Progressive Offers Annual Dividend Info
The Progressive Corporation (NYSE: PGR) today announced that its Board of Directors declared an annual dividend to be paid on February 1, 2013, to shareholders of record at the close of business on January 25, 2013 (ex-dividend date of January 23, 2013). The amount of the dividend will be determined based on the Company's 2012 financial results and the formula discussed below, and announced in the Company's year-end earnings release, which is currently scheduled for January 18, 2013.
The dividend amount will be calculated using the Company's operating results for the full year of 2012, as follows:
After-Tax 33 1/3% Gainshare Dividend = Underwriting X Target X Factor Amount Per Income Share Common Shares Outstanding on 12/31/12
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