Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31,
	2020	2019
Basic weighted average shares outstanding	46,060,324	45,832,297
Effect of potential dilutive shares ⁽¹⁾:
Stock options	—	—
Warrants	—	—
Restricted stock units	—	—
Performance stock units ⁽²⁾	—	—
Diluted weighted average shares outstanding	46,060,324	45,832,297
Anti-dilutive shares excluded from the above reconciliation:
Stock options	16,667	16,667
Warrants	4,877,749	4,877,783
Restricted stock units	236,189	271,763
Performance stock units ⁽²⁾	738,039	478,739


(1)	For the three months ended March 31, 2020 and the three months ended March 31, 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.