XML 70 R22.htm IDEA: XBRL DOCUMENT
v3.3.0.814

Employee Share-Based Incentive Compensation Plans | 9 Months Ended
--- | ---
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Employee Share-Based Incentive Compensation Plans | Employee Share-Based Incentive Compensation Plans White Mountains’s Long-Term Incentive Plan (the “WTM Incentive Plan”) provides for grants of various types of share-based and non share-based incentive awards to key employees and service providers of White Mountains. White Mountains’s share-based compensation incentive awards consist of performance shares, restricted shares and stock options. Share-Based Compensation Based on White Mountains Common Shares WTM Performance Shares Performance shares are conditional grants of a specified maximum number of common shares or an equivalent amount of cash. Awards generally vest at the end of a three-year period, are subject to the attainment of pre-specified performance goals, and are valued based on the market value of common shares at the time awards are paid. The following table summarizes performance share activity for the three and nine months ended September 30, 2015 and 2014 for performance shares granted under the WTM Incentive Plan:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Millions, except share amounts |  | Target Performance Shares Outstanding |  | Accrued Expense |  | Target Performance Shares Outstanding |  | Accrued Expense |  | Target Performance Shares Outstanding |  | Accrued Expense |  | Target Performance Shares Outstanding |  | Accrued Expense
Beginning of period |  | 109,129 |  |  | $ | 28.8 |  |  | 116,259 |  |  | $ | 46.3 |  |  | 113,198 |  |  | $ | 44.4 |  |  | 108,605 |  |  | $ | 54.9 |
Shares paid or expired(1) |  | (8,958 | ) |  | (5.5 | ) |  | — |  |  | — |  |  | (42,958 | ) |  | (30.7 | ) |  | (33,730 | ) |  | (24.1 | )
New grants |  | — |  |  | — |  |  | — |  |  | — |  |  | 29,828 |  |  | — |  |  | 41,580 |  |  | — |
Assumed forfeitures and cancellations(2) |  | (3,960 | ) |  | (.8 | ) |  | — |  |  | (.2 | ) |  | (3,857 | ) |  | (.3 | ) |  | (196 | ) |  | — |
Expense recognized |  | — |  |  | 30.0 |  |  | — |  |  | 6.3 |  |  | — |  |  | 39.1 |  |  | — |  |  | 21.6 |
End of period(3) |  | 96,211 |  |  | $ | 52.5 |  |  | 116,259 |  |  | $ | 52.4 |  |  | 96,211 |  |  | $ | 52.5 |  |  | 116,259 |  |  | $ | 52.4 |
(1) WTM performance share payments in 2015 for the 2012-2014 performance cycle ranged from 91% to 145.5% of target. WTM performance share payments in 2014 for the 2011-2013 performance cycle ranged from 88% to 131.5% of target. (2) Amounts include changes in assumed forfeitures, as required under GAAP. (3) Outstanding performance share awards as of September 30, 2015 and 2014 exclude 7,997 and 11,278 performance share awards, net of assumed forfeitures, granted to employees of Sirius Group, which is accounted for as discontinued operations. For the 2012-2014 performance cycle, all performance shares earned were settled in cash. For the 2011-2013 performance cycle, the Company issued common shares for 1,425 performance shares earned and all other performance shares earned were settled in cash. If the outstanding WTM performance shares had vested on September 30, 2015, the total additional compensation cost to be recognized would have been $30.2 million, based on accrual factors at September 30, 2015 (common share price and payout assumptions). Performance Shares granted under the WTM Incentive Plan The following table summarizes performance shares outstanding and accrued expense for performance shares awarded under the WTM Incentive Plan at September 30, 2015 for each performance cycle:
Millions, except share amounts |  | Target Performance Shares Outstanding |  | Accrued Expense
Performance cycle: |  |  |  |  |  |
2015 – 2017 |  | 29,828 |  |  | $ | 6.3 |
2014 – 2016 |  | 32,557 |  |  | 12.3 |
2013 – 2015 |  | 36,293 |  |  | 35.4 |
Sub-total |  | 98,678 |  |  | 54.0 |
Assumed forfeitures |  | (2,467 | ) |  | (1.5 | )
Total at September 30, 2015 |  | 96,211 |  |  | $ | 52.5 |
Restricted Shares The following table summarizes the unrecognized compensation cost associated with the outstanding restricted share awards for the three and nine months ended September 30, 2015 and 2014:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Millions, except share amounts |  | Restricted Shares |  | Unamortized Issue Date Fair Value |  | Restricted Shares |  | Unamortized Issue Date Fair Value |  | Restricted Shares |  | Unamortized Issue Date Fair Value |  | Restricted Shares |  | Unamortized Issue Date Fair Value
Non-vested, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  | 68,303 |  |  | $ | 21.9 |  |  | 79,011 |  |  | $ | 20.5 |  |  | 80,050 |  |  | $ | 13.7 |  |  | 90,341 |  |  | $ | 16.4 |
Issued |  | — |  |  | — |  |  | — |  |  | — |  |  | 22,078 |  |  | 14.7 |  |  | 20,400 |  |  | 11.8 |
Vested |  | (1,200 | ) |  | — |  |  | — |  |  | — |  |  | (35,025 | ) |  | — |  |  | (31,730 | ) |  | — |
Forfeited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Expense recognized |  | — |  |  | (3.5 | ) |  | — |  |  | (3.2 | ) |  | — |  |  | (10.0 | ) |  | — |  |  | (10.9 | )
End of period (1) |  | 67,103 |  |  | $ | 18.4 |  |  | 79,011 |  |  | $ | 17.3 |  |  | 67,103 |  |  | $ | 18.4 |  |  | 79,011 |  |  | $ | 17.3 |
(1) Outstanding restricted share awards as of September 30, 2015 and 2014 exclude 3,571 and 2,314 restricted shares issued to employees of Sirius Group, which is accounted for as discontinued operations. During the first nine months of 2015, White Mountains issued 22,078 restricted shares that vest on January 1, 2018. During the first nine months of 2014, White Mountains issued 20,400 restricted shares that vest on January 1, 2017. The unrecognized compensation cost at September 30, 2015 is expected to be recognized ratably over the remaining vesting periods. Share-Based Compensation Based on OneBeacon Ltd. Common Shares The OneBeacon Long-Term Incentive Plan (the “OneBeacon Incentive Plan”) provides for grants to key employees of OneBeacon various types of share-based and non share-based incentive awards. OneBeacon’s share-based incentive awards include OneBeacon performance shares and restricted shares. OneBeacon Performance Shares OneBeacon performance shares are conditional grants of a specified maximum number of common shares or an equivalent amount of cash. OneBeacon performance share awards generally vest at the end of a three-year period, are subject to the attainment of pre-specified performance goals, and are valued based on the market value of OneBeacon Ltd. common shares at the time awards are paid. The following table summarizes performance share activity for the three and nine months ended September 30, 2015 and 2014 for OneBeacon performance shares granted under the OneBeacon Incentive Plan:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Millions, except share amounts |  | Target Performance Shares Outstanding |  | Accrued Expense |  | Target Performance Shares Outstanding |  | Accrued Expense |  | Target Performance Shares Outstanding |  | Accrued Expense |  | Target Performance Shares Outstanding |  | Accrued Expense
Beginning of period |  | 462,147 |  |  | $ | 2.4 |  |  | 512,938 |  |  | $ | 4.4 |  |  | 517,470 |  |  | $ | 3.4 |  |  | 493,421 |  |  | $ | 4.0 |
Shares paid or expired(1) |  | — |  |  | — |  |  | — |  |  | — |  |  | (181,290 | ) |  | (1.5 | ) |  | (142,138 | ) |  | (1.0 | )
New grants |  | — |  |  | — |  |  | — |  |  | — |  |  | 154,887 |  |  | — |  |  | 165,800 |  |  | — |
Assumed forfeitures and cancellations(2) |  | — |  |  | — |  |  | — |  |  | — |  |  | (28,920 | ) |  | — |  |  | (4,145 | ) |  | — |
Expense recognized |  | — |  |  | (.3 | ) |  | — |  |  | 1.1 |  |  | — |  |  | .2 |  |  | — |  |  | 2.5 |
End of period |  | 462,147 |  |  | $ | 2.1 |  |  | 512,938 |  |  | $ | 5.5 |  |  | 462,147 |  |  | $ | 2.1 |  |  | 512,938 |  |  | $ | 5.5 |
