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Previous: AMERICAN GENERAL CORP /TX/, S-8, 1998-02-25 |
Next: AMERICAN INTERNATIONAL GROUP INC, DFAN14A, 1998-02-25 |
<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 25, 1998
American General Corporation
(Exact name of registrant as specified in charter)
Texas 1-7981 74-0483432
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) Number)
2929 Allen Parkway, Houston, Texas 77019-2155
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 522-1111
================================================================================
<PAGE>
American General Corporation
Item 5. Other Events.
-------------
Effective December 31, 1997, American General Corporation adopted Statement of
Financial Accounting Standards 128, "Earnings per Share," which changed certain
requirements for computing and disclosing earnings per share, retroactive for
all periods presented. Diluted earnings per share computed under the new
standard is the same as fully diluted earnings per share computed under the
previous rules for 1997, 1996, 1994, and 1993, and $.01 higher for 1995.
Basic earnings per share is computed by dividing earnings available to common
shareholders by average common shares outstanding. Diluted earnings per share is
computed assuming the conversion or exercise of dilutive convertible preferred
securities and stock options outstanding during the period.
Filed herein on pages 2-5 are the unaudited earnings per share calculations of
American General Corporation under the SFAS 128 requirements for the years
ended December 31, 1997, 1996, 1995, 1994, and 1993, and for the quarters ended
December 31, September 30, June 30, and March 31, 1997, 1996, and 1995.
1
<PAGE>
American General Corporation
Calculation of Earnings Per Share
(In millions, except share data)
(Unaudited)
<TABLE>
<CAPTION>
For the Years Ended December 31,
----------------------------------------------------------------
1997 1996 1995 1994 1993
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Basic:
Net income available to common stock:
Income before cumulative effect of accounting changes $ 542 $ 653 $ 650 $ 609 $ 347
Less: Net dividends on convertible preferred stock (6) (5) - - -
----------- ----------- ----------- ---------- -----------
Income before cumulative effect of accounting changes
available to common stock 536 648 650 609 347
Cumulative effect of accounting changes - - - - (169)
----------- ----------- ----------- ----------- -----------
Net income available to common stock $ 536 $ 648 $ 650 $ 609 $ 178
=========== =========== =========== =========== ===========
Average shares outstanding 242,068,777 242,853,420 242,797,805 247,023,309 253,612,007
=========== =========== =========== =========== ===========
Basic net income per share:
Income before cumulative effect of accounting changes $ 2.21 $ 2.67 $ 2.68 $ 2.47 $ 1.37
Cumulative effect of accounting changes - - - - (0.67)
----------- ----------- ----------- ----------- -----------
Basic net income per share $ 2.21 $ 2.67 $ 2.68 $ 2.47 $ 0.70
=========== =========== =========== =========== ===========
Diluted:
Net income available to common stock:
Income before cumulative effect of accounting changes $ 542 $ 653 $ 650 $ 609 $ 347
Less: Net dividends on convertible preferred stock (6) - - - -
Plus: Net dividends on convertible preferred securities
of subsidiary 11 11 6 - -
----------- ----------- ----------- ----------- -----------
Income before cumulative effect of accounting changes
available to common stock 547 664 656 609 347
Cumulative effect of accounting changes - - - - (169)
----------- ----------- ----------- ----------- -----------
Net income available to common stock $ 547 $ 664 $ 656 $ 609 $ 178
=========== =========== =========== =========== ===========
Average shares outstanding 242,068,777 242,853,420 242,797,805 247,023,309 253,612,007
Dilutive securities
Convertible preferred securities of subsidiary 6,144,016 6,144,016 3,602,245 - -
Convertible preferred stock - 2,019,766 84,858 90,429 100,073
Stock options 1,018,318 912,275 733,093 506,210 840,951
Put contracts - - - 3,394 -
----------- ----------- ----------- ----------- -----------
Average shares outstanding assuming dilution 249,231,111 251,929,477 247,218,001 247,623,342 254,553,031
=========== =========== =========== =========== ===========
Diluted net income per share:
