XML 73 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Total Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Revenues:        
Net premiums earned $ 113,074 $ 102,055 $ 311,066 $ 293,125
Net investment income 84,078 90,699 290,031 262,806
Other-than-temporary impairments:        
Total other-than-temporary impairment losses (2,501) (19,671) (14,304) (39,177)
Portion of loss recognized in other comprehensive income 2,147 8,784 8,551 8,999
Net other-than-temporary impairment losses recognized in earnings (354) (10,887) (5,753) (30,178)
Net realized investment gains 3,162 5,084 70,621 5,006
Change in fair value of credit derivatives:        
Realized gains and other settlements 2,944 3,829 9,271 13,376
Unrealized gains 24,496 676 3,532 6,513
Net change in fair value of credit derivatives 27,440 4,505 12,803 19,889
Derivative products (36,007) (215,775) (113,141) (260,366)
Net realized (losses) gains on extinguishment of debt     (177,745) 3,119
Other (loss)income (368) (4,972) 100,562 32,558
Income on variable interest entities 6,137 55,008 26,893 51,236
Total revenues before expenses and reorganization items 197,162 25,717 515,337 377,195
Expenses:        
Losses and loss expenses (18,745) (60,238) 720,346 1,055,807
Underwriting and operating expenses 33,347 44,860 103,448 105,860
Interest expense 23,268 33,074 88,962 95,004
Total expenses before reorganization items 37,870 17,696 912,756 1,256,671
Pre-tax income (loss) from continuing operations before reorganization items 159,292 8,021 (397,419) (879,476)
Reorganization items 1,252 8,519 4,480 39,794
Pre-tax income (loss) from continuing operations 158,040 (498) (401,899) (919,270)
Provision for income taxes 667 75,011 756 77,903
Net gain (loss) 157,373 (75,509) (402,655) (997,173)
Less: net (loss) gain attributable to the noncontrolling interest (171) (2) (2,401) 45
Net income (loss) attributable to common shareholders 157,544 (75,507) (400,254) (997,218)
Other comprehensive loss after tax:        
Income (loss) 157,373 (75,509) (402,655) (997,173)
Unrealized gains (losses) on securities, net of deferred income taxes of $0 108,446 (36,121) 124,008 156,385
Less: reclassification adjustment for net (loss) gain included in net (loss) (361) (7,285) 55,116 (27,364)
Gain (loss) on foreign currency translation, net of deferred income taxes of $0 1,686 (2,264) (425) 1,829
Amortization of postretirement benefit, net of tax   14 (3,792) 739
Total other comprehensive income (loss), net of tax 110,493 (31,086) 64,675 185,578
Total comprehensive income (loss) 267,866 (106,595) (337,980) (810,856)
Less: comprehensive (loss) income attributable to the noncontrolling interest:        
Net (loss) income (171) (2) (2,401) 45
Currency translation adjustments 117 (4) (35) (127)
Total comprehensive income (loss) attributable to Ambac Financial Group, Inc. $ 267,920 $ (106,589) $ (335,544) $ (810,774)
Income (loss) per share attributable to Ambac Financial Group, Inc. common shareholders $ 0.52 $ (0.25) $ (1.32) $ (3.30)
Income (loss) per diluted share attributable to Ambac Financial Group, Inc. common shareholders $ 0.52 $ (0.25) $ (1.32) $ (3.30)
Weighted-average number of common shares outstanding:        
Basic 302,469,966 302,467,255 302,468,502 302,429,879
Diluted 302,582,276 302,467,255 302,468,502 302,429,879