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Employee Share-Based Incentive Compensation Plans (Tables) | 9 Months Ended
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Sep. 30, 2011
Employee Share-Based Incentive Compensation Plans |
Summary of performance share activity |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Millions, except share amounts |  | Target Performance Shares Outstanding |  | Accrued Expense |  | Target Performance Shares Outstanding |  | Accrued Expense |  | Target Performance Shares Outstanding |  | Accrued Expense |  | Target Performance Shares Outstanding |  | Accrued Expense |
Beginning of period |  | 150,064 |  | $ | 56.5 |  | 163,220 |  | $ | 20.2 |  | 163,184 |  | $ | 29.4 |  | 172,454 |  | $ | 12.2 |
Shares expired (1) |  | — |  | — |  | — |  | — |  | (51,131 | ) | — |  | (49,127 | ) | — |
New grants |  | — |  | — |  | — |  | — |  | 37,675 |  | — |  | 47,880 |  | — |
Assumed forfeitures and cancellations (2) |  | — |  | — |  | (36 | ) | — |  | 336 |  | (.6 | ) | (8,023 | ) | — |
Expense recognized |  | — |  | (1.0 | ) | — |  | 3.0 |  | — |  | 26.7 |  | — |  | 11.0 |
Ending September 30, |  | 150,064 |  | $ | 55.5 |  | 163,184 |  | $ | 23.2 |  | 150,064 |  | $ | 55.5 |  | 163,184 |  | $ | 23.2 |
(1) There were no payments made in 2011 and 2010 for the 2008-2010 and 2007-2009 performance cycles; those performance shares did not meet the threshold performance goals and expired. (2) Amounts include changes in assumed forfeitures, as required under GAAP.
Summary of performance shares outstanding and accrued expense for performance shares awarded under the WTM Incentive Plan |
|  | Target WTM |  |  |
|  | Performance |  |  |
|  | Shares |  | Accrued |
Millions, except share amounts |  | Outstanding |  | Expense |
Performance cycle: |  |  |  |  |
2009 – 2011 |  | 60,410 |  | $ | 38.1 |
2010 – 2012 |  | 42,890 |  | 7.9 |
2011 – 2013 |  | 37,675 |  | 4.5 |
Sub-total |  | 140,975 |  | 50.5 |
Assumed forfeitures |  | (3,524 | ) | (1.3 | )
Total at September 30, 2011 |  | 137,451 |  | $ | 49.2 |
Summary of performance shares outstanding and accrued expense for performance shares awarded under the Phantom Plan |
|  | Target WTM |  |  |
|  | Phantom |  |  |
|  | Performance |  |  |
|  | Shares |  | Accrued |
Millions, except share amounts |  | Outstanding |  | Expense |
Performance cycle: |  |  |  |  |
2009 – 2011 |  | 7,947 |  | $ | 5.2 |
2010 – 2012 |  | 4,990 |  | 1.2 |
2011 – 2013(1) |  | — |  | — |
Sub-total |  | 12,937 |  | 6.4 |
Assumed forfeitures |  | (324 | ) | (.1 | )
Total at September 30, 2011 |  | 12,613 |  | $ | 6.3 |
(1) All performance shares for the 2011-2013 performance cycle were granted from the WTM Incentive Plan
Summary of restricted share activity |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Millions, except share amounts |  | Restricted Shares |  | Unamortized Issue Date Fair Value |  | Restricted Shares |  | Unamortized Issue Date Fair Value |  | Restricted Shares |  | Unamortized Issue Date Fair Value |  | Restricted Shares |  | Unamortized Issue Date Fair Value |
Non-vested, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  | 73,500 |  | $ | 18.9 |  | 98,750 |  | $ | 20.9 |  | 46,250 |  | $ | 14.1 |  | 91,900 |  | $ | 23.7 |
Issued |  | — |  | — |  | — |  | — |  | 27,250 |  | 9.9 |  | 19,750 |  | 6.7 |
Vested |  | — |  | — |  | — |  | — |  | — |  | — |  | (12,650 | ) | — |
Forfeited |  | — |  | — |  | — |  | — |  | — |  | — |  | (250 | ) | (.1 | )
Modified(1) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (3.3 | )
Expense recognized |  | — |  | (2.8 | ) | — |  | (3.3 | ) | — |  | (7.9 | ) | — |  | (9.4 | )
Non-vested at September 30 |  | 73,500 |  | $ | 16.1 |  | 98,750 |  | $ | 17.6 |  | 73,500 |  | $ | 16.1 |  | 98,750 |  | $ | 17.6 |
(1) During the first quarter of 2007, White Mountains issued 15,000 restricted shares to the Company’s Chairman and CEO in connection with his hiring that would vest in the event of a change in control of the Company before January 20, 2012. During 2010, the Compensation Committee modified the vesting terms so that the 15,000 restricted shares time vest in three equal annual installments beginning on January 20, 2013.
