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Earnings Per Share
 12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

White Mountains calculates earnings per share using the two-class method, which allocates earnings between common shares and unvested restricted common shares. Both classes of shares participate equally in dividends and earnings on a per share basis. Basic earnings per share amounts are based on the weighted average number of common shares outstanding adjusted for unvested restricted common shares. Diluted earnings per share amounts are also impacted by the net effect of potentially dilutive common shares outstanding.
The following table presents the Company’s computation of earnings per share from continuing operations for the years ended December 31, 2017, 2016 and 2015. See Note 19 — “Held for Sale and Discontinued Operations”.
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
Basic and diluted earnings per share numerators (in millions):
 
 

 
 

 
 

Net income attributable to White Mountains’s common shareholders
 
$
627.2

 
$
401.8

 
$
295.2

    Less: total income from discontinued operations, net of tax
 
577.5

 
523.4

 
135.1

Net income (loss) from continuing operations attributable to
   White Mountains’s common shareholders
 
49.7

 
(121.6
)
 
160.1

Allocation of earnings to participating restricted common shares (1)
 
(.7
)
 
1.5

 
(1.9
)
Basic and diluted earnings per share numerators
 
$
49.0

 
$
(120.1
)
 
$
158.2

Basic earnings per share denominators (in thousands):
 
 
 
 
 
 
Total average common shares outstanding during the period
 
4,293.8

 
5,014.9

 
5,879.2

Average unvested restricted common shares (2)
 
(54.3
)
 
(64.8
)
 
(68.0
)
Basic earnings per share denominator
 
4,239.5

 
4,950.1

 
5,811.2

Diluted earnings per share denominator (in thousands):
 
 
 
 
 
 
Total average common shares outstanding during the period
 
4,293.8

 
5,018.1

 
5,879.2

Average unvested restricted common shares (2)
 
(54.3
)
 
(64.8
)
 
(68.0
)
Diluted earnings per share denominator (3)
 
4,239.5

 
4,953.3

 
5,811.2

Basic and diluted earnings per share (in dollars) - continuing operations:
 
 
 
 
 
 
Distributed earnings - dividends declared and paid
 
$
1.00

 
$
1.00

 
$
1.00

Undistributed earnings (losses)
 
$
10.56

 
$
(25.26
)
 
$
26.22

Basic and diluted earnings per share
 
$
11.56

 
$
(24.26
)
 
$
27.22


(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 10 — “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 resulted 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.

The following table presents the undistributed net earnings (losses) from continuing operations for the years ended December 31, 2017, 2016 and 2015. See Note 19 — “Held for Sale and Discontinued Operations”.

 
Year Ended December 31,
Millions
 
2017
 
2016
 
2015
Undistributed net earnings - continuing operations:
 
 
 
 
 
 
Net income (loss) attributable to White Mountains’s common shareholders,
     net of restricted common share amounts
 
$
49.0

 
$
(120.1
)
 
$
158.2

Dividends declared, net of restricted common share amounts (1)
 
(4.5
)
 
(5.4
)
 
(5.9
)
Total undistributed net earnings (losses), net of restricted common
     share amounts
 
$
44.5

 
$
(125.5
)
 
$
152.3

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