Earnings Per Share

3 Months Ended

Mar. 31, 2021

White Mountains calculates earnings per share using the two-class method, which allocates earnings between common shares and unvested restricted common shares. Both classes of shares participate equally in dividends and earnings on a per share basis. Basic earnings per share amounts are based on the weighted average number of common shares outstanding adjusted for unvested restricted common shares.

The following table presents the Company’s computation of earnings per share from continuing operations for the three months ended March 31, 2021 and 2020. See Note 19 — “Held for Sale and Discontinued Operations”.


	Three Months Ended
	March 31,
	2021		2020
Basic and diluted loss per share numerators (in millions):
Net loss attributable to White Mountains’s common shareholders	$	(75.3)	$	(128.8)
Less: total income from discontinued operations, net of tax	18.7		.9
Net loss from continuing operations attributable to White Mountains’s common shareholders	$	(94.0)	$	(129.7)


Allocation of losses to participating restricted common shares(1)	.9		1.3
Basic and diluted losses per share numerators	$	(93.1)	$	(128.4)
Basic loss per share denominators (in thousands):
Total average common shares outstanding during the period	3,100.2		3,178.0
Average unvested restricted common shares(2)	(32.4)		(33.8)
Basic losses per share denominator	3,067.8		3,144.2
Diluted loss per share denominator (in thousands):
Total average common shares outstanding during the period	3,100.2		3,178.0
Average unvested restricted common shares(2)	(32.4)		(33.8)

Diluted losses per share denominator	3,067.8		3,144.2




Basic and diluted losses per share (in dollars) - continuing operations:
Distributed earnings - dividends declared and paid	$	1.00	$	1.00
Undistributed losses	(31.33)		(41.82)
Basic and diluted losses per share	$	(30.33)	$	(40.82)

(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 12 — “Employee Share-Based Incentive Compensation Plans”.

The following table presents the undistributed net earnings (losses) from continuing operations for the three months ended March 31, 2021 and 2020. See Note 19 — “Held for Sale and Discontinued Operations”.


	Three Months Ended
	March 31,
Millions	2021		2020
Undistributed net losses - continuing operations:
Net loss attributable to White Mountains’s common shareholders, net of restricted common share amounts	$	(93.1)	$	(128.4)
Dividends declared, net of restricted common share amounts (1)	(3.1)		(3.1)
Total undistributed net losses, net of restricted common share amounts	$	(96.2)	$	(131.5)

(1) Restricted shares issued by White Mountains receive dividends, and are therefore considered participating securities.