Summary of performance share activity for OneBeacon performance shares granted under OneBeacon Incentive Plan |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
|  | Target |  |  |  | Target |  |  |  | Target |  |  |  | Target |  |  |
|  | Performance |  |  |  | Performance |  |  |  | Performance |  |  |  | Performance |  |  |
|  | Shares |  | Accrued |  | Shares |  | Accrued |  | Shares |  | Accrued |  | Shares |  | Accrued |
Millions, except share amounts |  | Outstanding |  | Expense |  | Outstanding |  | Expense |  | Outstanding |  | Expense |  | Outstanding |  | Expense |
Beginning of period |  | 671,727 |  | $ | 10.0 |  | 1,770,423 |  | $ | 15.2 |  | 1,464,295 |  | $ | 18.5 |  | 2,224,215 |  | $ | 15.1 |
Payments and deferrals (1)(2) |  | — |  | — |  | (199,774 | ) | (2.2 | ) | (936,150 | ) | (10.5 | ) | (882,118 | ) | (4.5 | )
New awards |  | — |  | — |  | 14,618 |  | — |  | 194,900 |  | — |  | 293,478 |  | — |
Forfeitures and cancellations |  | (19,583 | ) | .1 |  | (20,438 | ) | (.3 | ) | (70,901 | ) | (.2 | ) | (70,746 | ) | (.7 | )
Expense recognized |  | — |  | (.5 | ) | — |  | 1.7 |  | — |  | 1.8 |  | — |  | 4.5 |
Ending September 30, |  | 652,144 |  | $ | 9.6 |  | 1,564,829 |  | $ | 14.4 |  | 652,144 |  | $ | 9.6 |  | 1,564,829 |  | $ | 14.4 |
(1) OneBeacon performance share payments in 2011 for the 2008-2010 performance cycle were at 68.5% of target. OneBeacon performance shares payments in 2010 for the 2007-2009 performance cycle were at 14.2% of target. Amounts include deposits into OneBeacon’s deferred compensation plan. (2) OneBeacon performance share payments also include accelerated payments resulting from the OneBeacon Personal Lines and Commercial Lines Transactions. The accelerated OneBeacon performance shares payments for the 2009-2011 and 2010-2012 performance cycles were on a pro rata basis and at a performance factor of 100%.
Summary of OneBeacon performance shares outstanding and accrued expense for OneBeacon performance shares awarded under the OneBeacon Incentive Plan |
|  | Target OneBeacon |  |  |
|  | Performance |  |  |
|  | Shares |  | Accrued |
Millions, except share amounts |  | Outstanding |  | Expense |
Performance cycle: |  |  |  |  |
2008 – 2010 |  | 259,102 |  | $ | 7.2 |
2009 – 2011 |  | 251,557 |  | 1.9 |
2010 – 2012 |  | 151,563 |  | .6 |
Sub-total |  | 662,222 |  | 9.7 |
Assumed forfeitures |  | (10,078 | ) | (.1 | )
Total at September 30, 2011 |  | 652,144 |  | $ | 9.6
Summary of OneBeacon option activity |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Millions, except share amounts |  | Target Options Outstanding |  | Expense Amortized |  | Target Options Outstanding |  | Expense Amortized |  | Target Options Outstanding |  | Expense Amortized |  | Target Options Outstanding |  | Expense Amortized |
Beginning of period |  | 750,130 |  | $ | 4.8 |  | 879,783 |  | $ | 4.1 |  | 768,652 |  | $ | 4.5 |  | 1,015,610 |  | $ | 3.6 |
New awards |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Forfeitures and cancellations |  | (9,260 | ) | — |  | — |  | — |  | (27,782 | ) | — |  | (37,044 | ) | — |
Vested and expired (1) |  | — |  | — |  | (43,218 | ) | — |  | — |  | — |  | (142,001 | ) | — |
Exercised |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Expense recognized |  | — |  | .1 |  | — |  | .2 |  | — |  | .4 |  | — |  | .7 |
Ending September 30, |  | 740,870 |  | $ | 4.9 |  | 836,565 |  | $ | 4.3 |  | 740,870 |  | $ | 4.9 |  | 836,565 |  | $ | 4.3 |
(1) During the three and nine months ended September 30, 2010, as a result of the Commercial Lines Transaction and the Personal Lines Transaction, 43,218 and 142,001 options vested that were unexercised and expired.

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