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Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of discontinued operations balance sheet
The following summarizes the assets and liabilities associated with the businesses classified as held for sale:
Millions
 
June 30,
2013
 
December 31,
2012
Assets held for sale
 
 
 
 

Fixed maturity investments, at fair value
 
$
260.8

 
$
338.1

Cash
 
—

 
—

Reinsurance recoverable on unpaid losses
 
1,736.3

 
1,840.8

Reinsurance recoverable on paid losses
 
21.4

 
15.6

Insurance premiums receivable
 
9.8

 
11.0

Deferred acquisition costs
 
—

 
—

Deferred tax asset
 
3.5

 
5.1

Other assets
 
15.2

 
16.2

Total assets held for sale
 
$
2,047.0

 
$
2,226.8

Liabilities held for sale
 
 

 
 

Loss and loss adjustment expense reserves
 
$
1,884.2

 
$
2,052.6

Unearned insurance premiums
 
.4

 
.5

Ceded reinsurance payable
 
14.3

 
21.9

Other liabilities
 
148.1

 
151.8

Total liabilities held for sale
 
2,047.0

 
2,226.8

Net assets held for sale
 
$
—

 
$
—
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 June 30,
 
Six Months Ended June 30,
Millions
 
2013
 
2012
 
2013
 
2012
Revenues
 
 
 
 
 
 
 
 

Earned insurance premiums
 
$
(1.3
)
 
$
1.7

 
$
(.4
)
 
$
10.5

Net investment income
 
—

 
—

 
—

 
—

Net realized and unrealized investment gains (losses)
 
—

 
—

 
—

 
—

Other revenue
 
12.2

 
—

 
12.2

 
—

Total revenues
 
10.9

 
1.7

 
11.8

 
10.5

Expenses
 
 
 
 
 
 
 
 
Loss and loss adjustment expenses
 
7.5

 
1.1

 
7.5

 
20.7

Insurance and reinsurance acquisition expenses
 
(.1
)
 
(.8
)
 
—

 
(.5
)
Other underwriting expenses
 
(.2
)
 
.7

 
(.1
)
 
2.2

General and administrative expenses
 
—

 
—

 
—

 
—

Total expenses
 
7.2

 
1.0

 
7.4

 
22.4

Pre-tax income (loss)
 
3.7

 
.7

 
4.4

 
(11.9
)
Income tax benefit (expense)
 
.2

 
(.2
)
 
—

 
3.1

Income (loss) from discontinued operations
 
3.9

 
.5

 
4.4

 
(8.8
)
  Loss from sale of discontinued operations
 
—

 
—

 
—

 
—

Net income (loss) from discontinued operations
 
$
3.9

 
$
.5

 
$
4.4

 
$
(8.8
)
Discontinued operations, computation of earnings per share
The following table outlines the computation of earnings (loss) per share for discontinued operations for the three and six months ended June 30, 2013 and 2012:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2013
 
2012
 
2013
 
2012
Basic and diluted earnings (loss) per share numerators (in millions):
 
 
 
 
 
 
 
 

Net income (loss) attributable to White Mountains’ common
   shareholders
 
$
3.9

 
$
.5

 
$
4.4

 
$
(8.8
)
Allocation of income for participating unvested restricted common shares(1)
 
—

 
—

 
—

 
.1

Net income (loss) attributable to White Mountains’ common shareholders, net of restricted common share amounts (2)
 
$
3.9

 
$
.5

 
$
4.4

 
$
(8.7
)
Basic earnings (loss) per share denominators (in thousands):
 
 
 
 
 
 
 
 

Total average common shares outstanding during the period
 
6,176.2

 
6,638.7

 
6,224.5

 
7,033.0

Average unvested restricted common shares(3)
 
(95.4
)
 
(93.5
)
 
(87.2
)
 
(85.9
)
Basic earnings (loss) per share denominator
 
6,080.8

 
6,545.2

 
6,137.3

 
6,947.1

Diluted (loss) earnings per share denominator (in thousands):
 
 
 
 
 
 
 
 

Total average common shares outstanding during the period
 
6,176.2

 
6,638.7

 
6,224.5

 
7,033.0

Average unvested restricted common shares(3)
 
(95.4
)
 
(93.5
)
 
(87.2
)
 
(85.9
)
Average outstanding dilutive options to acquire common shares (4)
 
—

 
—

 
—

 
—

Diluted earnings (loss) per share denominator
 
6,080.8

 
6,545.2

 
6,137.3

 
6,947.1

Basic and diluted earnings (loss) per share (in dollars):
 
$
.64

 
$
.07

 
$
.71

 
$
(1.25
)
(1) Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities.
(2) Net earnings (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, 2013 and 2012.
(3) Restricted common shares outstanding vest either in equal annual installments or upon a stated date (see Note 13).
(4) The diluted earnings (loss) per share denominator for the three and six months ended June 30, 2013 and 2012 do not include common shares issuable upon exercise of the Non-Qualified Options as they are anti-dilutive to the calculation.