Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 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:



Year Ended December 31,	2019	2018	2017
Basic weighted average shares outstanding	45,954,908	45,665,883	45,367,932
Effect of potential dilutive shares⁽¹⁾:
Warrants	—	441,104	—
Stock options	—	—	—
Restricted stock units	—	77,572	—
Performance stock units ⁽²⁾	—	375,276	—
Diluted weighted average shares outstanding	45,954,908	46,559,835	45,367,932
Anti-dilutive shares excluded from the above reconciliation
Stock options	16,667	16,667	126,667
Warrants	4,877,783	—	4,053,670
Restricted stock units	249,263	—	68,654
Performance stock units ⁽²⁾	872,258	—	322,943


(1)	For the years ended December 31, 2019 and 2017, 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.