Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Schedule of discontinued operations balance sheet

Net Assets Held for Sale

The following summarizes the assets and liabilities associated with the businesses classified as held for sale:



Millions	December 31, 2011
Assets held for sale
Fixed maturity investments, at fair value	$	111.8
Cash	5.5
Insurance premiums receivable	8.8
Deferred acquisition costs	2.2
Deferred tax asset	1.9
Other assets	2.4
Total assets held for sale	$	132.6
Liabilities held for sale
Loss and loss adjustment expense reserves	$	64.7
Unearned insurance premiums	34.1
Other liabilities	8.8
Total liabilities held for sale	107.6
Net assets held for sale	$	25.0

Schedule of discontinued operations income statement

The following summarizes the results of operations, including related income taxes associated with the businesses classified as discontinued operations:



	Three Months Ended					Six Months Ended
Millions, except per share amounts	June 30,					June 30,
	2012		2011			2012			2011
Revenues
Earned insurance premiums	$	—	$	237.2		$	7.8		$	464.9
Net investment income	—		4.0			—			8.0
Net realized and unrealized investment gains (losses)	—		4.4			—			7.8
Other revenue	—		17.2			—			34.9
Total revenues	—		262.8			7.8			515.6
Expenses
Loss and loss adjustment expenses	—		170.1			6.7			338.2
Insurance and reinsurance acquisition expenses	—		53.6			1.0			103.1
Other underwriting expenses	—		22.5			.2			44.0
General and administrative expenses	—		23.3			—			35.8
Total expenses	—		269.5			7.9			521.1
Pre-tax (loss) income	—		(6.7		)	(.1		)	(5.5		)
Income tax benefit	—		5.2			.2			6.5
Income (loss) from discontinued operations	$	—	$	(1.5	)	$	.1		$	1.0

Discontinued operations, computation of earnings per share

The following table outlines the computation of earnings per share for discontinued operations for the three and six months ended June 30, 2012 and 2011:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Basic and diluted earnings per share numerators (in millions):
Net income (loss) attributable to White Mountains’ common shareholders	$	—		$	(1.5	)	$	.1		$	1.0
Allocation of income for participating unvested restricted common shares ⁽¹⁾	—			—			—			—
Net income attributable to White Mountains’ common shareholders, net of restricted common share amounts⁽²⁾	$	—		$	(1.5	)	$	.1		$	1.0
Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period	6,638.7			7,958.8			7,033.0			7,995.1
Average unvested restricted common shares⁽³⁾	(93.5		)	(73.3		)	(85.9		)	(65.2		)
Basic earnings per share denominator	6,545.2			7,885.5			6,947.1			7,929.9
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period	6,638.7			7,958.8			7,033.0			7,995.1
Average unvested restricted common shares	(93.5		)	(73.3		)	(85.9		)	(65.2		)
Average outstanding dilutive options to acquire common shares	—			—			—			—
Diluted earnings per share denominator	6,545.2			7,885.5			6,947.1			7,929.9
Basic and diluted earnings per share (in dollars):	$	—		$	(.18	)	$	.02		$	.13

⁽¹⁾Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities.

⁽²⁾Net income (loss) attributable to White Mountains’ common shareholders, net of restricted share amounts, is equal to undistributed earnings (loss) for the three and six months ended June 30, 2012 and 2011.

⁽³⁾ Restricted common shares outstanding vest either in equal annual installments or upon a stated date (see Note 12)