Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Reconciliation of Common Shares Used for Basic and Diluted Earnings Per Share

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,	2021	2020
Basic weighted average shares outstanding denominator	46,314,049	46,060,324
Effect of potential dilutive shares (1):
Stock options	—	—
Warrants	214,904	—
Restricted stock units	121,215	—
Performance stock units (2)	207,896	—
Diluted weighted average shares outstanding denominator	46,858,064	46,060,324
Anti-dilutive shares excluded from the above reconciliation:
Stock options	—	16,667
Warrants	—	4,877,749
Restricted stock units	165,529	236,189
Performance stock units (2)	—	738,039

(1) For the three months ended March 31, 2020, 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.