v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of earnings per share from continuing operations
The following table presents the Company’s computation of earnings per share for the three months ended March 31, 2026 and 2025.
Three Months Ended March 31,
 20262025
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 period2,472.8 2,567.0 
Average unvested restricted common shares (3)
(25.5)(26.1)
Basic earnings (losses) per share denominator2,447.3 2,540.9 
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period2,472.8 2,567.0 
Average unvested restricted common shares (3)
(25.5)(26.1)
Diluted earnings (losses) per share denominator2,447.3 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)$13.19 
(1) White Mountains recognizes an adjustment to the carrying value of the redeemable noncontrolling interests to the extent that the carrying value is below the redemption value. When calculating basic and diluted earnings per share, the adjustment for redeemable noncontrolling interests is treated as being akin to a dividend and presented as an adjustment to net income (loss) attributable to White Mountains’s common shareholders.
(2) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities.
(3) Restricted shares outstanding vest upon a stated date. See Note 12 — “Employee Share-Based Incentive Compensation Plans.”
Schedule of undistributed earnings
The following table presents the undistributed net earnings (losses) for the three months ended March 31, 2026 and 2025.
Three Months Ended March 31,
Millions20262025
Undistributed net earnings:
Net earnings (losses) available to White Mountains’s common shareholders, net of restricted common share amounts$(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 
(1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities.