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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2011
Discontinued Operations |
Schedule of discontinued operations balance sheet |
The following summarizes the assets and liabilities associated with the businesses classified as held for sale:
Millions |  | December 31, 2011 |  | December 31, 2010 |
Assets held for sale |  |  |  |  |
Fixed maturity investments, at fair value |  | $ | 111.8 |  | $ | 593.8 |
Short-term investments, at amortized cost (which approximates fair value) |  | — |  | 131.0 |
Common equity securities, at fair value |  | — |  | 43.0 |
Convertible fixed maturity investments, at fair value |  | — |  | 17.2 |
Other long-term investments |  | — |  | 4.0 |
Total investments |  | 111.8 |  | 789.0 |
Cash |  | 5.5 |  | 39.8 |
Reinsurance recoverable on paid and unpaid losses |  | — |  | 34.4 |
Insurance premiums receivable |  | 8.8 |  | 102.9 |
Deferred acquisition costs |  | 2.2 |  | 34.7 |
Deferred tax asset |  | 1.9 |  | 67.8 |
Other assets |  | 2.4 |  | 54.2 |
Total assets held for sale |  | $ | 132.6 |  | $ | 1,122.8 |
Liabilities held for sale |  |  |  |  |
Loss and loss adjustment expense reserves |  | $ | 64.7 |  | $ | 450.4 |
Unearned insurance premiums |  | 34.1 |  | 201.6 |
Accrued incentive compensation |  | — |  | 19.1 |
Other liabilities |  | 8.8 |  | 80.4 |
Total liabilities held for sale |  | 107.6 |  | 751.5 |
Net assets held for sale |  | $ | 25.0 |  | $ | 371.3
Schedule of discontinued operations income statement |
The following summarizes the results of operations, including related income taxes associated with the businesses classified as discontinued operations:
|  | Year Ended December 31, |
Millions, except per share amounts |  | 2011 |  | 2010 |  | 2009 |
Revenues |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 727.9 |  | $ | 910.6 |  | $ | 882.8 |
Net investment income |  | 12.0 |  | 19.6 |  | 22.3 |
Net realized and unrealized investment gains |  | .7 |  | 13.3 |  | 22.9 |
Other revenue |  | 53.5 |  | 60.9 |  | 55.2 |
Total revenues |  | 794.1 |  | 1,004.4 |  | 983.2 |
Expenses |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | 542.3 |  | 678.8 |  | 695.0 |
Insurance and reinsurance acquisition expenses |  | 159.2 |  | 191.7 |  | 170.1 |
Other underwriting expenses |  | 80.4 |  | 87.9 |  | 98.7 |
General and administrative expenses |  | 38.3 |  | 48.6 |  | 52.6 |
Total expenses |  | 820.2 |  | 1,007.0 |  | 1,016.4 |
Pre-tax loss |  | (26.1 | ) | (2.6 | ) | (33.2 | )
Income tax benefit (expense) |  | 13.1 |  | (4.0 | ) | 5.4 |
Loss from discontinued operations |  | (13.0 | ) | (6.6 | ) | (27.8 | )
Gain on sale of Esurance and AFI, net of tax |  | 677.5 |  | — |  | — |
Loss on sale of AutoOne, net of tax |  | (19.2 | ) | — |  | — |
Net income (loss) from discontinued operations |  | $ | 645.3 |  | $ | (6.6 | ) | $ | (27.8 | )
Discontinued operations, computation of earnings per share |
The following table outlines the computation of earnings (loss) per share for discontinued operations for the years ended December 31, 2011, 2010 and 2009:
|  | Year Ended December 31, |
|  | 2011 |  | 2010 |  | 2009 |
Basic and diluted earnings (loss) per share numerators (in millions): |  |  |  |  |  |  |
Net income (loss) attributable to White Mountains’ common shareholders |  | $ | 645.3 |  | $ | (6.6 | ) | $ | (27.8 | )
Allocation of income for participating unvested restricted common shares |  | (5.7 | ) | .1 |  | .3 |
Net income (loss) attributable to White Mountains’ common shareholders, net of restricted common share amounts(3) |  | $ | 639.6 |  | $ | (6.5 | ) | $ | (27.5 | )
Basic earnings (loss) per share denominators (in thousands): |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 7,881.0 |  | 8,548.4 |  | 8,849.4 |
Average unvested restricted common shares (1) |  | (69.4 | ) | (97.3 | ) | (85.3 | )
Basic earnings (loss) per share denominator |  | 7,811.6 |  | 8,451.1 |  | 8,764.1 |
Diluted earnings (loss) per share denominator (in thousands): |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 7,881.0 |  | 8,548.4 |  | 8,849.4 |
Average unvested restricted common shares (1) |  | (69.4 | ) | (97.3 | ) | (85.3 | )
Average outstanding dilutive options to acquire common shares (2) |  | — |  | .5 |  | 1.5 |
Diluted earnings (loss) per share denominator |  | 7,811.6 |  | 8,451.6 |  | 8,765.6 |
Basic and diluted earnings (loss) per share (in dollars): |  | $ | 81.88 |  | $ | (.77 | ) | $ | (3.14 | )
(1) Restricted common shares outstanding vest either in equal annual installments or upon a stated date (see Note 11). (2) The diluted earnings per share denominator for the year ended December 31, 2010 includes 1,200 common shares issuable upon exercise of incentive options at an average strike price of $189.31 per common share. The diluted earnings per share denominator for the year ended December 31, 2009 includes 5,280 common shares issuable upon exercise of incentive options at an average strike price of $183.03 per common share. The non-qualified options were not included in the diluted earnings per share denominator for any of the periods presented as their inclusion would be anti-dilutive (See Note 11). (3) Net income (loss) attributable to White Mountains’ common shareholders, net of restricted share amounts, is equal to undistributed earnings (loss) for the years ended December 31, 2011, 2010, and 2009.

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