Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Reconciliation of Common Shares Used for Basic and Diluted Earnings Per Share

The following table provides a reconciliation of the weighted average shares denominator used for basic net income per share to the denominator used for diluted net income per share:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
Basic weighted average shares outstanding denominator	46,615,552	46,178,730	46,503,196	46,135,399
Effect of potential dilutive shares (1):
Stock options	—	—	—	—
Warrants	—	—	—	—
Restricted stock units	72,061	—	—	—
Performance stock units (2)	356,519	—	—	—
Diluted weighted average shares outstanding denominator	47,044,132	46,178,730	46,503,196	46,135,399
Anti-dilutive shares excluded from the above reconciliation:
Stock options	—	16,667	—	16,667
Warrants	4,877,617	4,877,749	4,877,665	4,877,754
Restricted stock units	244,694	333,526	466,094	286,279
Performance stock units (2)	—	972,138	582,254	932,777

(1) For the nine months ended September 30, 2021, and the three and nine months ended September 30, 2020, Ambac had a net loss for purposes of calculating earnings per share and accordingly excluded all potentially dilutive securities from the determination of diluted loss per share as their impact was anti-dilutive.

(2) Performance stock units are reflected based on the performance metrics through the balance sheet date. Vesting of these units is contingent upon meeting certain performance metrics. Although a portion of these performance metrics have been achieved as of the respective period end, it is possible that awards may no longer meet the metric at the end of the performance period.

Schedule of Earnings Per Share, Basic and Diluted

The following table provides a reconciliation of net income attributable to common stockholders to the numerator in the basic and diluted earnings per share calculation, together with the resulting earnings per share amounts:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income (loss) attributable to common stockholders	$	17	$	(108)	5		(423)
Adjustment to redemption value (ASC 480)	—		—		(14)		—
Numerator of basic and diluted EPS	$	17	$	(108)	(9)		(423)
Per Share:
Basic	$	0.35	$	(2.33)	$	(0.19)	$	(9.16)
Diluted	$	0.35	$	(2.33)	$	(0.19)	$	(9.16)