Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today
announced a second quarter 2010 net loss of $57.6 million, or a net
loss of $0.20 per share. This compares to a second quarter 2009 net
loss of $2,368.8 million, or a net loss of $8.24 per share. The
second quarter 2010 results reflect loss and loss expenses in
consumer asset-backed securities, other structured finance
exposures and a transportation transaction and a net operating loss
in the financial services segment, partially offset by a positive
change in fair value of credit derivatives. In 2009, Ambac’s second
quarter results reflected significant loss and loss expenses
related to the insured residential mortgage-backed securities
(“RMBS”) portfolio, other-than-temporary impairment write downs of
securities in its investment portfolios and an increase in its
deferred tax asset valuation allowance.
Second Quarter 2010
Summary
- Net loss and loss expenses
incurred amounted to $323.3 million for the current quarter, down
from $1,230.8 million in the second quarter of 2009.
- Net change in fair value of
credit derivatives was positive $202.2 million in the current
quarter, up from $1.0 million in the second quarter 2009.
- The financial services segment
recorded a $69.6 million operating loss primarily related to
interest rate movements in the derivative products business.
- Statutory surplus of Ambac
Assurance Corporation (“AAC”) increased to approximately $1.5
billion at June 30, 2010 from $160.2 million at March 31, 2010,
driven primarily by the CDO of ABS commutation settlement on June
7, 2010.
Financial
Results
Implementation of New Accounting Standards
Effective January 1, 2010, Ambac adopted Accounting Standards
Update No. (“ASU”) 2009-17, “Consolidations (Topic 810):
Improvements to Financial Reporting by Enterprises Involved with
Variable Interest Entities”. The implementation of ASU 2009-17 on
January 1, 2010, required Ambac to consolidate 83 additional VIEs
resulting in an increase to shareholders' equity of $705 million.
This adoption gain resulted from the initial recognition of all
assets and liabilities of the newly consolidated VIEs at fair value
in Ambac’s financial statements, while eliminating from our
financial statements the related net insurance liabilities which
are generally calculated using estimated future cash flows
discounted at risk free interest rates. In March 2010, Ambac
acquiesced to Office of the Commissioner of Insurance of the State
of Wisconsin’s (“OCI’s”) request to establish a segregated account
pursuant to Wisconsin statutes (the “Segregated Account”) for
purposes of initiation of the rehabilitation of the Segregated
Account and AAC allocated certain policies to the Segregated
Account. This action resulted in Ambac no longer having the
unilateral power to direct the activities of certain VIEs whose
insurance policies were allocated to the Segregated Account and
therefore those VIEs were de-consolidated in March 2010. The
de-consolidation resulted in Ambac reversing the ASU 2009-17
transition effect for those specific transactions with the charge
to Ambac’s Consolidated Statement of Operations amounting to $492.7
million in the first quarter of 2010.
As of June 30, 2010, the Company's balance sheet included 24
remaining consolidated VIEs with $18.0 billion of assets and $17.8
billion of liabilities.
Net Premiums Earned
Net premiums earned for the second quarter of 2010 were $167.0
million, down 6% from $177.7 million earned in the second quarter
of 2009. Net premiums earned include accelerated premiums, which
result from calls, terminations and other accelerations recognized
during the quarter. Accelerated premiums were $54.3 million in the
second quarter of 2010, up 61% from $33.8 million in the second
quarter 2009. Normal net premiums earned, which exclude accelerated
premiums, were $112.7 million in the second quarter of 2010, down
22% from $143.9 million in the second quarter of 2009. Normal net
premiums earned for the period have been negatively impacted by the
lack of new business written and the high level of refundings and
terminations over the past two and a half years, as well as
non-recognition of premiums earned on VIEs that have been
consolidated as a result of implementation of ASU 2009-17,
effective January 1, 2010.
