XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.23.2

Earnings Per Share | 6 Months Ended
--- | ---
Jun. 30, 2023
Text Block [Abstract] |
Earnings Per Share | Note 11: Earnings Per Share Earnings per share is calculated using the two-class method in which earnings are allocated to common stock and participating securities based on their rights to receive nonforfeitable dividends or dividend equivalents. The Company grants restricted stock to certain employees and non-employee directors in accordance with the Company’s long-term incentive programs, which entitle the participants to receive nonforfeitable dividends or dividend equivalents during the vesting period on the same basis as those dividends are paid to common shareholders. These unvested stock awards represent participating securities. During periods of net income, the calculation of earnings per share exclude the income attributable to participating securities in the numerator and the dilutive impact of these securities from the denominator. During periods of net loss, no effect is given to participating securities in the numerator and the denominator excludes the dilutive impact of these securities since they do not share in the losses of the Company. Basic earnings per share excludes dilution and is reported separately for continuing operations and discontinued operations. Basic earnings per share for continuing operations and discontinued operations is computed by dividing net income from continuing operations and discontinued operations available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the dilutive effect of all unvested restricted stock outstanding during the period that could potentially result in the issuance of common stock. The dilution from unvested restricted stock is calculated by applying the two-class method and using the treasury stock method. The treasury stock method assumes the proceeds from the unrecognized compensation expense from unvested restricted stock will be used to purchase shares of the Company’s common stock at the average market price during the period. If the potentially dilutive securities disclosed in the table below become vested, the transaction would be net share settled resulting in a significantly lower impact to the outstanding share balance in comparison to the total amount of the potentially dilutive securities. During periods of net loss, unvested restricted stock is excluded from the calculation because it would have an antidilutive effect. Therefore, in periods of net loss, the calculation of basic and diluted earnings per share would result in the same value. The following table presents the computation of basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
In millions except per share amounts |  | 2023 |  | 2022 |  | 2023 |  | 2022
Basic and diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations available to common shareholders |  | $ | (78 | ) |  | $ | (36 | ) |  | $ | (161 | ) |  | $ | (109 | )
Income (loss) from discontinued operations, net of income taxes |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |
Less: Net income (loss) from discontinued operations attributable to noncontrolling interests |  |  | (1 | ) |  |  | - |  |  |  | 6 |  |  |  | - |
Net income (loss) from discontinued operations attributable to MBIA Inc. |  |  | 4 |  |  |  | - |  |  |  | (6 | ) |  |  | - |
Net income (loss) attributable to MBIA Inc. |  | $ | (74 | ) |  | $ | (36 | ) |  | $ | (167 | ) |  | $ | (109 | )
Basic and diluted weighted average shares (1) |  |  | 49.0 |  |  |  | 49.8 |  |  |  | 49.5 |  |  |  | 49.7 |
Net income (loss) per common share attributable to MBIA Inc. - basic and diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | (1.52 | ) |  | $ | (0.72 | ) |  | $ | (3.38 | ) |  | $ | (2.20 | )
Discontinued operations |  |  | 0.06 |  |  |  | - |  |  |  | (0.13 | ) |  |  | - |
Net income (loss) per share attributable to MBIA Inc. - basic and diluted |  | $ | (1.46 | ) |  | $ | (0.72 | ) |  | $ | (3.51 | ) |  | $ | (2.20 | )
Potentially dilutive securities excluded from the calculation of diluted EPS because of antidilutive affect |  |  | 4.8 |  |  |  | 5.0 |  |  |  | 4.8 |  |  |  | 5.0 |
(1) - | Includes approximately 1 million of participating securities that met the service condition and were eligible to receive nonforfeitable dividends or dividend equivalents for the three and six months ended June 30, 2023 and 2022.

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

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