...dividends received from GEICO of $3.5 million are the only item included in our “accounting”x earnings. An additional $23 million that represents our share of GEICO’s undistributed operating earnings is totally excluded from our reported operating earnings. If GEICO had earned less money ... but had paid additional dividends, our reported earnings would have been larger ... Conversely, if GEICO had earned an additional $100 million - and retained it all - our reported earnings would have been unchanged. Clearly “accounting” earnings can seriously misrepresent economic reality.