v2.4.0.6
Earnings Per Share
 3 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE
The Company accounts for its earnings per share in accordance with FASB ASC Topic Earnings per Share. Basic earnings per common share is based on weighted average common shares and excludes any dilutive effects of stock options and restricted stock. Diluted earnings per common share assumes the exercise of all dilutive stock options and restricted stock grants. In accordance with FASB ASC Topic Earnings per Share, earnings per share calculations use average common shares outstanding - basic, when the Company is in a net loss position for the period.
The following table sets forth the computation of basic and diluted earnings per common share:
 
 
 
 
 
 
 
Three months ended March 31,
2012
 
2011
 
 
(thousands of shares)
 
 
 
 
 
Numerator:
 
 
 
 
 
Net income (loss) available (attributable) to RenaissanceRe common shareholders
$
201,429

 
$
(248,033
)
 
 
Amount allocated to participating common shareholders (1)
(3,404
)
 
6,327

 
 
Net income (loss) allocated to RenaissanceRe common shareholders
$
198,025

 
$
(241,706
)
 
 
Denominator:
 
 
 
 
 
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares
50,377

 
51,504

 
 
Per common share equivalents of employee stock options and restricted shares
604

 
—

 
 
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions
50,981

 
51,504

 
 
Basic income (loss) per RenaissanceRe common share
$
3.93

 
$
(4.69
)
 
 
Diluted income (loss) per RenaissanceRe common share
$
3.88

 
$
(4.69
)
 
 
 
 
 
 
 
(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.