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.


	Three Months Ended March 31,
		2026		2025
Basic and diluted earnings per share numerators (in millions):
Net income (loss) attributable to White Mountains’s common shareholders		$	(27.2)	$	33.9





Adjustment for redeemable noncontrolling interests (1)		(3.9)		—
Allocation of (earnings) losses to participating restricted common shares (2)		.3		(.3)
Basic and diluted earnings (losses) per share numerators		$	(30.8)	$	33.6
Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period		2,472.8		2,567.0
Average unvested restricted common shares (3)		(25.5)		(26.1)
Basic earnings (losses) per share denominator		2,447.3		2,540.9
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period		2,472.8		2,567.0
Average unvested restricted common shares (3)		(25.5)		(26.1)

Diluted earnings (losses) per share denominator		2,447.3		2,540.9




Basic and diluted earnings per share (in dollars):
Distributed earnings - dividends declared and paid		$	1.00	$	1.00
Undistributed earnings (losses)		(13.59)		12.19
Basic and diluted earnings (losses) per share		$	(12.59)	$	13.19

(1) White Mountains recognizes an adjustment to the carrying value of the redeemable noncontrolling interests to the extent that the carrying value is below the redemption value. When calculating basic and diluted earnings per share, the adjustment for redeemable noncontrolling interests is treated as being akin to a dividend and presented as an adjustment to net income (loss) attributable to White Mountains’s common shareholders.


	Three Months Ended March 31,
Millions		2026		2025
Undistributed net earnings:
Net earnings (losses) available to White Mountains’s common shareholders, net of restricted common share amounts		$	(30.8)	$	33.6
Dividends declared, net of restricted common share amounts (1)		(2.4)		(2.5)
Total undistributed net earnings (losses), net of restricted common share amounts		$	(33.2)	$	31.1