Net Income Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Income Per Share

12.    NET INCOME PER SHARE

As of March 31, 2024, 45,224,972 shares of AFG's common stock (par value $0.01) were issued and outstanding. Common shares outstanding increased by 29,602 during the three months ended March 31, 2024, primarily due to settlements of employee restricted and performance stock units.

Earnings Per Share Calculation

The numerator of the basic and diluted earnings per share computation represents net income (loss) attributable to common

stockholders adjusted by the retained earnings impact of the noncontrolling adjustment to redemption value under ASC 480. The redemption value adjustment is further described in the Redeemable Noncontrolling Interest section of Note 2. Basis of Presentation and Significant Accounting Policies.

The following table provides a reconciliation of net income attributable to common stockholders to the numerator in the basic and diluted earnings per share calculation, together with the resulting earnings per share amounts:

Three Months Ended March 31,	2024		2023
Net income (loss) attributable to common stockholders	$	20	$	(33)
Adjustment to redemption value (ASC 480)	—		—
Numerator of basic and diluted EPS	$	20	$	(33)
Per Share:
Basic	$	0.44	$	(0.73)
Diluted	$	0.43	$	(0.73)

The denominator of the basic earnings per share computation represents the weighted average common shares outstanding plus vested performance and restricted stock units (together, "Basic Weighted Average Shares Outstanding"). The denominator of diluted earnings per share adjusts the Basic Weighted Average Shares Outstanding for all potential dilutive common shares outstanding during the period. All potential dilutive common shares outstanding consider common stock deliverable pursuant to warrants, unvested restricted stock units and performance stock units granted under existing compensation plans.

The following table provides a reconciliation of the weighted average shares denominator used for basic net income per share to the denominator used for diluted net income per share:

Three Months Ended March 31,	2024	2023
Basic weighted average shares outstanding denominator	45,827,076	45,564,276
Effect of potential dilutive shares :
Restricted stock units	211,482	—
Performance stock units (1)	310,218	—
Diluted weighted average shares outstanding denominator	46,348,776	45,564,276
Anti-dilutive shares excluded from the above reconciliation:
Warrants	—	4,876,114
Restricted stock units	88,468	555,354
Performance stock units (1)	—	601,033

(1)    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.