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Earnings (Loss) Per Share | 6 Months Ended
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Jun. 30, 2011
Earnings (Loss) Per Share |
Earnings (Loss) Per Share |
Note 9. Earnings (Loss) Per Share Basic earnings (loss) per share amounts are based on the weighted average number of common shares outstanding including unvested restricted shares that are considered participating securities. Diluted earnings (loss) per share amounts are based on the weighted average number of common shares including unvested restricted shares and the net effect of potentially dilutive common shares outstanding. The following table outlines the Company’s computation of earnings (loss) per share for the three and six months ended June 30, 2011 and 2010:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Basic and diluted earnings per share numerators (in millions): |  |  |  |  |  |  |  |  |
Net income (loss) attributable to White Mountains’ common shareholders |  | $ | 12.0 |  | $ | .7 |  | $ | (19.4 | ) | $ | (36.3 | )
Dividends declared and paid |  | — |  | — |  | (8.0 | ) | (8.8 | )
Undistributed earnings (loss) |  | $ | 12.0 |  | $ | .7 |  | $ | (27.4 | ) | $ | (45.1 | )
Basic earnings per share denominators (in thousands): |  |  |  |  |  |  |  |  |
Average common shares outstanding during the period |  | 7,886 |  | 8,571 |  | 7,930 |  | 8,656 |
Average unvested restricted shares (1) |  | 73 |  | 100 |  | 65 |  | 96 |
Basic earnings (loss) per share denominator |  | 7,959 |  | 8,671 |  | 7,995 |  | 8,752 |
Diluted earnings per share denominator (in thousands): |  |  |  |  |  |  |  |  |
Average common shares outstanding during the period |  | 7,886 |  | 8,571 |  | 7,930 |  | 8,656 |
Average unvested restricted shares (1) |  | 73 |  | 100 |  | 65 |  | 96 |
Average outstanding dilutive options to acquire common shares (2) |  | — |  | — |  | — |  | — |
Diluted earnings (loss) per share denominator |  | 7,959 |  | 8,671 |  | 7,995 |  | 8,752 |
Basic earnings per share (in dollars): |  |  |  |  |  |  |  |  |
Net income (loss) attributable to White Mountains’ common shareholders |  | $ | 1.51 |  | $ | .08 |  | $ | (2.42 | ) | $ | (4.15 | )
Dividends declared and paid |  | — |  | — |  | (1.00 | ) | (1.00 | )
Undistributed earnings (loss) per share |  | $ | 1.51 |  | $ | .08 |  | $ | (3.42 | ) | $ | (5.15 | )
Diluted earnings per share (in dollars) |  |  |  |  |  |  |  |  |
Net income (loss) attributable to White Mountains’ common shareholders |  | $ | 1.51 |  | $ | .08 |  | $ | (2.42 | ) | $ | (4.15 | )
Dividends declared and paid |  | — |  | — |  | (1.00 | ) | (1.00 | )
Undistributed earnings (loss) per share |  | $ | 1.51 |  | $ | .08 |  | $ | (3.42 | ) | $ | (5.15 | )
(1) Restricted shares outstanding vest either in equal annual installments, upon a stated date or upon the occurrence of a specified event (see Note 12). (2) The diluted earnings (loss) per share denominator for the three and six months ended June 30, 2010 does not include common shares issuable upon exercise of incentive options as they are anti-dilutive to the calculation.

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