Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2011

Earnings Per Share

Computation of earnings per share

The following table outlines the Company’s computation of earnings per share for the years ended December 31, 2011, 2010 and 2009:

	Year Ended December 31,
	2011			2010			2009
Basic and diluted earnings per share numerators (in millions):
Net income attributable to White Mountains’ common shareholders	$	122.6		$	93.1		$	497.8
Allocation of income for participating unvested restricted common shares	(1.1		)	(1.1		)	(4.8		)
Dividends paid on participating restricted common shares	(.1		)	(.1		)	(.6		)
Total allocation to restricted common shares	(1.2		)	(1.2		)	(5.4		)
Net income attributable to White Mountains’ common shareholders, net of restricted share amounts	$	121.4		$	91.9		$	492.4
Undistributed net earnings:
Net income attributable to White Mountains’ common shareholders, net of restricted common share amounts	$	121.4		$	91.9		$	492.4
Dividends paid net of restricted common share amounts	(7.9		)	(8.7		)	(8.3		)
Total undistributed net earnings, net of restricted common share amounts	$	113.5		$	83.2		$	484.1
Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period	7,881.0			8,548.4			8,849.4
Average unvested restricted common shares (1)	(69.4		)	(97.3		)	(85.3		)
Basic earnings per share denominator	7,811.6			8,451.1			8,764.1
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period	7,881.0			8,548.4			8,849.4
Average unvested restricted common shares (1)	(69.4		)	(97.3		)	(85.3		)
Average outstanding dilutive options to acquire common shares (2)	—			.5			1.5
Diluted earnings per share denominator	7,811.6			8,451.6			8,765.6
Basic earnings per share (in dollars):
Net income attributable to White Mountains’ common shareholders	$	15.56		$	10.89		$	56.25
Dividends declared and paid	(1.00		)	(1.00		)	(1.00		)
Undistributed earnings	$	14.56		$	9.89		$	55.25
Diluted earnings per share (in dollars)
Net income attributable to White Mountains’ common shareholders	$	15.56		$	10.89		$	56.24
Dividends declared and paid	(1.00		)	(1.00		)	(1.00		)
Undistributed earnings	$	14.56		$	9.89		$	55.24

(1)Restricted common shares outstanding vest either in equal annual installments or upon a stated date (see Note 11).

(2)The diluted earnings per share denominator for the year ended December 31, 2010 includes 1,200 common shares issuable upon exercise of incentive options at an average strike price of $189.31 per common share. The diluted earnings per share denominator for the year ended December 31, 2009 includes 5,280 common shares issuable upon exercise of incentive options at an average strike price of $183.03 per common share.  The non-qualified options were not included in the diluted earnings per share denominator for any of the periods presented as their inclusion would be anti-dilutive (See Note 11).