XML 46 R23.htm IDEA: XBRL DOCUMENT
v3.22.4

Net Income Per Share | 12 Months Ended
--- | ---
Dec. 31, 2022
Earnings Per Share [Abstract] |
Net Income Per Share | 16. NET INCOME PER SHARE As of December 31, 2022, 44,973,757 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 1,330,382, during the year ended December 31, 2022, primarily due to share repurchases partially offset by settlements of employee restricted and performance stock units. For the three years ended December 31, 2022, 2021 and 2020, —, 132 and 34 warrants were exercised, respectively, resulting in an issuance of —, 4 and 8 shares of common stock, respectively. 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 December 31, 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. Warrant Repurchases On June 30, 2015, the Board of Directors of AFG authorized the establishment of a warrant repurchase program that permits the repurchase of up to $10 of warrants. On November 3, 2016, the Board of Directors of AFG authorized a $10 increase to the warrant repurchase program. The remaining aggregate authorization at December 31, 2022 was $12. For the years ended December 31, 2022 and 2021, AFG did not repurchase any warrants. 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 adjustment to redemption value of redeemable noncontrolling interests under ASC 480. The redemption value adjustment is further described in the Redeemable Noncontrolling Interests section of Note 2. Basis of Presentation and Significant Accounting Policies. 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:
Year ended December 31, |  | 2022 |  | 2021 |  | 2020
Net income (loss) attributable to common stockholders |  | $ | 522 |  |  | $ | (17) |  |  | $ | (437) |
Adjustment to redemption value (ASC 480) |  | 3 |  |  | (12) |  |  | — |
Numerator of basic and diluted EPS |  | $ | 525 |  |  | $ | (28) |  |  | $ | (437) |
Per Share: |  |  |  |  |  |
Basic |  | 11.48 |  |  | $ | (0.61) |  |  | $ | (9.47) |
Diluted |  | 11.31 |  |  | $ | (0.61) |  |  | $ | (9.47) |
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 common shares used for basic net income per share to the diluted shares used for diluted net income per share:
Year Ended December 31, | 2022 |  | 2021 |  | 2020
Basic weighted average shares outstanding | 45,719,906 |  |  | 46,535,001 |  |  | 46,147,062 |
Effect of potential dilutive shares (1): |  |  |  |  |
Warrants | — |  |  | — |  |  | — |
Stock options | — |  |  | — |  |  | — |
Restricted stock units | 144,194 |  |  | — |  |  | — |
Performance stock units (2) | 550,730 |  |  | — |  |  | — |
Diluted weighted average shares outstanding | 46,414,830 |  |  | 46,535,001 |  |  | 46,147,062 |
Anti-dilutive shares excluded from the above reconciliation |  |  |  |  |
Warrants | 4,877,617 |  |  | 4,877,653 |  |  | 4,877,754 |
Stock options | — |  |  | — |  |  | 16,121 |
Restricted stock units | 177,119 |  |  | 475,333 |  |  | 302,145 |
Performance stock units (2) | — |  |  | 700,915 |  |  | 1,002,501 |
(1)For the years ended years ended December 31, 2021 and 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.

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 https://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 https://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 https://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 https://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