Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2019

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

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



	Three Months Ended September 30,		Nine Months Ended September 30,
	2019	2018	2019	2018
Basic weighted average shares outstanding	45,997,694	45,749,252	45,939,284	45,635,483
Effect of potential dilutive shares ⁽¹⁾:
Stock options	—	—	—	—
Warrants	450,384	—	—	454,150
Restricted stock units	78,751	—	—	72,615
Performance stock units ⁽²⁾	493,229	—	—	348,547
Diluted weighted average shares outstanding	47,020,058	45,749,252	45,939,284	46,510,795
Anti-dilutive shares excluded from the above reconciliation:
Stock options	16,667	126,667	16,667	126,667
Warrants	—	4,877,783	4,877,783	—
Restricted stock units	—	232,408	249,025	—
Performance stock units ⁽²⁾	—	521,394	748,700	—


(1)	For the three months ended September 30, 2018 and the nine months ended September 30, 2019, Ambac had a net loss 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.