Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31,
	2019	2018
Basic weighted average shares outstanding	45,832,297	45,471,083
Effect of potential dilutive shares ⁽¹⁾:
Stock options	—	—
Warrants	—	—
Restricted stock units	—	45,713
Performance stock units ⁽²⁾	—	136,675
Diluted weighted average shares outstanding	45,832,297	45,653,471
Anti-dilutive shares excluded from the above reconciliation:
Stock options	16,667	126,667
Warrants	4,877,783	4,053,476
Restricted stock units	271,763	—
Performance stock units ⁽²⁾	478,739	—


(1)	For the three months ended March 31, 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.