American National Group Inc.ANG-PD

American National Group Inc. Earnings Per Share Disclosure

10-KFiled Feb 25, 20202 min read
Earnings Per Share and Stockholders' Equity
Earnings Per Share
The following table sets forth the computation of earnings per common share and earnings per common share - assuming dilution:
 
Year Ended December 31,
 
2019
 
2018
 
2017
 
(Dollars in thousands, except per share data)
Numerator:
 
 
 
 
 
Net income - numerator for earnings per common share
$
246,090

 
$
458,016

 
$
174,645

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Weighted average common shares outstanding
91,139,453

 
90,347,915

 
88,982,442

Effect of dilutive securities:
 
 
 
 
 
Stock options and deferred compensation agreements
304,196

 
709,433

 
945,612

Restricted stock and restricted stock units
338,593

 
365,237

 
382,954

Denominator for earnings per common share - assuming dilution
91,782,242

 
91,422,585

 
90,311,008

 
 
 
 
 
 
Earnings per common share
$
2.70

 
$
5.07

 
$
1.96

Earnings per common share - assuming dilution
$
2.68

 
$
5.01

 
$
1.93


There were no options to purchase shares of our common stock outstanding excluded from the computation of diluted earnings per share during the years ended December 31, 2019, 2018 and 2017, as the exercise price of all options outstanding was less than the average market price of our common shares for those periods.
Stockholders' Equity
On November 21, 2019 we issued 16,000 shares of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the "preferred stock") with a $1.00 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $388.9 million. We used a portion of the proceeds to redeem certain subordinated debentures. See Note 10 for more information on the redemption of our subordinated debentures.
Dividends on the preferred stock are payable on a non-cumulative basis only when, as and if declared, quarterly in arrears on the first day of March, June, September and December of each year, commencing March 1, 2020. We did not declare or pay any dividends on the preferred stock during 2019. The preferred stock ranks senior to our common stock with respect to dividends, to the extent declared, and in liquidation, to the extent of the liquidation preference. The preferred stock is not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions.
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Historical Timeline

Fiscal YearFiled
2019Feb 25, 2020Showing above
2018Feb 22, 2019
2017Feb 23, 2018
2016Feb 27, 2017
2015Feb 26, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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