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.