Net Income Per Share (Tables)

9 Months Ended

Sep. 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 September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Basic weighted average shares outstanding	46,178,730	45,997,694	46,135,399	45,939,284
Effect of potential dilutive shares (1):
Stock options	—	—	—	—
Warrants	—	450,384	—	—
Restricted stock units	—	78,751	—	—
Performance stock units (2)	—	493,229	—	—
Diluted weighted average shares outstanding	46,178,730	47,020,058	46,135,399	45,939,284
Anti-dilutive shares excluded from the above reconciliation:
Stock options	16,667	16,667	16,667	16,667
Warrants	4,877,749	—	4,877,754	4,877,783
Restricted stock units	333,526	—	286,279	249,025
Performance stock units (2)	972,138	—	932,777	748,700

(1) For the three and nine months ended September 30, 2020, 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.