XML 36 R18.htm IDEA: XBRL DOCUMENT
v3.22.1

Net Income Per Share | 3 Months Ended
--- | ---
Mar. 31, 2022
Earnings Per Share [Abstract] |
Net Income Per Share | 12. NET INCOME PER SHARE As of March 31, 2022, 46,545,232 shares of AFG's common stock (par value $0.01) and warrants entitling holders to acquire up to 4,877,617 shares of new common stock at an exercise price of $16.67 per share were issued and outstanding. Common shares outstanding increased by 241,093 during the three months ended March 31, 2022, primarily due to settlements of employee restricted and performance stock units. Share Repurchases On March 29, 2022, AFG's Board of Directors approved a share repurchase program authorizing up to $20 in share repurchases, with an expiration date of March 31, 2024, which may be terminated at any time. As of March 31, 2022, no shares were repurchased under this program. From April 1, 2022, through May 10, 2022, AFG repurchased 1,505,316 shares for $13.2 with an average purchase price of $8.78 per share. On May 5, 2022, the Board of Directors authorized an additional $15 in share repurchase bringing the total unused authorized amount to $21.8. 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 in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 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, |  | 2022 |  | 2021 |  |  |  |
Net income attributable to common stockholders |  | $ | 2 |  |  | $ | 17 |  |  |  |  |
Adjustment to redemption value (ASC 480) |  | — |  |  | (13) |  |  |  |  |
Numerator of basic and diluted EPS |  | $ | 2 |  |  | $ | 4 |  |  |  |  |
Per Share: |  |  |  |  |  |  |  |
Basic |  | $ | 0.04 |  |  | $ | 0.08 |  |  |  |  |
Diluted |  | $ | 0.04 |  |  | $ | 0.08 |  |  |  |  |
The denominator of the basic earnings per share computation represents the weighted average common shares outstanding plus vested 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, |  | 2022 |  | 2021 |  |  |  |
Basic weighted average shares outstanding denominator |  | 46,731,459 |  |  | 46,314,049 |  |  |  |  |
Effect of potential dilutive shares : |  |  |  |  |  |  |  |
Warrants |  | — |  |  | 214,904 |  |  |  |  |
Restricted stock units |  | 82,066 |  |  | 121,215 |  |  |  |  |
Performance stock units (1) |  | 546,206 |  |  | 207,896 |  |  |  |  |
Diluted weighted average shares outstanding denominator |  | 47,359,731 |  |  | 46,858,064 |  |  |  |  |
Anti-dilutive shares excluded from the above reconciliation: |  |  |  |  |  |  |  |
Warrants |  | 4,877,617 |  |  | — |  |  |  |  |
Restricted stock units |  | 253,828 |  |  | 165,529 |  |  |  |  |
Performance stock units (2) |  | — |  |  | — |  |  |  |  |
(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.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration