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Net Income Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Net Income Per Share | 11. NET INCOME PER SHARE As of September 30, 2025, 46,701,464 shares of AFG's common stock (par value $0.01) and a warrant entitling the holder to acquire up to 5,092,707 shares of common stock at an exercise price of $18.50 per share were issued and outstanding. The warrant was issued September 29, 2025 and allows the holder to convert the warrant at its Black-Scholes value, settleable in shares of AFG common stock or cash at AFG's election. Common shares outstanding increased by 194,491 during the nine months ended September 30, 2025, primarily due to shares issued in connection with employee stock compensation partially offset by share repurchases. Share Repurchases 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, |  | YTD 2025
| 2022 |  | 2023 |  | 2024 |
Shares repurchased |  | 1,605,316 |  | 325,068 |  | 937,141 |  | 292,191
Total cost |  | $ | 14,217 |  |  | $ | 4,510 |  |  | $ | 11,678 |  |  | $ | 3,301 |
Average purchase price per share |  | $ | 8.86 |  |  | $ | 13.88 |  |  | $ | 12.46 |  |  | $ | 11.30 |
Unused authorization amount |  |  |  |  |  | $ | 8,449 |
Subsequent to September 30, 2025, Ambac repurchased 3,142,554 common shares in the open market at an average price of $8.46 (including brokerage commissions) under a 10b5-1 program. As of the date of this filing $8,449 of unused capacity remains under Ambac's current share repurchase authorization. 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 impacts of the noncontrolling adjustment to redemption value under ASC 480, or amendments resulting in revaluation to fair value and reclassification of NCI shares to redeemable NCI. Adjustments to the carrying value of redeemable noncontrolling interest are further described in the Redeemable NCI section of Note 1. Background and Business Description. 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 September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Net income (loss) attributable to common stockholders |  | $ | (112,620) |  |  | $ | (27,503) |  |  | $ | (231,710) |  |  | (8,183) |
Adjustment of NCI to fair value |  | — |  |  | — |  |  | (10,276) |  |  | — |
Adjustment to redemption value (ASC 480) |  | (569) |  |  | (2,402) |  |  | (2,717) |  |  | (2,533) |
Numerator of basic and diluted EPS |  | $ | (113,189) |  |  | $ | (29,905) |  |  | $ | (244,703) |  |  | (10,716) |
Per Share: |  |  |  |  |  |  |  |
Basic |  | $ | (2.35) |  |  | $ | (0.63) |  |  | $ | (5.11) |  |  | $ | (0.23) |
Diluted |  | $ | (2.35) |  |  | $ | (0.63) |  |  | $ | (5.11) |  |  | $ | (0.23) |
The denominator of the basic earnings per share computation represents the weighted average common shares ("WASO") outstanding plus vested performance and 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. Additionally, as further described in the Redeemable NCI section of Note 1, the acquisition agreements and other agreements related to certain majority-owned subsidiaries include call and put options that, if exercised, would result in Ambac purchasing all or a portion of the remaining interests from the minority owners. Under the terms of certain of those agreements, Ambac may elect to settle a portion of its purchase with Ambac shares, which have also been considered in potential dilutive common shares outstanding. 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 September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Basic WASO denominator |  | 48,106,069 |  |  | 47,688,986 |  |  | 47,862,071 |  |  | 46,580,518 |
Effect of potential dilutive shares : |  |  |  |  |  |  |  |
Restricted stock units |  | — |  |  | — |  |  | — |  |  | — |
Performance stock units (1) |  | — |  |  | — |  |  | — |  |  | — |
Diluted WASO denominator |  | 48,106,069 |  |  | 47,688,986 |  |  | 47,862,071 |  |  | 46,580,518 |
Anti-dilutive shares excluded from the above reconciliation: |  |  |  |  |  |  |  |
Warrants |  | — |  |  | — |  |  | — |  |  | — |
Restricted stock units |  | 170,982 |  |  | 470,482 |  |  | 183,058 |  |  | 480,944 |
Performance stock units (1) |  | — |  |  | 515,035 |  |  | — |  |  | 515,238 |
(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.

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