XML 73 R40.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Employment Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Postemployment Benefits [Abstract]  
Schedule of Expected Benefit Payments [Table Text Block]
The following table sets forth projected benefit payments from Ambac’s postretirement plan over the next ten years for current retirees:
2020
 
$
—

2021
 
—

2022
 
—

2023
 
—

2024
 
1

2025-2029
 
3

Total
 
$
5
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block]
The amount of stock-based compensation expense and corresponding after-tax expense are as follows:
Year Ended
December 31,
2019
 
2018
 
2017
Stock options
$
—

 
$
—

 
$
—

Restricted stock units
4

 
6

 
2

Performance awards (1) (2)
8

 
6

 
3

Total stock-based compensation
$
12

 
$
12

 
$
4

Total stock-based compensation (after-tax)
$
12

 
$
12

 
$
4

(1)
Represents expense related to performance stock unit portion of performance awards. Certain performance awards are in the form of cash. Cash based compensation expense related to performance awards granted to US employees was $0, $1 and $2 for the years ended December 31, 2019, 2018 and 2017, respectively.
(2)
A performance award issued to Ambac's former Chief Executive Officer in the form of performance stock units was expensed during 2018.
Share-based Payment Arrangement, Option, Activity [Table Text Block]
A summary of stock option activity for 2019 is as follows:
 
Shares
 
Weighted
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
 
Weighted
Average
Remaining
Contractual
Life
(in years)
Outstanding at beginning of period
16,667

 
$
20.63

 
 
 
 
Granted
—

 
—

 
 
 
 
Exercised
—

 
—

 
 
 
 
Forfeited or expired
—

 
—

 
 
 
 
Outstanding at end of period
16,667

 
$
20.63

 
$
—

 
0.97
Exercisable
16,667

 
$
20.63

 
$
—

 
0.97
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]
A summary of RSU activity for 2019 is as follows:
 
Shares
 
Weighted Average
Grant Date
Fair Value
Outstanding at beginning of period
645,028

 
$
17.17

Granted
248,861

 
19.75

Delivered or returned to plan (1)
(189,832
)
 
16.76

Forfeited
(1,478
)
 
20.11

Outstanding at end of period
702,579

 
$
18.19

(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. For the year ended December 31, 2019, Ambac purchased 72,977 of shares from employees that settled restricted stock units to meet the required tax withholdings.
Schedule of Nonvested Performance-based Units Activity [Table Text Block]
A summary of PSU activity for 2019 is as follows:
 
Shares
 
Weighted Average
Grant Date
Fair Value
Outstanding at beginning of period
516,999

 
$
17.02

Granted (1)
230,391

 
19.17

Delivered (2)
(166,353
)
 
15.52

Forfeited (1)
(8,151
)
 
18.11

Performance adjustment (3)
77,326

 
15.52

Outstanding at end of period
650,212

 
$
17.98

(1)
Represents performance share units at 100% of units granted for LTIP Awards.
(2)
Reflects the number of performance shares attributable to the performance goals attained over the completed performance period and for which service conditions have been met. When performance stock unit awards issued by Ambac become taxable compensation to employees, shares may be withheld to cover the employee’s withholding taxes. For the year ended December 31, 2019, Ambac purchased 64,086 of shares from employees that settled performance based restricted stock units to meet the required tax withholdings.
(3)
Represents the increase (decrease) in shares issued for awards granted in 2016 based upon the attainment of performance metrics at the end of the performance period.