(1) OneBeacon performance share payments in 2015 for the 2012-2014 performance cycle were at 45.7% of target. OneBeacon performance share payments in 2014 for the 2011-2013 performance cycle were at 37.1% of target. (2) Amounts include changes in assumed forfeitures, as required under GAAP. If the outstanding OneBeacon performance shares had been vested on September 30, 2015, the total additional compensation cost to be recognized would have been $2.0 million, based on accrual factors at September 30, 2015 (common share price, accumulated dividends and payout assumptions). The following table summarizes OneBeacon performance shares outstanding awarded under the OneBeacon Incentive Plan at September 30, 2015 for each performance cycle:
Millions, except share amounts |  | Target Performance Shares Outstanding |  | Accrued Expense
Performance cycle: |  |  |  |  |  |
2015 – 2017 |  | 154,887 |  |  | $ | .5 |
2014 – 2016 |  | 151,810 |  |  | .3 |
2013 – 2015 |  | 167,300 |  |  | 1.3 |
Sub-total |  | 473,997 |  |  | 2.1 |
Assumed forfeitures |  | (11,850 | ) |  | — |
Total at September 30, 2015 |  | 462,147 |  |  | $ | 2.1 |
OneBeacon Restricted Shares The following table summarizes the unrecognized compensation cost associated with the outstanding OneBeacon restricted stock awards for the three and nine months ended September 30, 2015 and 2014:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Millions, except share amounts |  | Restricted Shares |  | Unamortized Issue Date Fair Value |  | Restricted Shares |  | Unamortized Issue Date Fair Value |  | Restricted Shares |  | Unamortized Issue Date Fair Value |  | Restricted Shares |  | Unamortized Issue Date Fair Value
Non-vested, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  | 390,950 |  |  | $ | 3.5 |  |  | 612,500 |  |  | $ | 4.9 |  |  | 612,500 |  |  | $ | 3.5 |  |  | 915,000 |  |  | $ | 6.5 |
Issued |  | — |  |  | — |  |  | — |  |  | — |  |  | 75,950 |  |  | 1.1 |  |  | — |  |  | — |
Vested |  | — |  |  | — |  |  | — |  |  | — |  |  | (296,000 | ) |  | — |  |  | (300,000 | ) |  | — |
Forfeited |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,500 | ) |  | — |  |  | (2,500 | ) |  | — |
Expense recognized |  | — |  |  | (.5 | ) |  | — |  |  | (.7 | ) |  | — |  |  | (1.6 | ) |  | — |  |  | (2.3 | )
End of period |  | 390,950 |  |  | $ | 3.0 |  |  | 612,500 |  |  | $ | 4.2 |  |  | 390,950 |  |  | $ | 3.0 |  |  | 612,500 |  |  | $ | 4.2 |
On February 24, 2015, OneBeacon issued 75,950 restricted shares that vest on January 1, 2018. On March 1, 2012, OneBeacon issued 300,000 restricted shares that vest in two equal annual installments. The first installment vested on February 28, 2014. On May 25, 2011, OneBeacon issued 630,000 restricted shares to its CEO that vest in four equal annual installments. The first installment vested on February 22, 2014. Concurrently with the grant of the restricted shares, 35,000 OneBeacon performance shares issued to OneBeacon’s CEO for the 2011-2013 performance share cycle were forfeited and performance share awards to OneBeacon’s CEO for the subsequent five years have been or will also be reduced by 35,000 shares. The unrecognized compensation cost at September 30, 2015 is expected to be recognized ratably over the remaining vesting periods. OneBeacon Restricted Stock Units During the first nine months of 2015, the OneBeacon Compensation Committee awarded to certain employees 214,430 restricted stock units (“RSUs”), of which, net of forfeiture assumptions, 204,179 were outstanding as of September 30, 2015. The RSUs are scheduled to vest on January 1, 2018 and will be paid out in cash or shares at the discretion of the OneBeacon Compensation Committee. For the three and nine months ended September 30, 2015, the expense associated with the RSUs was $0.2 million and $0.6 million.

X
- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration