UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTER ENDED JUNE 30, 1998
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From _________ to ________
Commission File Number 1-10545
-----------
TRANSATLANTIC HOLDINGS, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 13-3355897
- ------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
80 Pine Street, New York, New York 10005
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 770-2000
----------------
NONE
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last
report.
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES |X| NO |_|
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of June 30, 1998 34,648,012
------------
<PAGE>
TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of June 30, 1998 and December 31, 1997
<TABLE>
<CAPTION>
(Unaudited)
1998 1997
------------ ------------
ASSETS (in thousands, except share data)
<S> <C> <C>
Investments and cash:
Fixed maturities:
Bonds held to maturity, at amortized cost (market value:
1998-$1,259,609; 1997-$1,313,382) $ 1,181,428 $ 1,230,015
Bonds available for sale, at market value (amortized cost:
1998-$2,255,903; 1997-$2,145,717) 2,314,100 2,210,910
Equities:
Common stocks available for sale, at market value (cost:
1998-$247,956; 1997-$289,701) 436,682 458,153
Nonredeemable preferred stocks available for sale, at
market value (cost: 1998-$18,327; 1997-$5,014) 18,813 5,973
Other invested assets 75,000 --
Short-term investments, at cost which approximates market value 33,139 16,731
Cash and cash equivalents 113,312 70,737
------------ ------------
Total investments and cash 4,172,474 3,992,519
Accrued investment income 72,371 70,799
Premium balances receivable, net 193,501 188,816
Reinsurance recoverable on paid and unpaid losses and loss adjustment expenses:
Affiliates 187,980 189,690
Other 234,379 212,475
Deferred acquisition costs 65,656 64,752
Prepaid reinsurance premiums 25,098 22,056
Deferred income taxes 68,117 71,981
Other assets 18,022 21,892
------------ ------------
Total assets $ 5,037,598 $ 4,834,980
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Unpaid losses and loss adjustment expenses $ 2,958,963 $ 2,918,782
Unearned premiums 373,794 366,640
Reinsurance balances payable 155,456 124,365
Current income taxes payable 13,534 19,531
Other liabilities 57,512 49,003
------------ ------------
Total liabilities 3,559,259 3,478,321
------------ ------------
Commitments and contingent liabilities
Preferred Stock, $1.00 par value; shares authorized: 5,000,000 -- --
Common Stock, $1.00 par value; shares authorized: 50,000,000;
shares issued: 1998-35,448,012; 1997-35,362,870 35,448 35,363
Additional paid-in capital 197,832 195,494
Accumulated other comprehensive income 154,749 140,724
Retained earnings 1,100,310 995,078
Treasury Stock, at cost; 800,000 shares (10,000) (10,000)
------------ ------------
Total stockholders' equity 1,478,339 1,356,659
------------ ------------
Total liabilities and stockholders' equity $ 5,037,598 $ 4,834,980
============ ============
The accompanying notes are an integral part of the condensed consolidated financial statements.
</TABLE>
-1-
<PAGE>
TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1998 1997 1998 1997
--------- --------- --------- ---------
(in thousands, except per share data)
<S> <C> <C> <C> <C>
Income:
Net premiums written $330,208 $309,788 $662,736 $612,896
Decrease (increase) in net unearned premiums 10,039 (3,758) (8,092) (22,685)
--------- --------- --------- ---------
Net premiums earned 340,247 306,030 654,644 590,211
Net investment income 55,600 51,015 109,274 101,035
--------- --------- --------- ---------
395,847 357,045 763,918 691,246
--------- --------- --------- ---------
Expenses:
Net losses and loss adjustment expenses 245,117 223,659 477,950 435,587
Net commissions 81,252 71,771 155,397 139,425
Other operating expenses 11,813 10,725 22,715 20,529
Decrease (increase) in deferred acquisition costs 1,773 (449) (903) (4,368)
--------- --------- --------- ---------
339,955 305,706 655,159 591,173
--------- --------- --------- ---------
55,892 51,339 108,759 100,073
Realized net capital gains 29,339 4,198 36,616 8,377
--------- --------- --------- ---------
Operating income 85,231 55,537 145,375 108,450
Other deductions (107) (514) (432) (959)
--------- --------- --------- ---------
Income before income taxes 85,124 55,023 144,943 107,491
Income taxes 20,456 11,879 32,445 22,726
--------- --------- --------- ---------
Net income $64,668 $43,144 $112,498 $84,765
========= ========= ========= =========
Net income per common share:
Basic $1.87 $1.25 $3.25 $2.45
Diluted 1.86 1.24 3.23 2.44
Dividends per common share 0.11 0.10 0.21 0.19
Weighted average common shares outstanding:
Basic 34,639 34,545 34,620 34,538
Diluted 34,859 34,727 34,844 34,706
The accompanying notes are an integral part of the condensed consolidated financial statements.
