The following table outlines the Company’s computation of earnings per share from continuing operations for the years ended December 31, 2013, 2012 and 2011 (see Note 21 for earnings per share amounts for discontinued operations):



	Year Ended December 31,
	2013			2012			2011
Basic and diluted earnings per share numerators (in millions):
Net income from continuing operations attributable to White Mountains’ common shareholders	$	317.3		$	322.4		$	146.3
Allocation of income for unvested restricted common shares	(4.7		)	(4.3		)	(1.2		)
Dividends declared on participating restricted common shares⁽¹⁾	(.1		)	(.1		)	(.1		)
Total allocation to restricted common shares	(4.8		)	(4.4		)	(1.3		)
Net income attributable to White Mountains’ common shareholders, net of restricted share amounts	$	312.5		$	318.0		$	145.0
Undistributed net earnings (in millions):
Net income attributable to White Mountains’ common shareholders, net of restricted common share amounts	$	312.5		$	318.0		$	145.0
Dividends declared net of restricted common share amounts⁽¹⁾	(6.1		)	(6.5		)	(7.9		)
Total undistributed net earnings, net of restricted common share amounts	$	306.4		$	311.5		$	137.1
Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period	6,200.4			6,799.8			7,881.0
Average unvested restricted common shares⁽²⁾	(91.4		)	(91.1		)	(69.4		)
Basic earnings per share denominator	6,109.0			6,708.7			7,811.6
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period	6,200.4			6,799.8			7,881.0
Average unvested restricted common shares⁽²⁾	(91.4		)	(91.1		)	(69.4		)
Average outstanding dilutive options to acquire common shares⁽³⁾	—			—			—
Diluted earnings per share denominator	6,109.0			6,708.7			7,811.6
Basic earnings per share (in dollars):
Net income attributable to White Mountains’ common shareholders	$	51.15		$	47.41		$	18.56
Dividends declared and paid	(1.00		)	(1.00		)	(1.00		)
Undistributed earnings	$	50.15		$	46.41		$	17.56
Diluted earnings per share (in dollars)
Net income attributable to White Mountains’ common shareholders	$	51.15		$	47.41		$	18.56
Dividends declared and paid	(1.00		)	(1.00		)	(1.00		)
Undistributed earnings	$	50.15		$	46.41		$	17.56


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


⁽²⁾	Restricted common shares outstanding vest either in equal annual installments or upon a stated date (see Note 12).


⁽³⁾	The diluted earnings per share denominator for the years ended December 31, 2013, 2012 and 2011 do not include the impact of 125,000 common shares issuable upon exercise of the non-qualified options outstanding as they are anti-dilutive to the calculation.