Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of earnings per share from continuing operations

The following table presents the Company’s computation of earnings per share from continuing operations for the years ended December 31, 2023, 2022 and 2021. See Note 20 — “Held for Sale and Discontinued Operations”.


	Year Ended December 31,
	2023		2022		2021
Basic and diluted earnings per share numerators (in millions):
Net income (loss) attributable to White Mountains’s common shareholders	$	509.2	$	792.8	$	(275.4)
Less: total income (loss) from discontinued operations, net of tax (1)	—		903.2		(3.9)
Less: net (income) loss from discontinued operations attributable to noncontrolling interests	—		(.7)		1.0
Net income (loss) from continuing operations attributable to White Mountains’s common shareholders	509.2		(109.7)		(272.5)
Allocation of (earnings) losses to participating restricted common shares (2)	(7.2)		1.3		3.2


Basic and diluted earnings (losses) per share numerators	$	502.0	$	(108.4)	$	(269.3)




Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period	2,563.3		2,862.4		3,079.0
Average unvested restricted common shares (3)	(36.0)		(36.2)		(36.5)
Basic earnings (losses) per share denominator	2,527.3		2,826.2		3,042.5
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period	2,563.3		2,862.4		3,079.0
Average unvested restricted common shares (3)	(36.0)		(36.2)		(36.5)

Diluted earnings (losses) per share denominator	2,527.3		2,826.2		3,042.5
Basic and diluted earnings per share (in dollars) - continuing operations:
Distributed earnings - dividends declared and paid	$	1.00	$	1.00	$	1.00
Undistributed earnings (losses)	197.60		(39.34)		(89.52)
Basic and diluted earnings (losses) per share	$	198.60	$	(38.34)	$	(88.52)

(1) Includes net income (loss) from discontinued operations, net of tax - NSM Group, net gain (loss) from sale of discontinued operations, net of tax - NSM Group and net gain (loss) from sale of discontinued operations, net of tax - Sirius Group. See Note 20 — “Held for Sale and Discontinued Operations.”

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

(3) Restricted shares outstanding vest upon a stated date. See Note 12 — “Employee Share-Based Incentive Compensation Plans”.

The following table presents the Company’s computation of earnings per share for discontinued operations for the years ended December 31, 2022 and 2021:


	Year Ended December 31,
	2022		2021
Basic and diluted earnings per share numerators (in millions):
Net income (loss) attributable to White Mountains’s common shareholders	$	792.8	$	(275.4)
Less: net income (loss) from continuing operations	(190.8)		(318.0)
Less: net (income) loss from continuing operations attributable to noncontrolling interest	81.1		45.5
Total income (loss) from discontinued operations attributable to White Mountains’s common shareholders (1)	902.5		(2.9)
Allocation of (earnings) losses to participating restricted common shares (2)	(11.4)		—
Basic and diluted (loss) earnings per share numerators	$	891.1	$	(2.9)
Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period	2,862.4		3,079.0
Average unvested restricted common shares (3)	(36.2)		(36.5)
Basic earnings (loss) per share denominator	2,826.2		3,042.5
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period	2,862.4		3,079.0
Average unvested restricted common shares (3)	(36.2)		(36.5)

Diluted earnings (loss) per share denominator	2,826.2		3,042.5
Basic (loss) earnings per share (in dollars) - discontinued operations:	$	315.30	$	(.94)
Diluted (loss) earnings per share (in dollars) - discontinued operations:	$	315.30	$	(.94)

(1) Includes net income (loss) from discontinued operations, net of tax - NSM Group, net gain (loss) from sale of discontinued operations, net of tax - NSM Group, net gain (loss) from sale of discontinued operations, net of tax - Sirius Group and net (income) loss from discontinued operations attributable to noncontrolling interests.

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

(3) Restricted shares outstanding vest upon a stated date. See Note 12 — “Employee Share-Based Incentive Compensation Plans.”

Schedule of undistributed earnings

The following table presents the undistributed net earnings (losses) from continuing operations for the years ended December 31, 2023, 2022 and 2021. See Note 20 — “Held for Sale and Discontinued Operations”.


	Year Ended December 31,
Millions		2023		2022		2021
Undistributed net earnings - continuing operations:
Net income (loss) attributable to White Mountains’s common shareholders, net of restricted common share amounts		$	502.0	$	(108.4)	$	(269.3)
Dividends declared, net of restricted common share amounts (1)		(2.5)		(3.0)		(3.1)
Total undistributed net earnings (losses), net of restricted common share amounts		$	499.5	$	(111.4)	$	(272.4)

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