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Employee Share-Based Incentive Compensation Plans (Tables) | 3 Months Ended
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Mar. 31, 2012
Employee Share-Based Incentive Compensation Plans |
Summary of performance share activity |
|  | Three Months Ended March 31, |
|  | 2012 |  | 2011 |
Millions, except share amounts |  | Target Performance Shares Outstanding |  | Accrued Expense |  | Target Performance Shares Outstanding |  | Accrued Expense |
Beginning of period |  | 150,064 |  | $ | 66.1 |  | 163,184 |  | $ | 29.4 |
Shares paid or expired (1) |  | (68,357 | ) | (48.4 | ) | (51,131 | ) | — |
New grants |  | 35,932 |  | — |  | 37,425 |  | — |
Assumed forfeitures and cancellations (2) |  | 811 |  | 1.0 |  | 342 |  | (.1 | )
Expense recognized |  | — |  | 8.7 |  | — |  | 6.3 |
Ending March 31, |  | 118,450 |  | $ | 27.4 |  | 149,820 |  | $ | 35.6 |
(1) WTM performance share payments in 2012 for the 2009-2011 performance cycle ranged from 147% to 155% of target. There were no payments made in 2011 for the 2008-2010 performance cycle; 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: |  |  |  |  |
2010 – 2012 |  | 42,890 |  | $ | 15.4 |
2011 – 2013 |  | 37,675 |  | 8.9 |
2012 – 2014 |  | 35,932 |  | 1.7 |
Sub-total |  | 116,497 |  | 26.0 |
Assumed forfeitures |  | (2,912 | ) | (.7 | )
Total at March 31, 2012 |  | 113,585 |  | $ | 25.3 |
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: |  |  |  |  |
2010 – 2012 |  | 4,990 |  | $ | 2.1 |
2011 – 2013(1) |  | — |  | — |
2012 – 2014(1) |  | — |  | — |
Sub-total |  | 4,990 |  | 2.1 |
Assumed forfeitures |  | (125 | ) | — |
Total at March 31, 2012, |  | 4,865 |  | $ | 2.1 |
(1) All performance shares for the 2011-2013 and 2012-2014 performance cycles were granted from the WTM Incentive Plan
Summary of restricted share activity |
|  | Three Months Ended March 31, |
|  | 2012 |  | 2011 |
Millions, except share amounts |  | Restricted Shares |  | Unamortized Issue Date Fair Value |  | Restricted Shares |  | Unamortized Issue Date Fair Value |
Non-vested, |  |  |  |  |  |  |  |  |
Beginning of period |  | 72,000 |  | $ | 13.3 |  | 46,250 |  | $ | 14.1 |
Issued |  | 28,460 |  | 13.7 |  | 27,000 |  | 9.8 |
Vested |  | (7,000 | ) | — |  | — |  | — |
Forfeited |  | — |  | — |  | — |  | — |
Expense recognized |  | — |  | (2.5 | ) | — |  | (2.2 | )
Non-vested at March 31, |  | 93,460 |  | $ | 24.5 |  | 73,250 |  | $ | 21.7 |
Summary of performance share activity for OneBeacon performance shares granted under OneBeacon Incentive Plan |
|  | Three Months Ended March 31, |
|  | 2012 |  | 2011 |
|  | Target |  |  |  | Target |  |  |
|  | Performance |  |  |  | Performance |  |  |
|  | Shares |  | Accrued |  | Shares |  | Accrued |
Millions, except share amounts |  | Outstanding |  | Expense |  | Outstanding |  | Expense |
Beginning of period |  | 642,667 |  | $ | 9.7 |  | 1,464,295 |  | $ | 18.5 |
Payments and deferrals (1)(2) |  | (249,733 | ) | (7.5 | ) | (936,150 | ) | (10.5 | )
New awards |  | 181,290 |  | — |  | 194,900 |  | — |
Assumed forfeitures and cancellations (3) |  | (4,479 | ) | — |  | (4,873 | ) | — |
Expense recognized |  | — |  | 1.0 |  | — |  | .4 |
Ending March 31, |  | 569,745 |  | $ | 3.2 |  | 718,172 |  | $ | 8.4 |
(1) OneBeacon performance share payments in 2012 for the 2009-2011 performance cycle were at 138.6% of target. OneBeacon performance shares payments in 2011 for the 2008-2010 performance cycle were at 68.5% 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%. (3) Amounts include changes in assumed forfeitures, as required under GAAP.
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: |  |  |  |  |
2009 – 2011 |  | 9,168 |  | $ | .3 |
2010 – 2012 |  | 242,098 |  | 1.6 |
2011 – 2013 |  | 151,563 |  | 1.1 |
2012 – 2014 |  | 181,290 |  | .3 |
Sub-total |  | 584,119 |  | 3.3 |
Assumed forfeitures |  | (14,374 | ) | (.1 | )
Total at March 31, 2012 |  | 569,745 |  | $ | 3.2 |
Summary of OneBeacon Restricted Shares activity |
|  | Three Months Ended March 31, |
|  | March 31, 2012 |
Millions, except share amounts |  | Restricted Shares |  | Unamortized Issue Date Fair Value |
Non-vested, |  |  |  |  |
Beginning of period |  | 630,000 |  | $ | 7.7 |
Issued |  | 300,000 |  | 4.6 |
Vested |  | — |  | — |
Forfeited |  | — |  | — |
Expense recognized |  | — |  | (.4 | )
Non-vested at March 31, |  | 930,000 |  | $ | 11.9 |
Summary of OneBeacon option activity |
|  | Three Months Ended March 31, |
|  | 2012 |  | 2011 |
Millions, except share amounts |  | Target Options Outstanding |  | Expense Amortized |  | Target Options Outstanding |  | Expense Amortized |
Beginning of period |  | 740,870 |  | $ | 5.0 |  | 768,652 |  | $ | 4.5 |
New awards |  | — |  | — |  | — |  | — |
Forfeitures and cancellations |  | — |  | — |  | — |  | — |
Vested and expired |  | — |  | — |  | — |  | — |
Exercised |  | — |  | — |  | — |  | — |
Expense recognized |  | — |  | — |  | — |  | .1 |
Ending March 31, |  | 740,870 |  | $ | 5.0 |  | 768,652 |  | $ | 4.6 |

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