</TABLE>
-2-
<PAGE>
TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 1998 and 1997
(Unaudited)
<TABLE>
<CAPTION>
1998 1997
--------- ---------
(in thousands)
<S> <C> <C>
Net cash provided by operating activities $129,613 $189,494
--------- ---------
Cash flows from investing activities:
Proceeds of bonds available for sale sold 158,988 209,639
Proceeds of bonds held to maturity redeemed 51,048 24,183
Proceeds of bonds available for sale redeemed or matured 133,576 96,156
Proceeds of equities sold 117,172 49,035
Purchase of bonds held to maturity -- (175,834)
Purchase of bonds available for sale (405,945) (425,029)
Purchase of equities (53,914) (48,107)
Purchase of other invested assets (75,000) --
Net (purchase) proceeds of short-term investments (16,909) 31,604
Change in payable for securities in course of settlement 11,311 16,599
Other, net -- (2,910)
--------- ---------
Net cash used in investing activities (79,673) (224,664)
--------- ---------
Cash flows from financing activities:
Dividends to stockholders (6,926) (6,562)
Proceeds from common stock issued 2,423 679
Net (disbursements) proceeds from reinsurance deposits (1,592) 58,858
Other -- 4,100
--------- ---------
Net cash from financing activities (6,095) 57,075
--------- ---------
Effect of exchange rate changes on cash and cash equivalents (1,270) (4,235)
--------- ---------
Change in cash and cash equivalents 42,575 17,670
Cash and cash equivalents, beginning of period 70,737 77,523
--------- ---------
Cash and cash equivalents, end of period $113,312 $95,193
========= =========
The accompanying notes are an integral part of the condensed consolidated financial statements.
</TABLE>
-3-
<PAGE>
TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1998
(Unaudited)
1. General
The condensed consolidated financial statements are unaudited, but have
been prepared on the basis of generally accepted accounting principles and, in
the opinion of management, reflect all adjustments (consisting of normal
accruals) necessary for a fair presentation of results for such periods. Certain
reclassifications have been made to conform the prior year's presentations with
1998. The results of operations and cash flows for any interim period are not
necessarily indicative of results for the full year.
2. Per Common Share Information
Net income per common share for the periods presented has been computed
below in accordance with Statement of Financial Accounting Standards (SFAS) No.
128, "Earnings Per Share," and is based on the weighted average number of common
shares outstanding.
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1998 1997 1998 1997
-------- -------- -------- --------
(in thousands, except per share data)
<S> <C> <C> <C> <C>
Net income (numerator) $64,668 $43,144 $112,498 $84,765
======== ======== ======== ========
Weighted average common shares
outstanding used in the computation
of net income per share:
Average shares issued 35,439 35,345 35,420 35,338
Less: Average shares in treasury 800 800 800 800
-------- -------- -------- --------
Average outstanding shares - basic (denominator) 34,639 34,545 34,620 34,538
Average potential shares, principally stock options 220 182 224 168
-------- -------- -------- --------
Average outstanding shares - diluted (denominator) 34,859 34,727 34,844 34,706
======== ======== ======== ========
Net income per common share:
Basic $ 1.87 $ 1.25 $ 3.25 $ 2.45
Diluted 1.86 1.24 3.23 2.44
</TABLE>
Net income per common share and dividends per common share reflect a
3-for-2 split of the common stock, in the form of a 50 percent stock dividend,
paid in July 1997.
