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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
 
Basic earnings per share amounts are based on the weighted average number of common shares outstanding including unvested restricted shares that are considered participating securities.  Diluted earnings per share amounts are based on the weighted average number of common shares including unvested restricted shares and the net effect of potentially dilutive common shares outstanding.  The following table outlines the Company’s computation of earnings per share from continuing operations for the three months ended March 31, 2013 and 2012 (see Note 15 for earnings per share amounts for discontinued operations):
 
 
Three Months Ended
 
 
March 31,
 
 
2013
 
2012
Basic and diluted earnings per share numerators (in millions):
 
 

 
 

Net income from continuing operations attributable to White Mountains’ common shareholders
 
$
119.9

 
$
103.1

Allocation of income for unvested restricted common shares
 
(1.5
)
 
(1.1
)
Dividends declared on participating restricted common shares (1)
 
(.1
)
 
(.1
)
Total allocation to restricted common shares
 
(1.6
)
 
(1.2
)
Net income attributable to White Mountains’ common shareholders, net of restricted common
    share amounts
 
$
118.3

 
$
101.9

Undistributed net earnings (in millions):
 
 
 
 
Net income attributable to White Mountains’ common shareholders, net of restricted common
share amounts
 
$
118.3

 
$
101.9

Dividends declared on participating restricted common shares(1)
 
(6.1
)
 
(6.5
)
Total undistributed net earnings, net of restricted common share amounts
 
$
112.2

 
$
95.4

Basic earnings per share denominators (in thousands):
 
 
 
 
Total average common shares outstanding during the period
 
6,273.5

 
7,431.7

Average unvested restricted shares (2)
 
(79.0
)
 
(78.3
)
Basic earnings per share denominator
 
6,194.5

 
7,353.4

Diluted earnings per share denominator (in thousands):
 
 
 
 
Total average common shares outstanding during the period
 
6,273.5

 
7,431.7

Average unvested restricted common shares (2)
 
(79.0
)
 
(78.3
)
Average outstanding dilutive options to acquire common shares(3)
 
—

 
—

Diluted earnings per share denominator
 
6,194.5

 
7,353.4

Basic earnings per share (in dollars):
 
 
 
 
Net income attributable to White Mountains’ common shareholders
 
$
19.10

 
$
13.86

Dividends declared
 
(1.00
)
 
(1.00
)
Undistributed earnings
 
$
18.10

 
$
12.86

Diluted earnings per share (in dollars)
 
 
 
 
Net income attributable to White Mountains’ common shareholders
 
$
19.10

 
$
13.86

Dividends declared
 
(1.00
)
 
(1.00
)
Undistributed earnings
 
$
18.10

 
$
12.86


(1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities.
(2) Restricted shares outstanding vest either in equal annual installments or upon a stated date (see Note 13).
(3) The diluted earnings per share denominator for the three months ended March 31, 2013 and 2012 do not include common shares issuable upon exercise of the Non-Qualified Options as they are anti-dilutive to the calculation.