The following table outlines the Company’s computation of earnings per share from continuing operations for the three months ended March 31, 2016 and 2015. (See Note 17 - “Discontinued Operations”).



	Three Months Ended
	March 31,
	2016			2015
Basic and diluted earnings per share numerators (in millions):
Net income from continuing operations attributable to White Mountains’s common shareholders	$	13.9		$	10.5
Allocation of income for unvested restricted common shares	(.1		)	(.1		)
Dividends declared on participating restricted common shares⁽¹⁾	(.1		)	(.1		)
Total allocation to restricted common shares	(.2		)	(.2		)
Net income attributable to White Mountains’s common shareholders, net of restricted common share amounts	$	13.7		$	10.3
Undistributed net earnings (in millions):
Net income attributable to White Mountains’s common shareholders, net of restricted common share amounts	$	13.7		$	10.3
Dividends declared net of restricted common share amounts⁽¹⁾	(5.9		)	(5.9		)
Total undistributed net earnings, net of restricted common share amounts	$	7.8		$	4.4
Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period	5,539.6			5,978.4
Average unvested restricted shares⁽²⁾	(54.0		)	(58.8		)
Basic earnings per share denominator	5,485.6			5,919.6
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period	5,540.5			5,978.4
Average unvested restricted common shares⁽²⁾	(54.0		)	(58.8		)
Average outstanding dilutive options to acquire common shares⁽³⁾	—			—
Diluted earnings per share denominator	5,486.5			5,919.6
Basic earnings per share (in dollars):
Net income attributable to White Mountains’s common shareholders	$	2.51		$	1.76
Dividends declared and paid	(1.00		)	(1.00		)
Undistributed earnings	$	1.51		$	.76
Diluted earnings per share (in dollars):
Net income attributable to White Mountains’s common shareholders	$	2.51		$	1.76
Dividends declared and paid	(1.00		)	(1.00		)
Undistributed earnings	$	1.51		$	.76

⁽¹⁾ Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities.

⁽²⁾Restricted shares outstanding vest either in equal annual installments or upon a stated date. (See Note 15 - “Employee Share-Based Compensation Plans”).

⁽³⁾The diluted earnings per share denominator for the three months ended March 31, 2016 includes the impact of 125,000 common shares issuable upon exercise of the non-qualified options outstanding, which results in 882 incremental shares outstanding over the period. The incremental shares had an effect on diluted earning per share of less than $0.01. The diluted earnings per share denominator for the three months ended March 31, 2015 does not include the impact of 125,000 common shares issuable upon exercise of the non-qualified options outstanding as they were anti-dilutive to the calculation.