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Discontinued Operations | 3 Months Ended
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Mar. 31, 2012
Discontinued Operations |
Discontinued Operations |
Note 14. Discontinued Operations Esurance On October 7, 2011, White Mountains completed the sale of Esurance Insurance and AFI to Allstate (see Note 2). As a result of the transaction, Esurance Insurance, AFI and the business Esurance Insurance cedes to Sirius Group (collectively, “the Esurance Disposal Group”) are reported as discontinued operations. White Mountains recognized a gain of $677.5 million on the Esurance Sale which is recorded net of tax in discontinued operations. Effective as of December 31, 2011, the results of operations for the Esurance Disposal Group have been classified as discontinued operations and are presented, net of related income taxes, in the statement of comprehensive income. The assets and liabilities of the Esurance Disposal Group have been presented in the balance sheet as held for sale. Prior year amounts have been reclassified to conform to the current period’s presentation. AutoOne On February 22, 2012, OneBeacon completed the sale of the AutoOne business to Interboro. AutoOne operated as a division within OneBeacon that offered products and services to automobile assigned risk markets. The transaction included the sale of two insurance entities, AOIC and AOSIC, through which substantially all of the AutoOne business was written on a direct basis. For the three months ended March 31, 2012, the results of operations for the AutoOne business have been classified as discontinued operations and are presented, net of related income taxes, in the statement of comprehensive income. Prior year results of operations have been reclassified to conform to the current period’s presentation. The AutoOne disposal group excludes investing and financing activities from amounts classified as discontinued operations. OneBeacon’s investing and financing operations are conducted on an overall consolidated level and accordingly, there were no separately identifiable cash investing or financing cash flows associated with AutoOne. The assets and liabilities associated with the AutoOne business as of December 31, 2011 have been presented in the balance sheet as held for sale. The following summarizes the assets and liabilities associated with the businesses classified as held for sale:
Millions |  | December 31, 2011 |
Assets held for sale |  |  |
Fixed maturity investments, at fair value |  | $ | 111.8 |
Total investments |  | 111.8 |
Cash |  | 5.5 |
Insurance premiums receivable |  | 8.8 |
Deferred acquisition costs |  | 2.2 |
Deferred tax asset |  | 1.9 |
Other assets |  | 2.4 |
Total assets held for sale |  | $ | 132.6 |
Liabilities held for sale |  |  |
Loss and loss adjustment expense reserves |  | $ | 64.7 |
Unearned insurance premiums |  | 34.1 |
Other liabilities |  | 8.8 |
Total liabilities held for sale |  | 107.6 |
Net assets held for sale |  | $ | 25.0 |
The following summarizes the results of operations, including related income taxes associated with the businesses classified as discontinued operations:
Millions, except per share amounts |  | Three Months Ended March 31, |
|  | 2012 |  | 2011 |
Revenues |  |  |  |  |
Earned insurance premiums |  | $ | 7.8 |  | $ | 227.7 |
Net investment income |  | — |  | 4.0 |
Net realized and unrealized investment gains (losses) |  | — |  | 3.4 |
Other revenue |  | — |  | 17.7 |
Total revenues |  | 7.8 |  | 252.8 |
Expenses |  |  |  |  |
Loss and loss adjustment expenses |  | 6.7 |  | 168.1 |
Insurance and reinsurance acquisition expenses |  | 1.0 |  | 49.5 |
Other underwriting expenses |  | .2 |  | 21.5 |
General and administrative expenses |  | — |  | 12.5 |
Total expenses |  | 7.9 |  | 251.6 |
Pre-tax (loss) income |  | (.1 | ) | 1.2 |
Income tax benefit |  | .2 |  | 1.3 |
Income from discontinued operations |  | $ | .1 |  | $ | 2.5 |
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 computation of earnings per share for discontinued operations for the three months ended March 31, 2012 and 2011:
|  | Three Months Ended March 31, |
|  | 2012 |  | 2011 |
Basic and diluted earnings per share numerators (in millions): |  |  |  |  |
Net income attributable to White Mountains’ common shareholders |  | $ | .1 |  | $ | 2.5 |
Allocation of income for participating unvested restricted common shares |  | — |  | — |
Net income attributable to White Mountains’ common shareholders, net of restricted common share amounts(2) |  | $ | .1 |  | $ | 2.5 |
Basic earnings per share denominators (in thousands): |  |  |  |  |
Total average common shares outstanding during the period |  | 7,431.7 |  | 8,031.8 |
Average unvested restricted common shares (1) |  | (78.3 | ) | (57.1 | )
Basic earnings per share denominator |  | 7,353.4 |  | 7,974.7 |
Diluted earnings per share denominator (in thousands): |  |  |  |  |
Total average common shares outstanding during the period |  | 7,431.7 |  | 8,031.8 |
Average unvested restricted common shares (1) |  | (78.3 | ) | (57.1 | )
Average outstanding dilutive options to acquire common shares |  | — |  | — |
Diluted earnings per share denominator |  | 7,353.4 |  | 7,974.7 |
Basic and diluted earnings per share (in dollars): |  | $ | .02 |  | $ | .31 |
(1) Restricted common shares outstanding vest either in equal annual installments or upon a stated date (see Note 12). (2) Net income (loss) attributable to White Mountains’ common shareholders, net of restricted share amounts, is equal to undistributed earnings (loss) for the three months ended March 31, 2012 and 2011.

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6390789&loc=d3e2443-110228 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 + Details
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