NOTE 11. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per common share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | | | (common shares in thousands) | September 30,
2026 | | September 30,
2025 | | September 30,
2026 | | September 30,
2025 | | | Numerator: | | | | | | | | | | Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (161,384) | | | $ | 907,667 | | | $ | 777,385 | | | $ | 1,895,321 | | | | Amount allocated to participating common shareholders (1) | (629) | | | (15,019) | | | (13,413) | | | (29,905) | | | | Net income (loss) allocated to RenaissanceRe common shareholders | $ | (162,013) | | | $ | 892,648 | | | $ | 763,972 | | | $ | 1,865,416 | | | | Denominator: | | | | | | | | | | Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2) | 40,284 | | | 45,845 | | | 41,366 | | | 47,106 | | | | Per common share equivalents of non-vested shares (2) | — | | | 160 | | | 181 | | | 162 | | | | Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2) | 40,284 | | | 46,005 | | | 41,547 | | | 47,268 | | | | Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic | $ | (4.02) | | | $ | 19.47 | | | $ | 18.47 | | | $ | 39.60 | | | | Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted | $ | (4.02) | | | $ | 19.40 | | | $ | 18.39 | | | $ | 39.46 | | | | | | | | | | | | |
(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans. (2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted. For the three months ended September 30, 2026, per common share equivalents of non-vested shares of 182 thousand could potentially be dilutive in future periods if the Company reports net income allocated to RenaissanceRe common shareholders.
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