Employment Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

The following table sets forth projected benefit payments from Ambac’s postretirement plan over the next ten years for current retirees:

The amount of stock-based compensation expense and corresponding after-tax expense are as follows:



	Successor Ambac				Predecessor Ambac
			Period from May 1		Period from January 1
	Year Ended		through		through		Year Ended
	December 31, 2014		December 31, 2013		April 30, 2013		December 31, 2012
Stock options	$	444	$	56	$	—	$	—
Restricted stock units	2,816		1,050		—		—
Performance stock units ⁽¹⁾	190		—		—		—
Total stock-based compensation	$	3,450	$	1,106	$	—	$	—
Total stock-based compensation (after-tax)	$	3,450	$	1,106	$	—	$	—


(1)	Represents expense related to performance stock units portion of performance awards. Performance awards are split evenly between performance stock units and cash. Cash based compensation expense related to performance awards was $190 for the year ended December 31, 2014.

The following assumptions were used in estimating the fair value of options on the grant date for the 2013 stock option grant:



Risk-free interest rate	0.963		%
Expected volatility	50.2		%
Dividend yield	0.0		%
Expected life	3.33 years
Weighted-average grant-date fair value per share	$	7.50

A summary of option activity for 2014 is as follows:



	Shares	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life
Successor Ambac - Year Ended December 31, 2014
Outstanding at beginning of period	66,668	$	20.63			6.98
Granted	—	—
Exercised	—	—
Forfeited or expired	—	—
Outstanding at end of period	66,668	$	20.63	$	258	5.98
Exercisable	66,668	$	20.63	$	258	5.98

A summary of RSU activity for 2014, 2013 and 2012 is as follows:



	Successor Ambac
	Year Ended December 31, 2014				Period from May 1 through December 31, 2013
	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Outstanding at beginning of period	154,186		$	20.63	—		$	—
Granted	33,136		30.18		155,123		20.63
Delivered or returned to plan⁽¹⁾	(1,522	)	20.63		(937	)	20.63
Forfeited	—		—		—		—
Outstanding at end of period	185,800		$	22.33	154,186		$	20.63


(1)	When restricted stock unit awards issued by Ambac become taxable compensation to employees, shares may be withheld to cover the employee’s withholding taxes. In December 2014 and 2013, Ambac purchased shares from employees that settled restricted stock units to meet the required tax withholdings.



	Predecessor Ambac
	Period from January 1 through April 30, 2013				Year Ended December 31, 2012
	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Outstanding at beginning of period	104,389		$	21.43	113,739		$	23.96
Granted	—		—		—		—
Delivered	(843	)	74.43		(9,350	)	52.16
Forfeited	(103,546	)	20.40		—		—
Outstanding at end of period	—		$	—	104,389		$	21.43

A summary of PSU activity for 2014 is as follows:



	Year Ended December 31, 2014
	Shares⁽¹⁾		Weighted Average Grant Date Fair Value
Outstanding at beginning of period	—		$	—
Granted	49,011		29.78
Delivered	—		—
Forfeited	(13,599	)	29.78
Outstanding at end of period	35,412		$	29.78


(1)	Represents performance share units at 100% of units granted.