Years Ended December 31, 2004 2003 2002 2001 2000 (dollars in thousands, except per share data) Selected GAAP Financial Ratios: Losses and loss adjustment  expense ratio 69.9% 67.5% 68.9% 80.6% 73.9% Underwriting expense ratio 28.1 29.3 30.2 34.8 36.9 Combined ratio 98.0% 96.8% 99.1% 115.4% 110.8% GAAP Balance Sheet Data: Total investments and cash $ 5,236,451 4,237,248 $ 3,082,403 $ 2,659,776 $ 2,641,615 Total assets 7,705,775 6,460,056 5,303,675 4,648,291 4,254,103 Unpaid losses and loss adjustment  expenses 4,228,021 3,400,277 2,871,552 2,720,220 2,566,396 Debt obligations 376,040 376,892 206,340 200,000 — Total stockholders’ equity 1,585,500 1,390,235 1,056,083 820,872 957,875 Book value per share (4) 24.48 21.39 16.25 12.60 19.96 Dividends per share (4) 0.13 0.11 0.10 0.03 1.77 (1) Assumes retroactive implementation of SFAS Nos. 141 and 142, which relate to goodwill and negative goodwill. These statements were adopted by us on January 1, 2002. (2) The Emerging Issues Task Force (“EITF”) Issue 4-08 “The Ef fect of Contingently Convertible Instruments on Diluted Earnings Per Share,” which is effective for periods ending after December 15, 2004, requires that the dilutive effect of contingently convertible debt securities, with a market price threshold, should be included in diluted earnings per share. The terms of our convertible senior debentures, which wer issued in June 2002, (see note 17 of our consolidated financial statements) meet the criteria defined in EITF Issue 4-08, and accordingly, the effect of conversion of our senior debentures to common stock has been assumed when calculating our diluted earnings per share. The diluted earnings per share for the years ended December 31, 2003 and 2002 have been restated to conform to the requirements of EITF Issue 4-08. See notes 2(k) and 8 of our consolidated financial statements included in this Annual Report. (3) Inclusion of the unvested portion of restricted common stock granted under the Odyssey Re Holdings Corp. Restricted Share Plan would have an anti-dilutive effect on the 2001 diluted earnings per share (i.e., the diluted earnings per share would  be greater than the basic earnings per share); accordingly such shares were excluded from the calculation of the 2001 earnings per share. (4) Based on our common stock outstanding of: 64,754,978 shar es as of December 31, 2004; 64,996,166 shares as of December 31, 2003; 65,003,963 shares as of December 31, 2002; 65,142,857 shares as of December 31, 2001; and 48,000,000 shares as of December 31, 2000. 23