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Held for Sale and Discontinued Operations
 6 Months Ended
Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Held for Sale and Discontinued Operations Held for Sale and Discontinued Operations

Sirius Group

As of both June 30, 2020 and December 31, 2019, White Mountains recorded a liability of $16.5 million, related to the Sirius Group tax contingency. For the three months ended June 30, 2020, the change in the liability of $1.0 million was related to foreign currency translation and included within net loss on sale of discontinued operations. For the six months ended June 30, 2020, the liability did not change. For the three months ended June 30, 2019, there was no change in the liability. For the first six months ended June 30, 2019, the change in the liability of $0.7 million was related to foreign currency translation and included within net gain on sale of discontinued operations. See Note 16 — “Commitments and Contingencies”.
 
Other
 
As of December 31, 2017, White Mountains has classified its Guilford, Connecticut property, which consists of an office building and adjacent land, as held for sale. The property has been measured at its estimated fair value net of costs of disposal, of $3.0 million as of June 30, 2020 and December 31, 2019.
Discontinued Operations  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Held for Sale and Discontinued Operations
Earnings Per Share from Discontinued Operations

White Mountains calculates earnings per share using the two-class method, which allocates earnings between common and unvested restricted common shares. Both classes of shares participate equally in 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 for discontinued operations for the three and six months ended June 30, 2020 and 2019:
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2020
 
2019
 
2020
 
2019
Basic and diluted earnings per share numerators (in millions):
 
 
 
 
 
 
 
 
Net income (loss) attributable to White Mountains’s
   common shareholders
 
$
115.4

 
$
20.5

 
$
(13.4
)
 
$
304.9

Less: total income (loss) from continuing operations, net of tax
 
116.4

 
20.5

 
(13.3
)
 
304.2

Net (loss) income from discontinued operations attributable to White Mountains’s common shareholders
 
$
(1.0
)
 
$
—

 
$
(.1
)
 
$
.7

Allocation of earnings to participating restricted common shares (1)
 
—

 
—

 
—

 
—

Basic and diluted (losses) earnings per share numerators (2)
 
 
$
(1.0
)
 
$
—

 
$
(.1
)
 
$
.7

Basic earnings per share denominators (in thousands):
 
 
 
 
 
 
 
 

Total average common shares outstanding during the period
 
3,107.5

 
3,183.5

 
3,142.8

 
3,177.8

Average unvested restricted common shares (3)
 
(43.1
)
 
(42.8
)
 
(38.5
)
 
(37.6
)
Basic earnings per share denominator
 
3,064.4

 
3,140.7

 
3,104.3

 
3,140.2

Diluted earnings per share denominator (in thousands):
 
 
 
 
 
 
 
 

Total average common shares outstanding during the period
 
3,107.5

 
3,183.5

 
3,142.8

 
3,177.8

Average unvested restricted common shares (3)
 
(43.1
)
 
(42.8
)
 
(38.5
)
 
(37.6
)
Diluted earnings per share denominator
 
3,064.4

 
3,140.7

 
3,104.3

 
3,140.2

Basic and diluted (losses) earnings per share (in dollars) - discontinued operations:
 
$
(.32
)
 
$
—

 
$
(.03
)
 
$
.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 and six months ended June 30, 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”.