Employee Share-Based Incentive Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The following table summarizes performance share activity for the three and nine months ended September 30, 2016 and 2015 for performance shares granted under the WTM Incentive Plan:



	Three Months Ended September 30,										Nine Months Ended September 30,
	2016					2015					2016					2015
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	73,297		$	32.5		106,572		$	28.8		93,654		$	57.7		111,257		$	44.4
Shares paid or expired⁽¹⁾						(8,958	)	(5.5		)	(36,294	)	(41.0		)	(42,959	)	(30.4		)
New grants⁽²⁾	6,400		—					—			22,615		—			29,195		—
Forfeitures and cancellations⁽³⁾	(160	)	(.1		)	(3,960	)	(.8		)	(438	)	.2			(3,839	)	(.3		)
Expense recognized	—		5.0			—		30.0			—		20.5			—		38.8
End of period⁽⁴⁾	79,537		$	37.4		93,654		$	52.5		79,537		$	37.4		93,654		$	52.5

⁽¹⁾WTM performance share payments in 2016 for the 2013-2015 performance cycle, which were paid in April 2016, ranged from 140% to 142% of target. WTM performance share payments in 2015 for the 2012-2014 performance cycle ranged from 88% to 131.5% of target.

⁽²⁾In the third quarter of 2016 White Mountains granted 3,000 WTM performance shares for the 2015-2017 performance cycle and 3,400 WTM performance shares for the 2016-2018 performance cycle.

⁽³⁾Amounts include changes in assumed forfeitures, as required under GAAP.

⁽⁴⁾Outstanding performance share awards as of September 30, 2016 and 2015 both exclude 7,315 and 10,825 performance share awards granted to employees of Sirius Group.

Summary of performance shares outstanding and accrued expense for performance shares awarded 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, 2016 for each performance cycle:



Millions, except share amounts	Target Performance Shares Outstanding		Accrued Expense
Performance cycle:
2016 – 2018	19,615		$	3.4
2015 – 2017	31,795		15.1
2014 – 2016	30,167		19.9
Sub-total	81,577		38.4
Assumed forfeitures	(2,040	)	(1.0		)
Total at September 30, 2016	79,537		$	37.4

Summary of restricted share activity

The following table summarizes the unrecognized compensation cost associated with the outstanding restricted share awards for the three and nine months ended September 30, 2016 and 2015:



	Three Months Ended September 30,									Nine Months Ended September 30,
	2016				2015					2016					2015
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	66,470	$	24.2		71,875		$	23.2		70,675		$	15.7		83,314		$	14.3
Issued	4,150	3.4								25,365		19.7			23,640		15.7
Vested	—	—			(1,200	)	—			(24,620	)	—			(36,279	)	—
Forfeited	—	—			—		—			(800	)	.2			—		—
Expense recognized ⁽¹⁾	—	(3.8		)	—		(3.7		)	—		(11.8		)	—		(10.5		)
End of period ⁽²⁾	70,620	$	23.8		70,675		$	19.5		70,620		$	23.8		70,675		$	19.5

⁽¹⁾ In connection with the sale of Sirius Group in the second quarter of 2016, White Mountains recognized $1.4 from accelerating the amortization of the issue date fair value for shares issued to Sirius Group employees, who no longer have a service obligation to the Company.

⁽²⁾ Restricted share awards outstanding as of September 30, 2016 and 2015 include 2,512 and 3,572 restricted shares issued to employees of Sirius Group, which was accounted for as discontinued operations.

Summary of performance share activity for OneBeacon performance shares granted under OneBeacon Incentive Plan

The following table summarizes performance share activity for the three and nine months ended September 30, 2016 and 2015 for OneBeacon performance shares granted under the OneBeacon Incentive Plan:



	Three Months Ended September 30,							Nine Months Ended September 30,
	2016			2015				2016					2015
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	441,206	$	1.0	462,147	$	2.4		449,435		$	1.4		517,470		$	3.4
Shares paid or expired⁽¹⁾	—	—		—	—			(167,300	)	(.7		)	(181,290	)	(1.5		)
New grants	—	—		—	—			163,150		—			154,887		—
Assumed forfeitures and cancellations⁽²⁾	—	—		—	—			(4,079	)	—			(28,920	)	—
Expense recognized	—	.3		—	(.3		)	—		.6			—		.2
End of period	441,206	$	1.3	462,147	$	2.1		441,206		$	1.3		462,147		$	2.1

⁽¹⁾ OneBeacon performance share payments in 2016 for the 2013-2015 performance cycle were at 24.3% of target. OneBeacon performance share payments in 2015 for the 2012-2014 performance cycle were at 45.7% of target.

⁽²⁾ 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

The following table summarizes OneBeacon performance shares outstanding awarded under the OneBeacon Incentive Plan at September 30, 2016 for each performance cycle:



Millions, except share amounts	Target Performance Shares Outstanding		Accrued Expense
Performance cycle:
2016 – 2018	163,150		$	.6
2015 – 2017	146,659		.7
2014 – 2016	142,710		—
Sub-total	452,519		1.3
Assumed forfeitures	(11,313	)	—
Total at September 30, 2016	441,206		$	1.3

Summary of OneBeacon restricted shares activity

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, 2016 and 2015:



	Three Months Ended September 30,								Nine Months Ended September 30,
	2016				2015				2016					2015
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	395,872	$	3.5		390,950	$	3.5		382,722		$	2.5		612,500		$	3.5
Issued	—	—			—	—			170,650		2.3			75,950		1.1
Vested	—	—			—	—			(157,500	)	—			(296,000	)	—
Forfeited	—	—			—	—			—		—			(1,500	)	—
Expense recognized	—	(.7		)	—	(.5		)	—		(2.0		)	—		(1.6		)
End of period	395,872	$	2.8		390,950	$	3.0		395,872		$	2.8		390,950		$	3.0