Earnings per Share

9 Months Ended

Sep. 30, 2011

Earnings per Share

Earnings per Share

NOTE 13. Earnings per Share

Basic and diluted earnings per share amounts, which include the impact of continuing operations as well as discontinued operations and the estimated loss on sale of AutoOne (see Note 15), have been determined in accordance with ASC 260, based on the weighted average number of common shares outstanding including unvested restricted shares that are considered participating securities (see Note 10). During the second quarters of 2011 and 2010, 21,980 and 20,068 shares, respectively, of the Company’s Class A common shares were awarded to certain non-employee members of the Company’s Board, in lieu of their 2011 and 2010 annual cash retainers. During the third quarter of 2007, the Company began a share repurchase program. Since the inception of this program, the Company has repurchased and retired 5.6 million of its Class A common shares. During the nine months ended September 30, 2011, no shares were repurchased. During the three and nine months ended September 30, 2010, the Company repurchased and retired 0.3 million and 0.7 million, respectively, of its Class A common shares for $4.6 million and $10.5 million, respectively.

	Three months ended September 30,						Nine months ended September 30,
	2011			2010			2011			2010
(Loss) earnings attributable to OneBeacon’s common shareholders — basic and diluted (in millions):
Net (loss) income attributable to OneBeacon’s common shareholders	$	(32.9	)	$	86.8		$	24.5		$	95.4
Dividends declared and paid	(19.9		)	(255.9		)	(154.8		)	(295.8		)
Overdistribution of current period earnings	$	(52.8	)	$	(169.1	)	$	(130.3	)	$	(200.4	)
Weighted average common shares outstanding	94.5			94.5			94.4			94.9
Weighted average unvested restricted shares(1)	0.6			—			0.3			—
Total(2)	95.1			94.5			94.7			94.9
Earnings per share attributable to OneBeacon’s common shareholders — basic and diluted (in dollars):
Net (loss) income attributable to OneBeacon’s common shareholders	$	(0.35	)	$	0.92		$	0.26		$	1.01
Dividends declared and paid	(0.21		)	(2.71		)	(1.63		)	(3.13		)
Overdistribution of current period earnings	$	(0.56	)	$	(1.79	)	$	(1.37	)	$	(2.12	)

(1) Restricted shares outstanding vest in equal installments upon a stated date or upon the occurrence of a specified event (see Note 10).

(2) Common shares issuable upon exercise of the options (see Note 10) were not included as their inclusion would be anti-dilutive for the periods presented.