-4-
<PAGE>
3. Reinsurance
Premiums written and earned and losses and loss adjustment expenses
incurred were comprised of the following:
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1998 1997 1998 1997
--------- --------- --------- ---------
(in thousands)
<S> <C> <C> <C> <C>
Gross premiums written $ 359,355 $ 351,051 $ 732,463 $ 688,432
Reinsurance ceded (29,147) (41,263) (69,727) (75,536)
--------- --------- --------- ---------
Net premiums written $ 330,208 $ 309,788 $ 662,736 $ 612,896
========= ========= ========= =========
Gross premiums earned $ 377,876 $ 345,139 $ 721,329 $ 661,772
Reinsurance ceded (37,629) (39,109) (66,685) (71,561)
--------- --------- --------- ---------
Net premiums earned $ 340,247 $ 306,030 $ 654,644 $ 590,211
========= ========= ========= =========
Gross incurred losses and
loss adjustment expenses $ 264,550 $ 253,305 $ 523,001 $ 489,454
Reinsurance ceded (19,433) (29,646) (45,051) (53,867)
--------- --------- --------- ---------
Net losses and loss
adjustment expenses $ 245,117 $ 223,659 $ 477,950 $ 435,587
========= ========= ========= =========
</TABLE>
4. Dividends
During the second quarter of 1998, the Board of Directors of Transatlantic
Holdings, Inc. (the "Company") declared a dividend of $3,800,000, or $0.11 per
common share.
5. Income Taxes
Income taxes paid, net, in the second quarter totaled $29,847,000 and
$13,133,000 in 1998 and 1997, respectively. For the 1998 and 1997 six month
periods, income taxes paid, net, totaled $35,217,000 and $17,379,000,
respectively.
6. Comprehensive Income
Transatlantic Holdings, Inc. and subsidiaries (TRH) adopted SFAS No. 130,
"Reporting Comprehensive Income," in the first quarter of 1998 and has
reclassified certain 1997 data to also reflect its provisions. Amounts
previously reported separately for net unrealized appreciation of investments,
net of taxes, and net unrealized currency translation (loss) gain, net of taxes,
are now included as components of accumulated other comprehensive income in the
stockholders' equity section of the balance sheet. The calculation of
comprehensive income, including the change in accumulated other comprehensive
income follows:
-5-
<PAGE>
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1998 1997 1998 1997
--------- --------- --------- ---------
(in thousands)
<S> <C> <C> <C> <C>
Net Income $64,668 $43,144 $112,498 $84,765
--------- --------- --------- ---------
Add: Change in accumulated other
comprehensive income:
Net unrealized appreciation of investments,
net of taxes (QTR:1998-$95,899; 1997-$43,432),
(YTD:1998-$82,111; 1997-$51,644), beginning of period 178,099 80,659 152,493 95,910
Net unrealized currency translation (loss) gain,
net of taxes (QTR:1998-$(1,248); 1997-$(5,466)),
(YTD:1998-$(6,054); 1997-$1,679), beginning of period (2,839) (10,672) (11,769) 2,596
--------- --------- --------- ---------
Accumulated other comprehensive income,
net of taxes, beginning of period 175,260 69,987 140,724 98,506
--------- --------- --------- ---------
Net unrealized appreciation of investments,
net of taxes (QTR and YTD:1998-$86,593;
1997-$66,938), end of period 160,815 124,314 160,815 124,314
Net unrealized currency translation (loss) gain,
net of taxes (QTR and YTD:1998-$(2,985);
1997-$(2,068)), end of period (6,066) (4,362) (6,066) (4,362)
--------- --------- --------- ---------
Accumulated other comprehensive income,
net of taxes, end of period 154,749 119,952 154,749 119,952
--------- --------- --------- ---------
Change in accumulated other comprehensive
income (20,511) 49,965 14,025 21,446
--------- --------- --------- ---------
Comprehensive income $44,157 $93,109 $126,523 $106,211
========= ========= ========= =========
</TABLE>
7. Additional Information
For further information, refer to the Transatlantic Holdings, Inc. Form
10-K filing for the year ended December 31, 1997 and Form 10-Q filing for the
quarter ended March 31, 1998.
-6-
<PAGE>
TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
---------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
-------------------------------------------------------------
AND FINANCIAL CONDITION
-----------------------
JUNE 30, 1998
-------------
OPERATIONAL REVIEW. The following table presents net premiums written, net
premiums earned and net investment income for the periods indicated:
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- --------------------------
1998 1997 % Change 1998 1997 % Change
-------------------------- --------------------------
(dollars in millions)
Net premiums written $330.2 $309.8 6.6% $662.7 $612.9 8.1%
Net premiums earned 340.2 306.0 11.2 654.6 590.2 10.9
Net investment income 55.6 51.0 9.0 109.3 101.0 8.2
With respect to net premiums written, the second quarter and first six
months of 1998 exceeded the same 1997 periods principally as a result of
increases in domestic treaty business. With respect to such domestic treaty
increases in the second quarter and six month periods, the most significant were
recorded in specialty casualty classes, particularly accident and health and
directors and officers liability, and in automobile liability and ocean marine
lines. Internationally, net premiums written remained level in the 1998 second
quarter compared to the same prior year period. For the six month periods,
international business reported a modest increase in net premiums written in
1998 compared to 1997. Comparing such six month periods, a significant increase
was recorded in the aircraft line and a significant decrease was recorded in the
automobile liability line. International business represents 47 percent of
worldwide net premiums written for the first six months of 1998 compared to 49
percent for the same 1997 period. The reinsurance marketplace worldwide remained
highly competitive.
