Common Shareholders’ Equity and Non-controlling Interests

Common Shares Repurchased and Retired

During the past several years, White Mountains’s board of directors authorized the Company to repurchase its common shares, from time to time, subject to market conditions. Shares may be repurchased on the open market or through privately negotiated transactions. The repurchase authorizations do not have a stated expiration date. As of December 31, 2018, White Mountains may repurchase an additional 635,705 shares under these board authorizations. In addition, from time to time White Mountains has also repurchased its common shares through tender offers that were separately authorized by its board of directors.

During 2018, the Company repurchased 592,458 common shares for $519.4 million at an average share price of $877, which were comprised of 582,493 common shares repurchased under the board authorizations for $511.0 million at an average share price of $877 and 9,965 common shares repurchased pursuant to employee benefit plans. Shares repurchased pursuant to employee benefit plans do not fall under the board authorizations referred to above.

During 2017, the Company repurchased 832,725 common shares for $723.9 million at an average share price of $869, which were comprised of 821,732 common shares repurchased under the board authorizations for $713.1 million at an average share price of $870 and 10,993 common shares repurchased pursuant to employee benefit plans.

During 2016, the Company repurchased 1,106,145 common shares for $887.2 million at an average share price of $802, which were comprised of 1,098,123 common shares repurchased under the board authorizations for $881.4 million at an average share price of $803 and 8,022 common shares repurchased pursuant to employee benefit plans.

Common Shares Issued

During 2018, the Company issued a total of 16,377 common shares, which consisted of 14,105 restricted shares to key personnel and 2,272 shares issued to directors of the Company.

During 2017, the Company issued a total of 25,086 common shares, which consisted of 17,985 restricted shares to key personnel, 5,142 shares issued to the Company’s former Chairman and CEO as a result of exercised options, and 1,959 shares issued to directors of the Company.

During 2016, the Company issued a total of 47,030 common shares, which consisted of 25,365 restricted shares issued to key personnel, 14,930 shares issued to the Company’s former Chairman and CEO as a result of exercised options, 5,000 shares issued in satisfaction of performance shares and 1,735 shares issued to directors of the Company.

Dividends on Common Shares

For the years ended December 31, 2018, 2017 and 2016, the Company declared and paid cash dividends totaling $3.8 million, $4.6 million and $5.4 million (or $1.00 per common share).

Non-controlling Interests

Non-controlling interests consist of the ownership interests of non-controlling shareholders in consolidated entities and are presented separately on the balance sheet.

The following table presents the balance of non-controlling interests included in White Mountains’s total equity and the related percentage of each consolidated entity’s total equity owned by non-controlling shareholders as of December 31, 2018 and 2017:



	December 31, 2018					December 31, 2017
$ in Millions	Non-controlling Percentage		Non-controlling Equity			Non-controlling Percentage		Non-controlling Equity
Other, excluding BAM
HG Global	3.1	%	$	14.5		3.1	%	$	15.9
NSM	4.5		13.6			—		—
MediaAlpha	39.0		16.2			35.7		13.1
Buzz	22.9		1.1			22.9		2.5
Other NSM	13.4		.3			—		—
Total other, excluding BAM			45.7					31.5

BAM	100.0		(170.6		)	100.0		(163.2		)
Total non-controlling interests			$	(124.9	)			$	(131.7	)