v2.4.0.6
Earnings Per Share
 6 Months Ended
Jun. 30, 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 June 30,
2012
 
2011
 
 
(thousands of shares)
 
 
 
 
 
Numerator:
 
 
 
 
 
Net income available to RenaissanceRe common shareholders
$
142,270

 
$
24,764

 
 
Amount allocated to participating common shareholders (1)
(2,236
)
 
(461
)
 
 
Net income allocated to RenaissanceRe common shareholders
$
140,034

 
$
24,303

 
 
Denominator:
 
 
 
 
 
Denominator for basic income per RenaissanceRe common share - weighted average common shares
50,278

 
50,493

 
 
Per common share equivalents of employee stock options and restricted shares
734

 
557

 
 
Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions
51,012

 
51,050

 
 
Basic income per RenaissanceRe common share
$
2.78

 
$
0.48

 
 
Diluted income per RenaissanceRe common share
$
2.75

 
$
0.48

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30,
2012
 
2011
 
 
(thousands of shares)
 
 
 
 
 
Numerator:
 
 
 
 
 
Net income (loss) available (attributable) to RenaissanceRe common shareholders
$
343,699

 
$
(223,269
)
 
 
Amount allocated to participating common shareholders (1)
(5,601
)
 
(514
)
 
 
Net income (loss) allocated to RenaissanceRe common shareholders
$
338,098

 
$
(223,783
)
 
 
Denominator:
 
 
 
 
 
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares
50,328

 
50,994

 
 
Per common share equivalents of employee stock options and restricted shares
669

 
—

 
 
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions
50,997

 
50,994

 
 
Basic income (loss) per RenaissanceRe common share
$
6.72

 
$
(4.39
)
 
 
Diluted income (loss) per RenaissanceRe common share
$
6.63

 
$
(4.39
)
 
 
 
 
 
 
 
(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.