NOTES TO CONSOLIDATED FINANCIAL STATEMENTS calculation of common equivalent shares during 2003, 2002  and 2001, respectively. Diluted earnings per share exclude the antidilutive effect of 5.6 million shares that would be issued upon exercise of the outstanding warrants associated with the PIERS units (See Note 16), as the Company could repurchase more  shares than it issues with the exercise proceeds. The following table presents the components of the Company’s accumulated other comprehensive income for the years ended  December 31, 2003, 2002 and 2001 (in thousands): NOTE 20 COMPREHENSIVE INCOME Before-Tax Tax After-Tax FOR THE YEAR ENDED DECEMBER 31, 2003  Amount Expense Amount Foreign currency translation adjustments: Change arising during year $ 81,363  $ (28,477) $ 52,886 Unrealized gains on securities: Unrealized net holding gains arising during the year 109,887 (38,176) 71,711 Less: Reclassification adjustment for net gains realized in net income  5,360 (1,539) 3,821 Net unrealized gains 104,527 (36,637) 67,890 Other comprehensive income $ 185,890 $ (65,114) $ 120,776 Before-Tax Tax (Expense) After-Tax FOR THE YEAR ENDED DECEMBER 31, 2002  Amount Benefit Amount Foreign currency translation adjustments: Change arising during year $ 10,467 $ (3,664) $ 6,803 Unrealized gains on securities: Unrealized net holding gains arising during the year 139,795 (47,698) 92,097 Less: Reclassification adjustment for net losses realized in net income (14,651) 3,893 (10,758) Net unrealized gains 154,446 (51,591) 102,855 Other comprehensive income $164,913 $ (55,255) $109,658 Before-Tax Tax (Expense) After-Tax FOR THE YEAR ENDED DECEMBER 31, 2001  Amount Benefit Amount Foreign currency translation adjustments: Change arising during year $ 15,045 $ (5,266) $ 9,779 Unrealized gains on securities: Unrealized net holding gains arising during the year (5,193) (136) (5,329) Less: Reclassification adjustment for net losses realized in net income (68,431) 21,185 (47,246) Net unrealized gains 63,238 (21,321) 41,917 Other comprehensive income $ 78,283 $ (26,587) $ 51,696 YEARS ENDED DECEMBER 31,  2003 2002 2001 summary of the components of net unrealized appreciation of balances carried at fair value is as follows (in thousands): Change in net unrealized appreciation on: 77 THIS IS RGA. 2003 ANNUAL REPORT