Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Computation of earnings per share

The following table presents the Company’s computation of earnings per share from continuing operations for the three months ended March 31, 2020 and 2019. See Note 17 — “Held for Sale and Discontinued Operations”.

	Three Months Ended
	March 31,
	2020			2019
Basic and diluted earnings per share numerators (in millions):
Net (loss) income attributable to White Mountains’s    common shareholders	$	(128.8	)	$	284.4
Less: total income from discontinued operations, net of tax	.9			.7
Net (loss) income from continuing operations attributable to    White Mountains’s common shareholders	$	(129.7	)	$	283.7
Allocation of losses (earnings) to participating restricted common shares(1)	1.3			(2.9		)
Basic and diluted (losses) earnings per share numerators	$	(128.4	)	$	280.8
Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period	3,178.0			3,172.2
Average unvested restricted common shares(2)	(33.8		)	(32.5		)
Basic (losses) earnings per share denominator	3,144.2			3,139.7
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period	3,178.0			3,172.2
Average unvested restricted common shares(2)	(33.8		)	(32.5		)
Diluted (losses) earnings per share denominator	3,144.2			3,139.7
Basic and diluted earnings per share (in dollars) - continuing operations:
Distributed earnings - dividends declared and paid	$	1.00		$	1.00
Undistributed (losses) earnings	(41.82		)	88.42
Basic and diluted (losses) earnings per share	$	(40.82	)	$	89.42

⁽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”.

Disposal Groups, Including Discontinued Operations

The following table presents the undistributed net earnings (losses) from continuing operations for the three months ended March 31, 2020 and 2019. See Note 17 — “Held for Sale and Discontinued Operations”.

	Three Months Ended
	March 31,
Millions	2020			2019
Undistributed net earnings - continuing operations:
Net (loss) income attributable to White Mountains’s common shareholders,      net of restricted common share amounts	$	(128.4	)	$	280.8
Dividends declared, net of restricted common share amounts (1)	(3.1		)	(3.2		)
Total undistributed net (losses) earnings, net of restricted common share amounts	$	(131.5	)	$	277.6

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

The following table presents the Company’s computation of earnings per share for discontinued operations for the three months ended March 31, 2020 and 2019:

	Three Months Ended
	March 31,
	2020			2019
Basic and diluted earnings per share numerators (in millions):
Net (loss) income attributable to White Mountains’s    common shareholders	$	(128.8	)	$	284.4
Less: total (loss) income from continuing operations, net of tax	(129.7		)	283.7
Net income from discontinued operations attributable to White Mountains’s common shareholders	$	.9		$	.7
Allocation of earnings to participating restricted common shares (1)	—			—
Basic and diluted earnings per share numerators (2)	$	.9		$	.7
Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period	3,178.0			3,172.2
Average unvested restricted common shares (3)	(33.8		)	(32.5		)
Basic earnings per share denominator	3,144.2			3,139.7
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period	3,178.0			3,172.2
Average unvested restricted common shares (3)	(33.8		)	(32.5		)
Diluted earnings per share denominator	3,144.2			3,139.7
Basic and diluted earnings per share (in dollars) - discontinued operations:	$	.28		$	.22

⁽¹⁾ Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities.

⁽²⁾ Net earnings attributable to White Mountains’s common shareholders, net of restricted share amounts, is equal to undistributed earnings for the three months ended March 31, 2020 and 2019.

⁽³⁾ Restricted common shares outstanding vest either in equal annual installments or upon a stated date. See Note 10 — “Employee Share-Based Incentive Compensation Plans”.