OneBeacon Insurance Group Just Filed Its Annual Report: Earnings per ShareBa...


Earnings per Share
Basic and diluted earnings per share amounts are based on the weighted average number of common shares outstanding, including unvested restricted shares that are considered participating securities. Diluted earnings per share amounts are based on the weighted average number of common shares including unvested restricted shares and the net effect of potentially dilutive common shares outstanding.
< div style="line-height:120%;padding-top:10px;text-indent:32px;font-size:10pt;">The following table outlines the Company's computation of earnings per share for net income from continuing operations attributable to OneBeacon's common shareholders for the years ended December 31, 2013, 2012 and 2011:
 
 
Year ended December 31,
 
 
2013
 
2012
 
2011
Earnings attributable to OneBeacon's common shareholders—basic and diluted (in millions):
 
 
 
 
 
 
Net income from continuing operations attributable to OneBeacon's common shareholders
 
$
146.0

 
$
96.1

 
$
103.9

Allocation of income for participating unvested restricted common shares
 
(1.4
)
 
(0.9
)
 
(0.4
)
Dividends paid on participating restricted common shares
 
(0.8
)
 
(0.8
)
 
(1.0
)
Total allocation to restricted common shares
 
(2.2
)
 
(1.7
)
 
(1.4
)
Net income from continuing operations attributable to OneBeacon's common shareholders, net of restricted common share amounts
 
$
143.8

 
$
94.4

 
$
102.5

 
 
 
 
 
 
 
Undistributed (over-distributed) net earnings (in millions):
 
 
 
 
 
 
Net income from continuing operations attributable to OneBeacon's common shareholders, net of restricted common share amounts
 
$
143.8

 
$
94.4

 
$
102.5

Dividends paid, net of restricted common share amounts
 
(79.4
)
 
(79.3
)
 
(173.8
)
Total undistributed (over-distributed) net earnings, net of restricted common share amounts
 
$
64.4

 
$
15.1

 
$
(71.3
)
 
 
 
 
 
 
 
Earnings per share denominator—basic and diluted (in millions):
 
 
 
 
 
 
Total weighted average common shares outstanding
 
95.4

 
95.4

 
94.8

Weighted average unvested restricted common shares(1)
 
(0.9
)
 
(0.9
)
 
(0.4
)
Basic and diluted earnings per share denominator(2)
 
94.5

 
94.5

 
94.4

 
 
 
 
 
 
 
Earnings per share attributable to OneBeacon's common shareholders—basic and diluted (in dollars):
 
 
 
 
 
 
Net income from continuing operations attributable to OneBeacon's common shareholders
 
$
1.52

 
$
1.00

 
$
1.08

Dividends declared and paid
 
(0.84
)
 
(0.84
)
 
(1.84
)
Undistributed (over-distributed) earnings
 
$
0.68

 
$
0.16

 
$
(0.76
)
_______________________________________________________________________________
(1)
Restricted shares outstanding vest in equal installments upon a stated date or upon the occurrence of a specified event (see Note 9).
(2) 
Common shares issuable upon exercise of stock options (Note 9) were not included in the years ended December 31, 2012 and 2011 as their inclusion would be anti-dilutive. There were no options outstanding during the year ended December 31, 2013, as the remaining outstanding options expired unexercised during the year ended December 31, 2012.
Basic and diluted income (loss) per share amounts for discontinued operations are included in Note 19—"Discontinued Operations."

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.

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