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Earnings Per Share
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

Basic earnings per share amounts are based on the weighted average number of common shares outstanding including unvested restricted shares that are considered participating securities. Diluted earnings per share amounts are based on the weighted average number of common shares including unvested restricted shares and the net effect of potentially dilutive common shares outstanding. The following table outlines the Company’s computation of earnings per share from continuing operations for the years ended December 31, 2016, 2015 and 2014. See Note 22 — “Held for Sale and Discontinued Operations” for earnings per share amounts for discontinued operations.
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
Basic and diluted earnings per share numerators (in millions):
 
 

 
 

 
 

Net income from continuing operations attributable to
   White Mountains’s common shareholders
 
$
(2.3
)
 
$
200.7

 
$
53.2

Allocation of income for unvested restricted common shares(1)
 
—

 
(2.3
)
 
(0.7
)
Dividends declared on participating restricted common shares(1)
 
—

 
(.1
)
 
(.1
)
Total allocation to restricted common shares
 
—

 
(2.4
)
 
(0.8
)
Net income attributable to White Mountains’s common shareholders,
net of restricted share amounts
 
$
(2.3
)
 
$
198.3

 
$
52.4

Undistributed net earnings (in millions):
 
 
 
 
 
 
Net income attributable to White Mountains’s common shareholders,
net of restricted common share amounts
 
$
(2.3
)
 
$
198.3

 
$
52.4

Dividends declared net of restricted common share amounts(1)
 
(5.4
)
 
(5.9
)
 
(6.1
)
Total undistributed net earnings, net of restricted common share amounts
 
$
(7.7
)
 
$
192.4

 
$
46.3

Basic earnings per share denominators (in thousands):
 
 
 
 
 
 
Total average common shares outstanding during the period
 
5,014.9

 
5,879.2

 
6,104.9

Average unvested restricted common shares(2)
 
(64.8
)
 
(68.0
)
 
(78.9
)
Basic earnings per share denominator
 
4,950.1

 
5,811.2

 
6,026.0

Diluted earnings per share denominator (in thousands):
 
 
 
 
 
 
Total average common shares outstanding during the period
 
5,018.1

 
5,879.2

 
6,104.9

Average unvested restricted common shares(2)
 
(64.8
)
 
(68.0
)
 
(78.9
)
Diluted earnings per share denominator(3)
 
4,953.3

 
5,811.2

 
6,026.0

Basic earnings per share (in dollars):
 
 
 
 
 
 
Net income attributable to White Mountains’s common shareholders
 
$
(0.47
)
 
$
34.12

 
$
8.70

Dividends declared and paid
 
(1.00
)
 
(1.00
)
 
(1.00
)
Undistributed (loss) earnings
 
$
(1.47
)
 
$
33.12

 
$
7.70

Diluted earnings per share (in dollars)
 
 
 
 
 
 
Net income attributable to White Mountains’s common shareholders
 
$
(0.47
)
 
$
34.12

 
$
8.70

Dividends declared and paid
 
(1.00
)
 
(1.00
)
 
(1.00
)
Undistributed (loss) earnings
 
$
(1.47
)
 
$
33.12

 
$
7.70


(1) 
Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities.
(2) 
Restricted common shares outstanding vest either in equal annual installments or upon a stated date. See Note 13 — “Employee Share-Based Incentive Compensation Plans”.
(3) 
The diluted earnings (loss) per share denominator for the year ended December 31, 2016, includes the impact of 40,000 common shares issuable upon exercise of the non-qualified options outstanding, which results in 3,217 incremental shares outstanding over the period. Prior periods do not include the impact of 125,000 common shares issuable upon exercise of the non-qualified options outstanding as they are anti-dilutive to the calculation.