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Earnings Per Share (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2020 and 2019. See Note 17 — “Held for Sale and Discontinued Operations”.
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30
 
September 30
 
 
2020
 
2019
 
2020
 
2019
Basic and diluted earnings per share numerators (in millions):
 
 
 
 
 
 

 
 
Net income attributable to White Mountains’s
   common shareholders
 
$
232.9

 
$
48.7

 
$
219.5

 
$
353.6

Less: total (loss) income from discontinued operations, net of tax
 
(.7
)
 
.9

 
(.8
)
 
1.6

Net income from continuing operations attributable to
   White Mountains’s common shareholders
 
$
233.6

 
$
47.8

 
$
220.3

 
$
352.0

Allocation of earnings to participating restricted common shares(1)
 
(3.2
)
 
(.7
)
 
(2.9
)
 
(4.4
)
Basic and diluted earnings per share numerators
 
$
230.4

 
$
47.1

 
$
217.4

 
$
347.6

Basic earnings per share denominators (in thousands):
 
 
 
 
 
 
 
 
Total average common shares outstanding during the period
 
3,101.8

 
3,185.4

 
3,129.0

 
3,180.4

Average unvested restricted common shares(2)
 
(43.1
)
 
(43.4
)
 
(40.0
)
 
(39.6
)
Basic earnings per share denominator
 
3,058.7

 
3,142.0

 
3,089.0

 
3,140.8

Diluted earnings per share denominator (in thousands):
 
 
 
 
 
 
 
 
Total average common shares outstanding during the period
 
3,101.8

 
3,185.4

 
3,129.0

 
3,180.4

Average unvested restricted common shares(2)
 
(43.1
)
 
(43.4
)
 
(40.0
)
 
(39.6
)
Diluted earnings per share denominator
 
3,058.7

 
3,142.0

 
3,089.0

 
3,140.8

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

 
$
—

 
$
1.00

 
$
1.00

Undistributed earnings
 
75.32

 
15.01

 
69.40

 
109.67

Basic and diluted earnings per share
 
$
75.32

 
$
15.01

 
$
70.40

 
$
110.67


(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”.
Schedule of Undistributed Net Earnings (Losses) from Continuing Operations
The following table presents the undistributed net earnings (losses) from continuing operations for the three and nine months ended September 30, 2020 and 2019. See Note 17 — “Held for Sale and Discontinued Operations”.
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30
 
September 30
Millions
 
2020
 
2019
 
2020
 
2019
Undistributed net earnings - continuing operations:
 
 
 
 
 
 
 
 
Net income attributable to White Mountains’s common shareholders,
     net of restricted common share amounts
 
$
230.4

 
$
47.1

 
$
217.4

 
$
347.6

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

 
—

 
(3.1
)
 
(3.2
)
Total undistributed net earnings, net of restricted common share amounts
 
$
230.4

 
$
47.1

 
$
214.3

 
$
344.4

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