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Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2012

Discontinued Operations

Schedule of discontinued operations balance sheet

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

Schedule of discontinued operations income statement

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

Discontinued operations, computation of earnings per share

		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.