Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2012

Note 9. Earnings (Loss) Per Share

Basic earnings (loss) 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 (loss) 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 (loss) per share from continuing operations for the three ended March 31, 2012 and 2011 (see Note 14 for earnings per share amounts for discontinued operations):

	Three Months Ended March 31,
	2012			2011
Basic and diluted earnings per share numerators (in millions):
Net income (loss) attributable to White Mountains’ common shareholders	$	93.7		$	(30.7	)
Allocation of income for participating unvested restricted common shares	(1.0		)	.2
Dividends declared on participating restricted common shares	(.1		)	(.1		)
Total allocation to restricted common shares	(1.1		)	.1
Net income (loss) attributable to White Mountains’ common shareholders, net of restricted share amounts	$	92.6		$	(30.6	)
Undistributed net earnings (in millions):
Net income (loss) attributable to White Mountains’ common shareholders, net of restricted common share amounts	$	92.6		$	(30.6	)
Dividends declared net of restricted common share amounts	(6.6		)	(7.9		)
Total undistributed net earnings (loss), net of restricted common share amounts	$	86.0		(38.5		)
Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period	7,431.7			8,031.8
Average unvested restricted shares (1)	(78.3		)	(57.1		)
Basic earnings (loss) 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 (2)	—			—
Diluted earnings (loss) per share denominator	7,353.4			7,974.7
Basic earnings per share (in dollars):
Net income (loss) attributable to White Mountains’ common shareholders	$	12.59		$	(3.82	)
Dividends declared	(1.00		)	(1.00		)
Undistributed earnings (loss)	$	11.59		$	(4.82	)
Diluted earnings per share (in dollars)
Net income (loss) attributable to White Mountains’ common shareholders	$	12.59		$	(3.82	)
Dividends declared	(1.00		)	(1.00		)
Undistributed earnings (loss)	$	11.59		$	(4.82	)

(1) Restricted shares outstanding vest either in equal annual installments or upon a stated date (see Note 12).

(2) The diluted earnings (loss) per share denominator for the three months ended March 31, 2012 and 2011 do not include common shares issuable upon exercise of the Non-Qualified Options as they are anti-dilutive to the calculation.

- Definition

The entire disclosure for earnings per share.

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