Investor Presentaiton
L
Appendix
Non-GAAP Financial Measures (2 of 3)
Use of Non-GAAP Financial Measures - Dividend Payout Ratio to GAAP and Non-GAAP diluted EPS
44
64
(per share)
Dividend per Share
Reported GAAP diluted EPS
2011
2012
2013
2014
2015
2016
2017
$
1.44 $ 1.48 $
1.52 $
$
2.53 $
2.66
69
$
2.46 $
Dividend Payout Ratio - GAAP diluted EPS
56.9%
55.6%
61.8%
1.60 $ 1.92 $ 2.00
2.99 $ 3.17 $ 3.39
53.5%
60.6%
59.0%
69 69
69 69
69
2018
2020
$ 2.40
3.98 $ 3.06
57.8%
2.10 $ 2.20 $ 2.30
3.34 $ 3.92 $
62.9%
56.1%
2019
78.4%
Reported Non-GAAP diluted EPS
$
Dividend Payout Ratio - Non-GAAP diluted EPS
2.41
59.8%
$
2.37
62.4%
$
2.50 $
60.8%
2.68 $
59.7%
3.15 $
61.0%
3.30
60.6%
$ 3.30 S 3.39 $
63.6%
64.9%
3.42
67.3%
$ 3.35
71.6%
Use of Non-GAAP Financial Measures - Return on Average Equity for GAAP and Non-GAAP Earnings
(per share)
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
GAAP Net Income ($M's)
$
Average Quarterly Equity (SM's)
$
Return On Average Equity (ROAE) - GAAP Earnings
11.0%
92.6 $ 98.4 $ 94.0
842.8 $ 895.9 $ 991.1
11.0%
9.5%
$ 120.7
$ 1,119.3
10.8%
9.9%
$ 151.2 $ 164.2 S 162.7
$ 1,520.2 $ 1,632.3 $ 1,720.4
10.1%
$ 197.0
$ 202.1
$ 155.2
$ 1,875.7
$ 1,998.8
$ 2,056.9
9.5%
10.5%
10.1%
7.5%
Reported Non-GAAP diluted EPS
$2.41
$2.37
$2.50
$2.68
$3.15
$3.30
$3.30
$3.39
$3.42
$3.35
Average Diluted Shares (M)
36.5
37.0
38.2
39.3
47.6
48.5
48.7
50.2
50.8
50.7
Calculated Non-GAAP Adjusted Net Income (SM's)
$88.2
$87.7
$94.9
$105.3
$150.3
$160.2
Return on Average Equity (ROAE) - Non-GAAP Earnings
10.5%
9.8%
9.6%
9.4%
9.9%
9.8%
$160.6
9.3%
$170.8
$174.3
$170.4
9.1%
8.7%
8.3%
Net Operating Losses (NOL's):
The expected tax rate and the expected availability of NOLS are subject to significant business, economic,
regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company
and its management, and are based upon assumptions with respect to future decisions, which are subject to
change. Actual results will vary and those variations may be material. For discussion of some of the important
factors that could cause these variations, please consult the "Risk Factors" section of our most recent 10-K filed
with the SEC.
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