Earnings Per Share

12 Months Ended

Dec. 31, 2024

White Mountains calculates earnings per share using the two-class method, which allocates earnings between common shares and unvested restricted common shares. Both classes of shares participate equally in dividends and 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.

The following table presents the Company’s computation of earnings per share from continuing operations for the years ended December 31, 2024, 2023 and 2022. See Note 20 — “Held for Sale and Discontinued Operations.”


	Year Ended December 31,
	2024		2023		2022
Basic and diluted earnings per share numerators (in millions):
Net income (loss) attributable to White Mountains’s common shareholders	$	230.4	$	509.2	$	792.8
Less: total income (loss) from discontinued operations, net of tax (1)	—		—		903.2
Less: net (income) loss from discontinued operations attributable to noncontrolling interests	—		—		(.7)
Net income (loss) from continuing operations attributable to White Mountains’s common shareholders	230.4		509.2		(109.7)
Allocation of (earnings) losses to participating restricted common shares (2)	(3.0)		(7.2)		1.3


Basic and diluted earnings (losses) per share numerators	$	227.4	$	502.0	$	(108.4)




Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period	2,565.7		2,563.3		2,862.4
Average unvested restricted common shares (3)	(33.5)		(36.0)		(36.2)
Basic earnings (losses) per share denominator	2,532.2		2,527.3		2,826.2
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period	2,565.7		2,563.3		2,862.4
Average unvested restricted common shares (3)	(33.5)		(36.0)		(36.2)

Diluted earnings (losses) per share denominator	2,532.2		2,527.3		2,826.2
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)	88.79		197.60		(39.34)
Basic and diluted earnings (losses) per share	$	89.79	$	198.60	$	(38.34)

(1) Includes net income (loss) from discontinued operations, net of tax - NSM Group and net gain (loss) from sale of discontinued operations, net of tax - NSM 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 undistributed net earnings (losses) from continuing operations for the years ended December 31, 2024, 2023 and 2022. See Note 20 — “Held for Sale and Discontinued Operations.”


	Year Ended December 31,
Millions	2024		2023		2022
Undistributed net earnings - continuing operations:
Net income (loss) attributable to White Mountains’s common shareholders, net of restricted common share amounts	$	227.4	$	502.0	$	(108.4)
Dividends declared, net of restricted common share amounts (1)	(2.5)		(2.5)		(3.0)
Total undistributed net earnings (losses), net of restricted common share amounts	$	224.9	$	499.5	$	(111.4)

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