes in fair value. Additionally, during the fourth quarter of 2018, the Company recognized $26.3 million of prepayment fees related to its FHLB advance (see Note 6 ± ³'HEW DQG &UHGLW $UUDQJHPHQWV´ 21. SUBSEQUENT EVENTS On January 2, 2019, pursuant to the terms of an ASR agreement, the Company paid $250.0 million and received an initial delivery of approximately 1.8 million shares of our common stock, which is approximately 80% of the total number of shares expected to be repurchased under this agreement. On February 14, 2019, the Company completed the sale of its Chaucer-related Irish entity for proceeds of $28 million. 133 2018 ANNUAL REPORT | THE HANOVER INSURANCE GROUP