(in thousands of U.S. dollars, except per share data)
Numerator:
Net income available to RenaissanceRe common shareholders
$
49,263
$
204,750
Amount allocated to participating common shareholders (1)
(911
)
(5,147
)
$
48,352
$
199,603
Denominator (in thousands):
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares
50,501
53,467
Per common share equivalents of employee stock options and restricted shares
472
498
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions
50,973
53,965
Basic income per RenaissanceRe common share
$
0.96
$
3.73
Diluted income per RenaissanceRe common share
$
0.95
$
3.70
(1)
Represents earnings attributable to holders of unvested restricted shares issued under the Company's 2001 Stock Incentive Plan and Non-Employee Director Stock Incentive Plan.
Nine months ended September 30,
2011
2010
(in thousands of U.S. dollars, except per share data)
Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders
$(174,006)
$
580,038
Amount allocated to participating common shareholders (1)
(761
)
(14,639
)
$
(174,767
)
$
565,399
Denominator (in thousands):
Denominator for basic (loss) income per RenaissanceRe common share -
Weighted average common shares
50,830
55,804
Per common share equivalents of employee stock options and restricted shares
—
495
Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions (2)
50,830
56,299
Basic (loss) income per RenaissanceRe common share
$
(3.44
)
$
10.13
Diluted (loss) income per RenaissanceRe common share (2)
$
(3.44
)
$
10.04
(1)
Represents earnings attributable to holders of unvested restricted shares issued under the Company's 2001 Stock Incentive Plan and Non-Employee Director Stock Incentive Plan.
(2)
Earnings per share calculations use average common shares outstanding - basic, when in a net loss position, as required by the FASB ASC Topic Earnings Per Share.