The increase in net investment income for the second quarter and first six
months of 1998 versus the comparable 1997 periods resulted from positive
operating cash flow.
The combined ratio was 100.2 for the second quarter of 1998 versus 99.7
for the second quarter of 1997. The second quarter loss and loss adjustment
expense ratios for 1998 and 1997 were 72.0 and 73.1, respectively. The
underwriting expense ratios for the second quarters of 1998 and 1997 were 28.2
and 26.6, respectively. For the first six months of 1998 and 1997, the combined
ratio was 99.9. The loss ratios were 73.0 and 73.8, respectively. The first six
months underwriting expense ratio was 26.9 versus 26.1 for the comparable prior
year period. The increased underwriting expense ratios in the 1998 periods, were
due, in large part, to a slight change in the business mix which caused the
commission component of those ratios to rise.
Realized net capital gains on the disposition of investments totaled $29.3
million in the second quarter of 1998 compared with $4.2 million for the same
period of 1997. For the first six months of 1998 and 1997, realized net capital
gains totaled $36.6 million and $8.4 million, respectively. The relatively high
level of realized capital gains in the second quarter and first six months of
1998 resulted principally from the sale of common stock available for sale. A
limited portion of proceeds from the disposition of investments in the second
quarter of 1998 was used to purchase high-yield bonds. In addition, the Company
has invested in limited partnerships which are included on the balance sheet in
other invested assets.
-7-
<PAGE>
TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS - CONT'D
JUNE 30, 1998
Income before income taxes in the second quarter of 1998 increased 54.7
percent to $85.1 million from $55.0 million recorded in the same 1997 period.
For the first six months of 1998, income before income taxes totaled $144.9
million versus $107.5 million in the comparable prior year period, an increase
of 34.8 percent. The increases in income before income taxes in 1998 versus
comparable prior year periods are primarily due to increased realized net
capital gains and net investment income in the 1998 periods.
The effective tax rates for the second quarter and first six months of
1998 were 24.0 percent and 22.4 percent, respectively, versus 21.6 percent and
21.1 percent for the comparable 1997 periods. The effective tax rate for the
full year of 1997 was 21.0 percent. The increased effective tax rates in the
1998 periods resulted principally from the higher level of realized capital
gains in the 1998 periods.
Net income in the second quarter of 1998 increased 49.9 percent to $64.7
million compared with $43.1 million in the same period of 1997. On a diluted per
common share basis, net income for the second quarters of 1998 and 1997 were
$1.86 and $1.24, respectively. For the first six months of 1998, net income
increased 32.7 percent to $112.5 million versus $84.8 million for the comparable
prior year period. On a diluted per common share basis, net income was $3.23 and
$2.44 for the first six months of 1998 and 1997, respectively. Reasons for the
increases are as discussed above.
In the second quarter of 1998, the Board of Directors voted to increase
the quarterly dividend by 10.0 percent to $0.11 per common share to stockholders
of record as of September 4, 1998, payable on September 18, 1998.
FINANCIAL CONDITION AND LIQUIDITY. Stockholders' equity totaled $1,478.3
million at June 30, 1998, an increase of $121.7 million from year-end 1997. The
increase in stockholders' equity is primarily composed of net income of $112.5
million, an increase in accumulated other comprehensive income of $14.0 million
(consisting of net unrealized appreciation of investments, net of taxes, of $8.3
million, and a reduction in net unrealized currency translation loss, net of
taxes, of $5.7 million) less dividends of $7.3 million.
Comprehensive income in the second quarter of 1998 was less than in the
same 1997 quarter due, in large part, to the decrease in net unrealized
appreciation of investments, net of taxes, in the 1998 quarter compared to an
increase in the second quarter of 1997. With respect to the six month periods,
comprehensive income in 1998 exceeded the 1997 amount principally due to the
higher net income in 1998. (See Note 6 of Notes to Condensed Consolidated
Financial Statements.)
