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Earnings Per Share | 12 Months Ended
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Dec. 31, 2011
Earnings Per Share |
Earnings Per Share |
NOTE 9. Earnings Per Share Basic earnings 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 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 per share for the years ended December 31, 2011, 2010 and 2009:
|  | Year Ended December 31, |
|  | 2011 |  | 2010 |  | 2009 |
Basic and diluted earnings per share numerators (in millions): |  |  |  |  |  |  |
Net income attributable to White Mountains’ common shareholders |  | $ | 122.6 |  | $ | 93.1 |  | $ | 497.8 |
Allocation of income for participating unvested restricted common shares |  | (1.1 | ) | (1.1 | ) | (4.8 | )
Dividends paid on participating restricted common shares |  | (.1 | ) | (.1 | ) | (.6 | )
Total allocation to restricted common shares |  | (1.2 | ) | (1.2 | ) | (5.4 | )
Net income attributable to White Mountains’ common shareholders, net of restricted share amounts |  | $ | 121.4 |  | $ | 91.9 |  | $ | 492.4 |
Undistributed net earnings: |  |  |  |  |  |  |
Net income attributable to White Mountains’ common shareholders, net of restricted common share amounts |  | $ | 121.4 |  | $ | 91.9 |  | $ | 492.4 |
Dividends paid net of restricted common share amounts |  | (7.9 | ) | (8.7 | ) | (8.3 | )
Total undistributed net earnings, net of restricted common share amounts |  | $ | 113.5 |  | $ | 83.2 |  | $ | 484.1 |
Basic earnings 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 per share denominator |  | 7,811.6 |  | 8,451.1 |  | 8,764.1 |
Diluted earnings 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 per share denominator |  | 7,811.6 |  | 8,451.6 |  | 8,765.6 |
Basic earnings per share (in dollars): |  |  |  |  |  |  |
Net income attributable to White Mountains’ common shareholders |  | $ | 15.56 |  | $ | 10.89 |  | $ | 56.25 |
Dividends declared and paid |  | (1.00 | ) | (1.00 | ) | (1.00 | )
Undistributed earnings |  | $ | 14.56 |  | $ | 9.89 |  | $ | 55.25 |
Diluted earnings per share (in dollars) |  |  |  |  |  |  |
Net income attributable to White Mountains’ common shareholders |  | $ | 15.56 |  | $ | 10.89 |  | $ | 56.24 |
Dividends declared and paid |  | (1.00 | ) | (1.00 | ) | (1.00 | )
Undistributed earnings |  | $ | 14.56 |  | $ | 9.89 |  | $ | 55.24 |
(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).

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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