Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021. See Note 19 — “Held for Sale and Discontinued Operations.”

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Basic and diluted earnings per share numerators (in millions):
Net income (loss) attributable to White Mountains’s    common shareholders	$	(169.2)	$	138.5	$	(135.8)	$	63.2
Less: total income (loss) from discontinued operations, net of tax (1)	6.4		1.1		10.1		(10.4)
Less: net (income) loss from discontinued operations attributable    to non-controlling interests	$	(.5)	$	—	$	(.6)	$	1.1
Net income (loss) from continuing operations attributable to    White Mountains’s common shareholders	$	(175.1)	$	137.4	$	(145.3)	$	72.5
Allocation of (earnings) losses to participating restricted    common shares (2)	2.2		(1.7)		1.6		(.9)
Basic and diluted earnings (losses) per share numerators	$	(172.9)	$	135.7	$	(143.7)	$	71.6
Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period	2,979.0		3,107.8		2,992.5		3,104.0
Average unvested restricted common shares (3)	(38.3)		(37.8)		(33.9)		(35.1)
Basic earnings (losses) per share denominator	2,940.7		3,070.0		2,958.6		3,068.9
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period	2,979.0		3,107.8		2,992.5		3,104.0
Average unvested restricted common shares (3)	(38.3)		(37.8)		(33.9)		(35.1)
Diluted earnings (losses) per share denominator	2,940.7		3,070.0		2,958.6		3,068.9
Basic and diluted earnings per share (in dollars) - continuing operations:
Distributed earnings - dividends declared and paid	$	—	$	—	$	1.00	$	1.00
Undistributed earnings (losses)	(58.78)		44.21		(49.57)		22.35
Basic and diluted earnings (losses) per share	$	(58.78)	$	44.21	$	(48.57)	$	23.35

(1) Includes net gain (loss) from sale of Sirius Group, net of tax and net income (loss) from NSM Group discontinued operations, net of tax. See Note 19 — “Held for Sale and Discontinued Operations.”

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

(3) Restricted shares outstanding vest upon a stated date. See Note 12 — “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 six months ended June 30, 2022 and 2021. See Note 19 — “Held for Sale and Discontinued Operations.”

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Millions	2022		2021		2022		2021
Undistributed net earnings (losses) - continuing operations:
Net income (losses) attributable to White Mountains’s common    shareholders, net of restricted common share amounts	$	(172.9)	$	135.7	$	(143.7)	$	71.6
Dividends declared, net of restricted common share amounts (1)	—		—		(3.0)		(3.1)
Total undistributed net earnings (losses), net of restricted    common share amounts	$	(172.9)	$	135.7	$	(146.7)	$	68.5

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