Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 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 June 30,		Six Months Ended June 30,
	2020	2019	2020	2019
Basic weighted average shares outstanding	46,166,666	45,986,043	46,113,495	45,909,595
Effect of potential dilutive shares ⁽¹⁾:
Stock options	—	—	—	—
Warrants	—	—	—	—
Restricted stock units	—	—	—	—
Performance stock units ⁽²⁾	—	—	—	—
Diluted weighted average shares outstanding	46,166,666	45,986,043	46,113,495	45,909,595
Anti-dilutive shares excluded from the above reconciliation:
Stock options	16,667	16,667	16,667	16,667
Warrants	4,877,749	4,877,783	4,877,757	4,877,783
Restricted stock units	288,562	263,151	262,395	244,202
Performance stock units ⁽²⁾	997,841	699,038	929,057	651,310


(1)	For the three and six months ended June 30, 2020, and the three and six months ended June 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.