(in thousands, except per share data) YEARS ENDED DECEMBER 31,  First Second Third Fourth 2003 Revenues from continuing operations $653,549 $714,376 $712,500 $1,093,908 Revenues from discontinued operations $1 ,592 $ 814 $ 1,002 $ 1,395 Income from continuing operations before income taxes $ 49,853 $ 67,009 $ 63,007 $ 91,741 Income from continuing operations $ 33,160 $ 43,586 $ 42,224 $ 59,349 Loss from discontinued accident and health operations,  net of income taxes (418) (1,027) (473) (3,805) Cumulative effect of change in accounting principal,  net of income taxes – – – 545  Net income $ 32,742 $ 42,559 $ 41,751 $ 56,089 Total outstanding common shares – end of period 49,638 49,781 49,912 62,160 Basic Earnings Per Share: Continuing operations $ 0.67 $ 0.88 $ 0.85 $ 1.06 Discontinued operations (0.01) (0.02) (0.01) (0.07) Cumulative effect of change in accounting principal – – – 0.01  Net income $ 0.66 $ 0.86 $ 0.84 $ 1.00 Diluted Earnings Per Share: Continuing operations $ 0.67 $ 0.87 $ 0.84 $ 1.05 Discontinued operations  (0.01) (0.02) (0.01) (0.07) Cumulative effect of change in accounting principal – – – 0.01  Net income  $ 0.66 $ 0.85 $ 0.83 $ 0.99 Dividends per share on common stock $ 0.06 $ 0.06 $ 0.06 $ 0.06 Market Price of Common Stock: Quarter end $ 26.28 $ 32.10 $ 40.75 $ 38.65 Common stock price, high 29.64 33.00 42.00 42.55 Common stock price, low 24.75 25.52 31.65 35.83 There were 89 stockholders of record of RGA’s common stock on March 1, 2004. Reinsurance Group of America, Incorporated common stock is traded on the New Y ork Stock Exchange (NYSE) under the symbol “RGA”. THIS IS RGA. 2003 ANNUAL REPORT 82 QUARTERLY DAT A (UNAUDITED)