WHITE MOUNTAINS INSURANCE GROUP LTD Earnings Per Share Disclosure
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Basic and diluted earnings per share numerators (in millions): | ||||||||||||||||||||
| Net income (loss) attributable to White Mountains’s common shareholders | $ | 1,106.4 | $ | 230.4 | $ | 509.2 | ||||||||||||||
Adjustment for redeemable noncontrolling interests (1) | (2.8) | — | — | |||||||||||||||||
Allocation of (earnings) losses to participating restricted common shares (2) | (13.5) | (3.0) | (7.2) | |||||||||||||||||
| Basic and diluted earnings (losses) per share numerators | $ | 1,090.1 | $ | 227.4 | $ | 502.0 | ||||||||||||||
| Basic earnings per share denominators (in thousands): | ||||||||||||||||||||
| Total average common shares outstanding during the period | 2,565.5 | 2,565.7 | 2,563.3 | |||||||||||||||||
Average unvested restricted common shares (3) | (31.2) | (33.5) | (36.0) | |||||||||||||||||
| Basic earnings (losses) per share denominator | 2,534.3 | 2,532.2 | 2,527.3 | |||||||||||||||||
| Diluted earnings per share denominator (in thousands): | ||||||||||||||||||||
| Total average common shares outstanding during the period | 2,565.5 | 2,565.7 | 2,563.3 | |||||||||||||||||
Average unvested restricted common shares (3) | (31.2) | (33.5) | (36.0) | |||||||||||||||||
| Diluted earnings (losses) per share denominator | 2,534.3 | 2,532.2 | 2,527.3 | |||||||||||||||||
Basic and diluted earnings per share (in dollars): | ||||||||||||||||||||
| Distributed earnings - dividends declared and paid | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||
| Undistributed earnings (losses) | 429.14 | 88.79 | 197.60 | |||||||||||||||||
| Basic and diluted earnings (losses) per share | $ | 430.14 | $ | 89.79 | $ | 198.60 | ||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| Millions | 2025 | 2024 | 2023 | |||||||||||||||||
Undistributed net earnings: | ||||||||||||||||||||
| Net income (loss) attributable to White Mountains’s common shareholders, net of restricted common share amounts | $ | 1,090.1 | $ | 227.4 | $ | 502.0 | ||||||||||||||
Dividends declared, net of restricted common share amounts (1) | (2.5) | (2.5) | (2.5) | |||||||||||||||||
| Total undistributed net earnings (losses), net of restricted common share amounts | $ | 1,087.6 | $ | 224.9 | $ | 499.5 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 29, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.