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Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2020 and 2019. See Note 17 — “Held for Sale and Discontinued Operations”.
 
 
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 (loss) income from discontinued operations, net of tax
 
(1.0
)
 
—

 
(.1
)
 
.7

Net income (loss) from continuing operations attributable to
   White Mountains’s common shareholders
 
$
116.4

 
$
20.5

 
$
(13.3
)
 
$
304.2

Allocation of (earnings) losses to participating restricted common shares(1)
 
(1.6
)
 
(.3
)
 
.1

 
(3.6
)
Basic and diluted earnings (losses) per share numerators
 
$
114.8

 
$
20.2

 
$
(13.2
)
 
$
300.6

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(2)
 
(43.1
)
 
(42.8
)
 
(38.5
)
 
(37.6
)
Basic earnings (losses) 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(2)
 
(43.1
)
 
(42.8
)
 
(38.5
)
 
(37.6
)
Diluted earnings (losses) per share denominator
 
3,064.4

 
3,140.7

 
3,104.3

 
3,140.2

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

 
$
—

 
$
1.00

 
$
1.00

Undistributed earnings (losses)
 
37.46

 
6.44

 
(5.25
)
 
94.71

Basic and diluted earnings (losses) per share
 
$
37.46

 
$
6.44

 
$
(4.25
)
 
$
95.71


(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 and six months ended June 30, 2020 and 2019. See Note 17 — “Held for Sale and Discontinued Operations”.
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
Millions
 
2020
 
2019
 
2020
 
2019
Undistributed net earnings - continuing operations:
 
 
 
 
 
 
 
 
Net income (loss) attributable to White Mountains’s common shareholders,
     net of restricted common share amounts
 
$
114.8

 
$
20.2

 
$
(13.2
)
 
$
300.6

Dividends declared, net of restricted common share amounts (1)
 
—

 
—

 
(3.1
)
 
(3.2
)
Total undistributed net earnings (losses), net of restricted common share amounts
 
$
114.8

 
$
20.2

 
$
(16.3
)
 
$
297.4

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