Operating cash flow in the second quarter and first six months of 1998
declined compared to the same 1997 periods, due, in large part, to an increased
level of paid losses, and, to a lesser extent, increased taxes paid. The higher
level of paid losses is due, in part, to the continued shift in the business mix
towards lines with shorter loss payment patterns. Management believes that the
liquidity of the Company has not materially changed since the end of 1997.
-8-
<PAGE>
PART II - OTHER INFORMATION
---------------------------
ITEM #4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
- -------------------------------------------------------------
At the Company's Annual Meeting of Stockholders held on May 21, 1998, the
stockholders:
(a) elected nine directors as follows:
SHARES SHARES NOT
NOMINEE SHARES FOR WITHHELD VOTING
------- ---------- -------- ------
James Balog 30,051,796 89,287 4,480,384
Ikuo Egashira 30,051,196 89,887 4,480,384
John M. Fowler 30,050,246 90,837 4,480,384
Maurice R. Greenberg 30,051,796 89,287 4,480,384
John J. Mackowski 30,051,748 89,335 4,480,384
Edward E. Matthews 30,051,796 89,287 4,480,384
Robert F. Orlich 30,041,244 99,839 4,480,384
Howard I. Smith 30,051,748 89,335 4,480,384
Thomas R. Tizzio 30,051,796 89,287 4,480,384
(b) approved, by a vote of 30,133,675 shares to 2,173 shares, with 5,235
abstentions and 4,480,384 shares not voting, a proposal to select Coopers &
Lybrand L.L.P., now known as PricewaterhouseCoopers LLP, as independent
accountants for 1998.
-9-
<PAGE>
PART II - OTHER INFORMATION
---------------------------
ITEM #6 - EXHIBITS AND REPORTS ON FORM 8-K
- ------------------------------------------
(a) Exhibits
See accompanying Exhibit index.
(b) There were no reports on form 8-K for the three months ended June
30, 1998.
Omitted from this Part II are items which are inapplicable or to which the
answer is negative for the period covered.
SIGNATURES
----------
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.
TRANSATLANTIC HOLDINGS, INC.
----------------------------
(Registrant)
/s/ STEVEN S. SKALICKY
----------------------
Steven S. Skalicky
On behalf of the registrant and in his capacity as
Senior Vice President - Chief Financial Officer
(Principal Financial and Accounting Officer)
Dated August 6, 1998
-10-
<PAGE>
EXHIBIT INDEX
-------------
Exhibit
Number Description Location
------ ----------- --------
27.0 Financial data schedule Provided herewith.
-11-
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND>
TRANSATLANTIC HOLDINGS, INC. AND SUBSIDIARIES
FINANCIAL DATA SCHEDULE
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
TRANSATLANTIC HOLDINGS, INC.'S FORM 10-Q FOR THE PERIOD ENDED JUNE 30, 1998 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. (IN
THOUSANDS, EXCEPT PER SHARE AMOUNTS)
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<DEBT-HELD-FOR-SALE> 2,314,100
<DEBT-CARRYING-VALUE> 1,181,428
<DEBT-MARKET-VALUE> 1,259,609
<EQUITIES> 455,495
<MORTGAGE> 0
<REAL-ESTATE> 0
<TOTAL-INVEST> 4,059,162
<CASH> 113,312
<RECOVER-REINSURE> 422,359
<DEFERRED-ACQUISITION> 65,656
<TOTAL-ASSETS> 5,037,598
<POLICY-LOSSES> 2,958,963
<UNEARNED-PREMIUMS> 373,794
<POLICY-OTHER> 0
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 0
0
0
<COMMON> 35,448
<OTHER-SE> 1,442,891
<TOTAL-LIABILITY-AND-EQUITY> 5,037,598
654,644
<INVESTMENT-INCOME> 109,274
<INVESTMENT-GAINS> 36,616
<OTHER-INCOME> (432)
<BENEFITS> 477,950
<UNDERWRITING-AMORTIZATION> (903)
<UNDERWRITING-OTHER> 178,112
<INCOME-PRETAX> 144,943
<INCOME-TAX> 32,445
<INCOME-CONTINUING> 112,498
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 112,498
<EPS-PRIMARY> 3.25
<EPS-DILUTED> 3.23
<RESERVE-OPEN> 0
<PROVISION-CURRENT> 0
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 0
<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0
</TABLE>
