ODYSSEY RE HOLDINGS CORP. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY 46 See accompanying notes. Years Ended December 31, 2004 2003 2002 (In thousands, except share amounts) COMMON STOCK Balance, beginning and end of year $ 651 $ 651 $ 651 ADDITIONAL PAID-IN CAPITAL Balance, beginning of year 793,586 793,334 793,334 Net increase during the year 469 252 — Balance, end of year 794,055 793,586 793,334 TREASURY STOCK Balance, beginning of year (2,549) (2,305) — Purchases during the year (10,090) (331) (2,405) Reissuance during the year 3,213 87 100 Balance, end of year (9,426) (2,549) (2,305) UNEARNED COMPENSATION Balance, beginning of year (3,439) (4,572) (5,704) Issuance of restricted stock during the year (3,314) — — Amortization during the year 1,776 1,133 1,132 Balance, end of year (4,977) (3,439) (4,572) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF DEFERRED INCOME TAXES Balance, beginning of year 112,430 21,736 (12,985) Unrealized net gains on securities,  net of reclassification adjustments 10,656 49,818 27,565 Foreign currency translation adjustments 13,766 42,098 7,156 Minimum pension liability (3) (1,222) — Balance, end of year 136,849 112,430 21,736 RETAINED EARNINGS Balance, beginning of year 489,556 247,239 45,576 Net income 186,899 249,225 208,177 Dividends to stockholders (8,107) (6,908) (6,514) Balance, end of year 668,348 489,556 247,239 TOTAL STOCKHOLDERS’ EQUITY $ 1,585,500 $ 1,390,235 $ 1,056,083 COMMON SHARES OUTSTANDING Balance, beginning of year 64,996,166 65,003,963 65,142,857 Net treasury shares acquired (241,188) (7,797) (138,894) Balance, end of year 64,754,978 64,996,166 65,003,963