XML 42 R22.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Net Income Per Share | 12 Months Ended
--- | ---
Dec. 31, 2024
Earnings Per Share [Abstract] |
Net Income Per Share | 15. NET INCOME PER SHARE As of December 31, 2024, 46,506,973 shares of AFG's common stock (par value $0.01) were issued and outstanding. Common shares outstanding increased by 1,311,603, during the year ended December 31, 2024, primarily due to the issuance of shares in the Beat acquisition, offset by share repurchases. Share Repurchases On March 29, 2022, AFG's Board of Directors approved a share repurchase program authorizing up to $20,000 in share repurchases. On May 5, 2022, the Board of Directors authorized an additional $15,000 in share repurchase. This program expired on March 31, 2024. On November 12, 2024, Ambac’s Board of Directors authorized a share repurchase program, under which Ambac may opportunistically repurchase up to $50,000 of the Company’s common shares at management’s discretion over the period ending on December 31, 2026. The following table shows shares repurchased by year.
($ in thousands, except per share) Year ended December 31, |  | 2022 |  | 2023 |  | 2024
Shares repurchased |  | 1,605,316 |  | 325,068 |  | 937,141
Total cost |  | $ | 14,217 |  |  | $ | 4,510 |  |  | $ | 11,699 |
Average purchase price per share |  | $ | 8.86 |  |  | $ | 13.88 |  |  | $ | 12.48 |
Unused authorization amount |  |  |  |  |  | $ | 38,302 |
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 NCI under ASC 480. The redemption value adjustment is further described in the Redeemable NCI section of Note 2. Basis of Presentation and Significant Accounting Policies. The following table provides a reconciliation of net income (loss) from continuing operations 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, |  | 2024 |  | 2023 |  | 2022
Net income (loss) attributable to Ambac common stockholders |  | $ | (59,282) |  |  | $ | (24,551) |  |  | $ | (36,115) |
Adjustment to redemption value (ASC 480) |  | 53,210 |  |  | 4,792 |  |  | 2,469 |
Numerator of basic and diluted EPS |  | $ | (6,072) |  |  | $ | (19,759) |  |  | $ | (33,646) |
Per Share: |  |  |  |  |  |
Basic |  | $ | (0.13) |  |  | $ | (0.43) |  |  | $ | (0.74) |
Diluted |  | $ | (0.13) |  |  | $ | (0.43) |  |  | $ | (0.74) |
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. In determining diluted net income (loss) per share, whether net income from continuing operations is positive or negative controls whether dilutive shares are included in the determination. For all periods presented, net income from continuing operations is negative, a net loss. Accordingly, since including dilutive shares would dilute the loss from continuing operations, no dilutive shares are included in any of the per share calculations. 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, | 2024 |  | 2023 |  | 2022
Basic weighted average shares outstanding | 46,969,708 |  |  | 45,636,649 |  |  | 45,719,906 |
Effect of potential dilutive shares (1): |  |  |  |  |
Restricted stock units | — |  |  | — |  |  | — |
Performance stock units (1) | — |  |  | — |  |  | — |
Diluted weighted average shares outstanding | 46,969,708 |  |  | 45,636,649 |  |  | 45,719,906 |
Anti-dilutive shares excluded from the above reconciliation |  |  |  |  |
Warrants | — |  |  | — |  |  | 4,877,617 |
Restricted stock units | 479,781 |  |  | 550,255 |  |  | 600,994 |
Performance stock units (1) | 817,483 |  |  | 900,964 |  |  | 1,095,664 |
(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 -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration