1.   Preferred dividends are deducted because, unlike interest paid to bondholders, they are not a tax-deductible expense of doing business.

2.   By selling the shares through American General Capital and receiving the proceeds as a loan, American General can avoid paying taxes on the money used for preferred dividends.

3.   Per-share figures include the payment of preferred dividends in both periods.

4.   Per-share figures include the payment of preferred dividends.

5.   Per-share figures reflect the payment of preferred dividends.

6.   Per-share amounts are after payment of preferred dividends for both stocks.

7.   Per-share amounts reflect the payment of preferred dividends.

8.   Per-share earnings in both periods reflect the payment of preferred dividends.

9.   Per-share figures are after the payment of preferred dividends.

10.   Per-share numbers reflect payment of preferred dividends.