Income before cumulative effect of accounting changes $ 2.19 $ 2.63 $ 2.66 $ 2.46 $ 1.36
Cumulative effect of accounting changes - - - - (0.66)
----------- ----------- ----------- ----------- -----------
Diluted net income per share $ 2.19 $ 2.63 $ 2.66 $ 2.46 $ 0.70
=========== =========== =========== =========== ===========
</TABLE>
2
<PAGE>
American General Corporation
Calculation of Earnings Per Share
Quarterly Data for the Year Ended December 31, 1997
(in millions, except share data)
(Unaudited)
<TABLE>
<CAPTION>
Quarters Ended
--------------------------------------------------
December 31, September 30, June 30, March 31,
1997 1997 1997 1997
----------- ------------ ---------- -----------
<S> <C> <C> <C> <C>
Basic:
Net income available to common stock:
Income before cumulative effective of accounting changes $230 $226 ($124) $210
Less: net dividends on convertible preferred stock (1) (1) (1) (1)
Income before cumulative effect of accounting changes available to ----------- ------------ ---------- -----------
common stock 229 225 (125) 209
Cumulative effect of accounting changes - - - -
----------- ------------ ---------- -----------
Net income available to common stock $229 $225 ($125) $209
=========== ============ =========== ===========
Average shares outstanding 243,369,525 243,302,007 241,925,669 239,627,435
=========== ============ =========== ===========
Basic net income per share:
Income before cumulative effect of accounting changes $0.94 $0.92 ($0.52) $0.87
Cumulative effect of accounting changes - - - -
----------- ------------ ---------- -----------
Basic net income per share $0.94 $0.92 ($0.52) $0.87
=========== ============ =========== ===========
Diluted:
Net income available to common stock:
Income before cumulative effect of accounting changes $230 $226 ($124) $210
Less: net dividends on convertible preferred stock - - (1) -
Plus: net dividends on convertible preferred securities
of subsidiary 3 3 - 3
----------- ------------ ---------- -----------
Income before cumulative effect of accounting changes available
to common stock 233 229 (125) 213
Cumulative effect of accounting changes - - - -
----------- ------------ ---------- -----------
Net income available to common stock $233 $229 ($125) $213
=========== ============ =========== ===========
Average shares outstanding 243,369,525 243,302,007 241,925,669 239,627,435
Dilutive securities
Convertible preferred securities of subsidiary 6,144,016 6,144,016 - 6,144,016
Convertible preferred stock 2,317,701 2,317,701 - 2,396,023
Stock options 1,301,758 1,012,090 - 1,277,704
Put contracts - - - -
----------- ------------ ----------- -----------
Average shares outstanding assuming dilution 253,133,000 252,775,814 241,925,669 249,445,178
=========== ============ =========== ===========
Diluted net income per share:
Income before cumulative effect of accounting changes $0.92 $0.91 ($0.52) $0.85
Cumulative effect of accounting changes - - - -
----------- ------------ ----------- -----------
Diluted net income per share $0.92 $0.91 ($0.52) $0.85
=========== ============ =========== ===========
</TABLE>
3
<PAGE>
American General Corporation
Calculation of Earnings Per Share
Quarterly Data for the Year Ended December 31, 1996
(in millions, except share data)
(Unaudited)
<TABLE>
<CAPTION>
Quarters Ended
--------------------------------------------------
December 31, September 30, June 30, March 31,
1996 1996 1996 1996
----------- ------------ ---------- -----------
<S> <C> <C> <C> <C>
Basic:
Net income available to common stock:
Income before cumulative effective of accounting changes $95 $199 $163 $196
Less: net dividends on convertible preferred stock (1) (1) (2) -
Income before cumulative effect of accounting changes available to ----------- ------------ ---------- -----------
common stock 94 198 161 196
Cumulative effect of accounting changes - - - -
----------- ------------ ---------- -----------
Net income available to common stock $94 $198 $161 $196
=========== ============ =========== ===========
Average shares outstanding 241,462,789 242,309,925 244,431,283 243,230,940
=========== ============ =========== ===========
Basic net income per share:
Income before cumulative effect of accounting changes $0.39 $0.81 $0.66 $0.80
Cumulative effect of accounting changes - - - -
----------- ------------ ---------- -----------
Basic net income per share $0.39 $0.81 $0.66 $0.80
=========== ============ =========== ===========
