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Held for Sale and Discontinued Operations | 6 Months Ended
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Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Held for Sale and Discontinued Operations | Held for Sale and Discontinued Operations Sirius Group As of December 31, 2020, White Mountains recorded a liability of $18.7 million, related to the tax indemnification provided in connection with the sale of Sirius Group in 2016. For the six months ended June 30, 2021, White Mountains recorded a gain of $17.6 million in discontinued operations to reverse the liability accrued as of December 31, 2020 and $1.1 million gain related to foreign currency translation. See Note 18 — “Commitments and Contingencies”. NSM On April 12, 2021, NSM completed the sale of the Fresh Insurance motor business for net proceeds of £1.1 million (approximately $1.5 million based upon the foreign exchange spot rate as of the transaction date). The assets and liabilities included in the transaction, were measured at their estimated fair values, net of disposal and classified as held for sale at March 31, 2021. However, the transaction did not meet the criteria to be classified as discontinued operations. In the first quarter of 2021, NSM recorded a loss of $28.7 million related to the sale. Earnings Per Share from Discontinued Operations White Mountains calculates earnings per share using the two-class method, which allocates earnings between common and unvested restricted common shares. Both classes of shares participate equally in 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. Diluted earnings per share amounts are also impacted by the net effect of potentially dilutive common shares outstanding. The following table presents the Company’s computation of earnings per share for discontinued operations for the three and six months ended June 30, 2021 and 2020:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Basic and diluted earnings per share numerators (in millions): |  |  |  |  |  |  |  |
Net income (loss) attributable to White Mountains’s common shareholders |  | $ | 138.5 |  |  | $ | 115.4 |  |  | $ | 63.2 |  |  | $ | (13.4) |
Less: total income (loss) from continuing operations, net of tax |  | 138.5 |  |  | 116.4 |  |  | 44.5 |  |  | (13.3) |
Net (loss) gain from discontinued operations attributable to White Mountains’s common shareholders |  | $ | — |  |  | $ | (1.0) |  |  | $ | 18.7 |  |  | $ | (.1) |
Allocation of earnings to participating restricted common shares (1) |  | — |  |  | — |  |  | (.2) |  |  | — |
Basic and diluted earnings(losses) per share numerators (2) |  | $ | — |  |  | $ | (1.0) |  |  | $ | 18.5 |  |  | $ | (.1) |
Basic earnings per share denominators (in thousands): |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 3,107.8 |  |  | 3,107.5 |  |  | 3,104.0 |  |  | 3,142.8 |
Average unvested restricted common shares (3) |  | (37.8) |  |  | (43.1) |  |  | (35.1) |  |  | (38.5) |
Basic earnings per share denominator |  | 3,070.0 |  |  | 3,064.4 |  |  | 3,068.9 |  |  | 3,104.3 |
Diluted earnings per share denominator (in thousands): |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 3,107.8 |  |  | 3,107.5 |  |  | 3,104.0 |  |  | 3,142.8 |
Average unvested restricted common shares (3) |  | (37.8) |  |  | (43.1) |  |  | (35.1) |  |  | (38.5) |
Diluted earnings per share denominator |  | 3,070.0 |  |  | 3,064.4 |  |  | 3,068.9 |  |  | 3,104.3 |
Basic and diluted earnings (losses) per share (in dollars) - discontinued operations: |  | $ | — |  |  | $ | (.32) |  |  | $ | 6.03 |  |  | $ | (.03) |
(1) Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities. (2) Net earnings attributable to White Mountains’s common shareholders, net of restricted share amounts, is equal to undistributed earnings for the three and six months ended June 30, 2021 and 2020. (3) Restricted common shares outstanding vest upon a stated date. See Note 12 — “Employee Share-Based Incentive Compensation Plans”.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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