XML 71 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Total Comprehensive Income (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Revenues:    
Net premiums earned $ 100,256 $ 94,950
Net investment income:    
Securities available-for-sale and short-term 85,612 112,117
Other investments (543)  
Total net investment income 85,069 112,117
Other-than-temporary impairments:    
Total other-than-temporary impairment losses   (4,604)
Portion of loss recognized in other comprehensive income   1,533
Net other-than-temporary impairment losses recognized in earnings   (3,071)
Net realized investment gains 46,060 392
Change in fair value of credit derivatives:    
Realized gains and other settlements 2,509 3,254
Unrealized gains (losses) 10,278 (10,476)
Net change in fair value of credit derivatives 12,787 (7,222)
Derivative products (569) 46,957
Other income 9,498 64,793
Income on variable interest entities 38,326 15,220
Total revenues before expenses and reorganization items 291,427 324,136
Expenses:    
Losses and loss expenses (51,135) (2,320)
Underwriting and operating expenses 34,429 36,534
Interest expense 23,165 33,839
Total expenses before reorganization items 6,459 68,053
Pre-tax income from continuing operations before reorganization items 284,968 256,083
Reorganization items 2,059 2,461
Pre-tax income from continuing operations 282,909 253,622
Provision for income taxes 657 300
Net income 282,252 253,322
Less: net (loss) income attributable to the noncontrolling interest (47) 2
Net income attributable to common shareholders 282,299 253,320
Other comprehensive income, after tax:    
Net income 282,252 253,322
Unrealized gain (loss) on securities, net of deferred income taxes of $0 94,098 (16,852)
(Loss) gain on foreign currency translation, net of deferred income taxes of $0 (261) 3,213
Amortization of postretirement benefit, net of tax of $0 808 (3,792)
Total other comprehensive income (loss), net of tax 94,645 (17,431)
Total comprehensive income 376,897 235,891
Less: comprehensive (loss) income attributable to the noncontrolling interest:    
Net (loss) income (47) 2
Currency translation adjustments (41) 31
Total comprehensive income attributable to Ambac Financial Group, Inc. $ 376,985 $ 235,858
Net income per share attributable to Ambac Financial Group, Inc. common shareholders $ 0.93 $ 0.84
Net income per diluted share attributable to Ambac Financial Group, Inc. common shareholders $ 0.93 $ 0.84
Weighted-average number of common shares outstanding:    
Basic 302,469,516 302,466,328
Diluted 302,579,254 302,580,597