Diluted:
Net income available to common stock:
Income before cumulative effect of accounting changes $95 $199 $163 $196
Less: net dividends on convertible preferred stock (1) - - -
Plus: net dividends on convertible preferred securities
of subsidiary - 3 3 3
----------- ------------ ---------- -----------
Income before cumulative effect of accounting changes available
to common stock 94 202 166 199
Cumulative effect of accounting changes - - - -
----------- ------------ ---------- -----------
Net income available to common stock $94 $202 $166 $199
=========== ============ =========== ===========
Average shares outstanding 241,462,789 242,309,925 244,431,283 243,230,940
Dilutive securities
Convertible preferred securities of subsidiary - 6,144,016 6,144,016 6,144,016
Convertible preferred stock - 2,399,518 2,400,119 872,712
Stock options 1,087,024 1,015,596 966,755 1,056,752
Put contracts - - - -
----------- ------------ ----------- -----------
Average shares outstanding assuming dilution 242,549,813 251,869,053 253,942,173 251,304,420
=========== ============ =========== ===========
Diluted net income per share:
Income before cumulative effect of accounting changes $0.39 $0.80 $0.65 $0.79
Cumulative effect of accounting changes - - - -
----------- ------------ ----------- -----------
Diluted net income per share $0.39 $0.80 $0.65 $0.79
=========== ============ =========== ===========
</TABLE>
4
<PAGE>
American General Corporation
Calculation of Earnings Per Share
Quarterly Data for the Year Ended December 31, 1995
(in millions, except share data)
(Unaudited)
<TABLE>
<CAPTION>
Quarters Ended
--------------------------------------------------
December 31, September 30, June 30, March 31,
1995 1995 1995 1995
----------- ------------ ---------- -----------
<S> <C> <C> <C> <C>
Basic:
Net income available to common stock:
Income before cumulative effective of accounting changes $37 $207 $206 $200
Less: net dividends on convertible preferred stock - - - -
Income before cumulative effect of accounting changes available to ----------- ------------ ---------- -----------
common stock 37 207 206 200
Cumulative effect of accounting changes - - - -
----------- ------------ ---------- -----------
Net income available to common stock $37 $207 $206 $200
=========== ============ =========== ===========
Average shares outstanding 242,691,352 242,958,501 242,840,801 242,698,883
=========== ============ =========== ===========
Basic net income per share:
Income before cumulative effect of accounting changes $0.15 $0.85 $0.85 $0.82
Cumulative effect of accounting changes - - - -
----------- ------------ ---------- -----------
Basic net income per share $0.15 $0.85 $0.85 $0.82
=========== ============ =========== ===========
Diluted:
Net income available to common stock:
Income before cumulative effect of accounting changes $37 $207 $206 $200
Less: net dividends on convertible preferred stock - - - -
Plus: net dividends on convertible preferred securities
of subsidiary - 3 1 -
----------- ------------ ---------- -----------
Income before cumulative effect of accounting changes available
to common stock 37 210 207 200
Cumulative effect of accounting changes - - - -
----------- ------------ ---------- -----------
Net income available to common stock $37 $210 $207 $200
=========== ============ =========== ===========
Average shares outstanding 242,691,352 242,958,501 242,840,801 242,698,883
Dilutive securities
Convertible preferred securities of subsidiary - 6,144,016 2,025,500 -
Convertible preferred stock 84,101 84,154 84,367 86,852
Stock options 991,108 1,043,337 766,853 639,755
Put contracts - - - -
----------- ------------ ----------- -----------
Average shares outstanding assuming dilution 243,766,561 250,230,008 245,717,521 243,425,490
=========== ============ =========== ===========
Diluted net income per share:
Income before cumulative effect of accounting changes $0.15 $0.84 $0.84 $0.82
Cumulative effect of accounting changes - - - -
----------- ------------ ----------- -----------
Diluted net income per share $0.15 $0.84 $0.84 $0.82
=========== ============ =========== ===========
</TABLE>
5
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMERICAN GENERAL CORPORATION
Dated: February 25, 1998 By: /s/ PAMELA J. PENNY
-------------------------------
Pamela J. Penny
Vice President and Controller
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