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Earnings Per Share (Tables) | 12 Months Ended
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Dec. 31, 2019
Earnings Per Share [Abstract] |
Computation of earnings per share | The following table presents the Company’s computation of earnings per share from continuing operations for the years ended December 31, 2019, 2018 and 2017. See Note 20 — “Held for Sale and Discontinued Operations”.
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Basic and diluted earnings per share numerators (in millions): |  |  |  |  |  |  |  |  |
Net income (loss) attributable to White Mountains’s common shareholders |  | $ | 414.5 |  |  | $ | (141.2 | ) |  | $ | 627.2 |
Less: total income (loss) from discontinued operations, net of tax |  | .8 |  |  | (17.2 | ) |  | 577.5 |
Net income (loss) from continuing operations attributable to White Mountains’s common shareholders |  | 413.7 |  |  | (124.0 | ) |  | 49.7 |
Allocation of (earnings) losses to participating restricted common shares(1) |  | (5.3 | ) |  | 1.4 |  |  | (.7 | )
Basic and diluted earnings (losses) per share numerators |  | $ | 408.4 |  |  | $ | (122.6 | ) |  | $ | 49.0 |
Basic earnings per share denominators (in thousands): |  |  |  |  |  |
Total average common shares outstanding during the period |  | 3,181.6 |  |  | 3,382.5 |  |  | 4,293.8 |
Average unvested restricted common shares(2) |  | (40.5 | ) |  | (40.1 | ) |  | (54.3 | )
Basic earnings (losses) per share denominator |  | 3,141.1 |  |  | 3,342.4 |  |  | 4,239.5 |
Diluted earnings per share denominator (in thousands): |  |  |  |  |  |
Total average common shares outstanding during the period |  | 3,181.6 |  |  | 3,382.5 |  |  | 4,293.8 |
Average unvested restricted common shares(2) |  | (40.5 | ) |  | (40.1 | ) |  | (54.3 | )
Diluted earnings (losses) per share denominator |  | 3,141.1 |  |  | 3,342.4 |  |  | 4,239.5 |
Basic and diluted earnings per share (in dollars) - continuing operations: |  |  |  |  |  |
Distributed earnings - dividends declared and paid |  | $ | 1.00 |  |  | $ | 1.00 |  |  | $ | 1.00 |
Undistributed earnings (losses) |  | 129.02 |  |  | (37.67 | ) |  | 10.56 |
Basic and diluted earnings (losses) per share |  | $ | 130.02 |  |  | $ | (36.67 | ) |  | $ | 11.56 |
(1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities. (2) Restricted shares outstanding vest either in equal annual installments or upon a stated date. See Note 10 — “Employee Share-Based Incentive Compensation Plans”.
Schedule of discontinued operations balance sheet, income statement, and cash flows | The following table presents the undistributed net earnings (losses) from continuing operations for the years ended December 31, 2019, 2018 and 2017. See Note 20 — “Held for Sale and Discontinued Operations”.
| Year Ended December 31,
Millions |  | 2019 |  | 2018 |  | 2017
Undistributed net earnings - continuing operations: |  |  |  |  |  |
Net income (loss) attributable to White Mountains’s common shareholders, net of restricted common share amounts |  | $ | 408.4 |  |  | $ | (122.6 | ) |  | $ | 49.0 |
Dividends declared, net of restricted common share amounts (1) |  | (3.2 | ) |  | (3.7 | ) |  | (4.5 | )
Total undistributed net earnings (losses), net of restricted common share amounts |  | $ | 405.2 |  |  | $ | (126.3 | ) |  | $ | 44.5 |
(1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities. Net Income (Loss) from Discontinued Operations The following table present the results of operations, including related income taxes associated with the business classified as discontinued operations. For the year ended December 31, 2017, the amounts presented relate to OneBeacon, Sirius Group and Tranzact.
|  | Year Ended December 31, 2017
Millions |  | OneBeacon |  | Sirius Group |  | Tranzact |  | Total
Revenues |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 807.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 807.6 |
Net investment income |  | 39.7 |  |  | — |  |  | — |  |  | 39.7 |
Net realized and unrealized investment gains |  | 38.8 |  |  | — |  |  | — |  |  | 38.8 |
Other revenues |  | 7.7 |  |  | — |  |  | — |  |  | 7.7 |
Total revenues |  | 893.8 |  |  | — |  |  | — |  |  | 893.8 |
Expenses |  |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | 546.0 |  |  | — |  |  | — |  |  | 546.0 |
Insurance and reinsurance acquisition expenses |  | 145.6 |  |  | — |  |  | — |  |  | 145.6 |
Other underwriting expenses |  | 156.2 |  |  | — |  |  | — |  |  | 156.2 |
General and administrative expenses |  | 21.2 |  |  | — |  |  | — |  |  | 21.2 |
Interest expense |  | 10.0 |  |  | — |  |  | — |  |  | 10.0 |
Total expenses |  | 879.0 |  |  | — |  |  | — |  |  | 879.0 |
Pre-tax income |  | 14.8 |  |  | — |  |  | — |  |  | 14.8 |
Income tax benefit |  | 5.7 |  |  | — |  |  | — |  |  | 5.7 |
Net income from discontinued operations |  | 20.5 |  |  | — |  |  | — |  |  | 20.5 |
Gain (loss) from sale of discontinued operations, net of tax |  | 554.5 |  |  | (.7 | ) |  | 3.2 |  |  | 557.0 |
Total income (loss) from discontinued operations |  | 575.0 |  |  | (.7 | ) |  | 3.2 |  |  | 577.5 |
Change in foreign currency translation and other comprehensive income from discontinued operations, net of tax |  | .3 |  |  | — |  |  | — |  |  | .3 |
Recognition of benefit plan assets and obligations from the sale of OneBeacon, net of tax |  | 2.9 |  |  | — |  |  | — |  |  | 2.9 |
Comprehensive income (loss) from discontinued operations |  | $ | 578.2 |  |  | $ | (.7 | ) |  | $ | 3.2 |  |  | $ | 580.7 |
Net Change in Cash from Discontinued Operations The transactions to purchase the investments in OneBeacon and other investments held by Sirius Group prior to the closing are presented in the statement of cash flows as net settlement of investment cash flows with discontinued operations. The following table presents the net change in cash associated with the businesses classified as discontinued operations:
|  | December 31, 2017
Millions |
Net cash provided from operations |  | $ | 157.0 |
Net cash provided from investing activities |  | 3.0 |
Net cash used for financing activities |  | (61.9 | )
Net change in cash during the period |  | 98.1 |
Cash balances at beginning of period |  | 70.5 |
Net change in cash held for sale |  | (.9 | )
Cash sold as part of sale of consolidated subsidiaries |  | (167.7 | )
Cash balances at end of period |  | $ | — |

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