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Earnings Per Share
 3 Months Ended
Mar. 31, 2018
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.
The following table presents the Company’s computation of earnings per share from continuing operations for the three months ended March 31, 2018 and 2017. See Note 16 — “Held for Sale and Discontinued Operations”.
 
 
Three Months Ended
 
 
March 31,
 
 
2018
 
2017
Basic and diluted earnings per share numerators (in millions):
 
 
 
 
Net (loss) income attributable to White Mountains’s common shareholders
 
$
(48.0
)
 
$
29.0

Less: total income from discontinued operations, net of tax
 
.1

 
31.3

Net loss from continuing operations attributable to
   White Mountains’s common shareholders
 
$
(48.1
)
 
$
(2.3
)
Allocation of earnings to participating restricted common shares(1)
 
.4

 
—

Basic and diluted earnings per share numerators
 
$
(47.7
)
 
$
(2.3
)
Basic earnings per share denominators (in thousands):
 
 
 
 
Total average common shares outstanding during the period
 
3,746.1

 
4,564.6

Average unvested restricted common shares(2)
 
(35.9
)
 
(52.5
)
Basic earnings per share denominator
 
3,710.2

 
4,512.1

Diluted earnings per share denominator (in thousands):
 
 
 
 
Total average common shares outstanding during the period
 
3,746.1

 
4,564.6

Average unvested restricted common shares(2)
 
(35.9
)
 
(52.5
)
Diluted earnings per share denominator
 
3,710.2

 
4,512.1

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

 
$
1.00

Undistributed earnings (losses)
 
(13.85
)
 
(1.52
)
Basic and diluted earnings per share
 
$
(12.85
)
 
$
(.52
)

(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”

The following table presents the undistributed net earnings (losses) from continuing operations for the three months ended March 31, 2018 and 2017. See Note 16 — “Held for Sale and Discontinued Operations”.

 
 
Three Months Ended
 
 
March 31,
Millions
 
2018
 
2017
Undistributed net losses - continuing operations:
 
 
 
 
Net loss attributable to White Mountains’s common shareholders,
     net of restricted common share amounts
 
$
(47.7
)
 
$
(2.3
)
Dividends declared net of restricted common share amounts (1)
 
(3.7
)
 
(4.5
)
Total undistributed net losses, net of restricted common
     share amounts
 
$
(51.4
)
 
$
(6.8
)
(1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities.