-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WN9pC2TTmzJS8LmxnOFH08ij4DcPlvd3NjCxBKCnGWdPC+awEIa7hHZ9S/oupko2 TeYCrZoJWIk0C2pFyoyuhg== 0000899243-98-000275.txt : 19980226 0000899243-98-000275.hdr.sgml : 19980226 ACCESSION NUMBER: 0000899243-98-000275 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980225 ITEM INFORMATION: FILED AS OF DATE: 19980225 SROS: NYSE SROS: PCX FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN GENERAL CORP /TX/ CENTRAL INDEX KEY: 0000005103 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 740483432 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-07981 FILM NUMBER: 98549133 BUSINESS ADDRESS: STREET 1: 2929 ALLEN PKWY CITY: HOUSTON STATE: TX ZIP: 77019 BUSINESS PHONE: 7135221111 8-K 1 FORM 8-K ================================================================================ 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 ================================================================================ 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 American General Corporation Calculation of Earnings Per Share (In millions, except share data) (Unaudited)
For the Years Ended December 31, ---------------------------------------------------------------- 1997 1996 1995 1994 1993 ----------- ----------- ----------- ----------- ----------- 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 =========== =========== =========== =========== ===========
2 American General Corporation Calculation of Earnings Per Share Quarterly Data for the Year Ended December 31, 1997 (in millions, except share data) (Unaudited)
Quarters Ended -------------------------------------------------- December 31, September 30, June 30, March 31, 1997 1997 1997 1997 ----------- ------------ ---------- ----------- 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 =========== ============ =========== ===========
3 American General Corporation Calculation of Earnings Per Share Quarterly Data for the Year Ended December 31, 1996 (in millions, except share data) (Unaudited)
Quarters Ended -------------------------------------------------- December 31, September 30, June 30, March 31, 1996 1996 1996 1996 ----------- ------------ ---------- ----------- 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 =========== ============ =========== ===========
4 American General Corporation Calculation of Earnings Per Share Quarterly Data for the Year Ended December 31, 1995 (in millions, except share data) (Unaudited)
Quarters Ended -------------------------------------------------- December 31, September 30, June 30, March 31, 1995 1995 1995 1995 ----------- ------------ ---------- ----------- 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 =========== ============ =========== ===========
5 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 -----END PRIVACY-ENHANCED MESSAGE-----