Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2021

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,	2021	2020	2019
Basic weighted average shares outstanding	46,535,001	46,147,062	45,954,908
Effect of potential dilutive shares (1):
Warrants	—	—	—
Stock options	—	—	—
Restricted stock units	—	—	—
Performance stock units (2)	—	—	—
Diluted weighted average shares outstanding	46,535,001	46,147,062	45,954,908
Anti-dilutive shares excluded from the above reconciliation
Warrants	4,877,653	4,877,754	4,877,783
Stock options	—	16,121	16,667
Restricted stock units	475,333	302,145	249,263
Performance stock units (2)	700,915	1,002,501	872,258

(1)For the years ended years ended December 31, 2021, 2020 and 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.