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Net Income Per Share
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Net Income Per Share
12.    NET INCOME PER SHARE
As of June 30, 2022, 44,939,916 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 decreased by 1,364,223 during the six months ended June 30, 2022, primarily due to share repurchases partially offset by 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 June 30, 2022, AFG repurchased 1,605,316 shares for $14.2 with an average purchase price of $8.86 per share. On May 5, 2022, the Board of Directors authorized an additional $15 in share repurchase bringing the total unused authorized amount to $20.8.
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 June 30,Six Months Ended June 30,
2022202120222021
Net income (loss) attributable to common stockholders$5 $(29)$7 (12)
Adjustment to redemption value (ASC 480)— (1)— (14)
Numerator of basic and diluted EPS$5 $(29)$7 (25)
Per Share:
Basic$0.11 $(0.63)$0.15 $(0.54)
Diluted$0.11 $(0.63)$0.15 $(0.54)
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 June 30,Six Months Ended June 30,
2022202120222021
Basic weighted average shares outstanding denominator45,519,093 46,576,673 46,121,927 46,446,087 
Effect of potential dilutive shares :
Warrants— — — — 
Restricted stock units82,128 — 81,411 — 
Performance stock units (1)
84,128 — 107,349 — 
Diluted weighted average shares outstanding denominator 45,685,349 46,576,673 46,310,687 46,446,087 
Anti-dilutive shares excluded from the above reconciliation:
Warrants
4,877,617 4,877,617 4,877,617 4,877,617 
Restricted stock units
471,697 518,306 388,326 453,236 
Performance stock units (1)
472,592 434,081 429,243 435,059 
(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.