Net Investment Income
Net investment income for the second quarter of 2010 was $69.0
million, representing a decrease of 45% from $125.5 million in the
second quarter of 2009. The decrease was primarily driven by three
factors: (i) a decrease in the asset base as commutation
settlements on CDO of ABS transactions (including the $2.8 billion
payment in the current quarter) and claim payments on insured RMBS
and other transactions over the past 12 months were greater than
the cash inflows resulting from collections of financial guarantee
premiums, fees, tax refunds and coupon receipts on invested assets
over the same period; (ii) the average yield on the portfolio
decreased as a result of maintaining a large portion of the
portfolio in highly liquid short-term securities awaiting the
finalization of the CDO of ABS commutation; and (iii) a reduction
in interest income related to AAC-insured RMBS held in the
financial guarantee investment portfolio that are subject to the
payment moratorium ordered by the OCI in connection with the
rehabilitation plan for the Segregated Account of AAC.
Other-Than-Temporary Impairment Losses
Other-than-temporary impairment (“OTTI”) losses in the financial
guarantee investment portfolio were $7.5 million in the second
quarter of 2010, compared to OTTI losses of $675.4 million in the
second quarter of 2009. The second quarter 2010 OTTI loss was
driven primarily by impairment write downs on AAC-wrapped RMBS
securities within its investment portfolio. The second quarter 2009
OTTI impairment loss was driven by write-downs of certain RMBS
securities rated below investment grade and tax exempt securities
within the investment portfolio that management intended to sell in
connection with its revised investment strategies.
Net Change in Fair Value of Credit Derivatives
The net change in fair value of credit derivatives, which
comprises realized gains/(losses) and other settlements from credit
derivatives and unrealized gains/(losses) on credit derivatives,
was a gain of $202.2 million for the second quarter of 2010,
compared to a gain of $1.0 million for the second quarter of
2009.
Realized losses and other settlements from credit derivative
contracts represent the normal accretion into income of fees
received for transactions executed in credit derivative format,
offset by loss and settlement payments on such transactions. Net
realized losses and other settlements from credit derivative
contracts in the second quarter of 2010 and 2009 amounted to
$2,777.3 million and $5.0 million, respectively. The net realized
losses in the second quarter 2010 relate primarily to the
counterparty settlement of the CDO of ABS portfolio that was
announced on June 7, 2010. Ambac paid in the aggregate, cash of
$2.6 billion and $2.0 billion of newly issued surplus notes to
several counterparties to settle the $16.4 billion of CDO of ABS
exposure outstanding at that time. In addition, Ambac settled other
exposures for $186.5 million.
Net unrealized gains on credit derivative contracts in the
second quarter of 2010 and 2009 amounted to $2,979.5 million and
$6.0 million, respectively. The net unrealized gain during the
second quarter of 2010 is primarily the result of reclassification
of unrealized losses to realized losses resulting from the
commutations referenced above. Additionally, the unrealized gains
were impacted by the net decrease in mark-to-market liabilities of
the remaining credit derivative portfolio due to higher valuation
adjustments to reflect Ambac’s own credit risk. Beginning in the
second quarter 2010, the Ambac credit valuation adjustment is
internally estimated using relevant data points, including the
final settlement value of AAC credit default swaps (determined
through auction in June 2010) and quoted prices of securities
guaranteed by AAC, which indicate the market’s view of the recovery
rate on AAC’s insurance obligations.
Financial Guarantee Loss Reserves
Total net loss and loss expenses were $323.3 million in the
second quarter of 2010, compared to $1,230.8 million in the second
quarter of 2009. Losses and loss expenses in the second quarter of
2010 were primarily related to credit deterioration in certain
student loan transactions and the impact of using a lower average
risk-free rate to discount losses. Second quarter of 2009 loss and
loss expenses were driven by continued deterioration in the RMBS
portfolio.
Loss and loss adjustment expenses paid (on policies not
allocated to the Segregated Account) during the second quarter
2010, net of recoveries from all policies (allocated and not
allocated to the Segregated Account), amounted to a net recovery of
$17.1 million. Total insurance claims presented for payment during
the quarter but not paid as a result of the moratorium imposed in
March 2010 by the OCI on all policies allocated to the Segregated
Account amounted to $525.4 million, all related to RMBS policies.
Total net claims paid in the second quarter of 2009 were $400.8
million, primarily related to second-lien RMBS transactions.
Loss and loss expense reserves for all RMBS insurance exposures
as of June 30, 2010, were $2,689.7 million (including $655.5
million representing claims presented but not paid since March 24,
2010 due to the claims moratorium). RMBS reserves are net of
$2,227.2 million of estimated net remediation recoveries. The
estimate of net remediation recoveries related to material
representation and warranty breaches increased from $2,069.2
million as of March 31, 2010, primarily as a result of breaches
identified during the re-underwriting of additional transactions.
Ambac has initiated and may continue to initiate lawsuits seeking
compliance with the repurchase obligations in the securitization
documents with respect to sponsors who disregard their obligations
to repurchase. Additionally, Ambac is in the process of
re-underwriting additional transactions that have drastically
underperformed expectations and the forensic results of those
transactions will be available over the next few quarters.
Financial Services
The financial services segment comprises the investment
agreement business and the derivative products business. Gross
interest income less gross interest expense and operating expenses
from investment and payment agreements, plus operating results from
the derivative products business was ($69.6) million for the second
quarter of 2010, down from ($37.1) million for the second quarter
of 2009. The decrease was primarily driven by the impact of
declining interest rates on the financial services derivative
portfolio during the second quarter of 2010, partially offset by
lower termination losses on canceled swaps and valuation
adjustments relating to Ambac’s credit risk. Beginning in the
second half of 2009, the financial services segment has been
positioned to record gains in a rising interest rate environment in
order to provide a hedge against certain exposures within the
financial guarantee segment. The interest rate swap and investment
agreement businesses are in run-off.
Balance Sheet and
Liquidity
Total assets decreased by approximately $5.8 billion during the
second quarter of 2010, from $35.8 billion at March 31, 2010 to
$30.0 billion at June 30, 2010, primarily due to the cash outflow
related to the commutation of the CDO of ABS portfolio and other
exposures discussed above, and the reduction of VIE assets by
approximately $2.6 billion, related primarily to commuted CDOs of
ABS that had been consolidated in compliance with ASU 2009-17 in
the previous quarter.
The fair value of the consolidated non-VIE investment portfolio
decreased from $9.7 billion (amortized cost of $9.6 billion) as of
March 31, 2010 to $6.6 billion (amortized cost of $6.3 billion) as
of June 30, 2010. The decrease was primarily driven by the
cash outflow related to the commutations of the CDO of ABS
portfolio and other exposures, discussed above, partially offset by
generally increased market values of securities in the financial
guarantee investment portfolio.
The financial guarantee non-VIE investment portfolio had a fair
value of $5.3 billion (amortized cost of $5.0 billion) as of June
30, 2010. The portfolio consists of high quality municipal bonds,
corporate bonds, Treasuries, U.S. Agencies and Agency MBS as well
as mortgage and asset-backed securities.
Long-term debt increased during the quarter from $1,633.4
million at March 31, 2010 to $1,815.0 million due to the issuance
of $2.0 billion of surplus notes related to the CDO of ABS
commutation which have a carrying value of $200.1 million at June
30, 2010. The surplus notes will accrete to face value over the
10-year life of the bonds. This increase was partially offset by
decreases in Ambac’s debt resulting from debt for equity exchanges
transacted with certain holders of Ambac’s 9⅜% debentures due in
August 2011. During the second quarter 2010, Ambac issued an
aggregate of 13,638,482 shares of its common stock in exchange for
$20.3 million in aggregate principal amount of its 9⅜% debentures
and recognized a gain on the extinguishment of those debentures
amounting to $10.7 million during the period.
Cash, short-term securities and bonds at the holding company
amounted to $76.0 million as of June 30, 2010. Ambac’s annual debt
service costs amount to approximately $87.0 million. As a result of
the recent actions taken by OCI (as discussed in our press release
dated March 25, 2010 and in our 10-K filed with Securities Exchange
Commission on April 9, 2010), management believes that it is highly
unlikely that AAC will be able to make dividend payments to Ambac
for the foreseeable future.
Overview of AAC Statutory
Results
As of June 30, 2010, AAC reported statutory capital and surplus
of approximately $1.5 billion, up from $160 million as of March 31,
2010. AAC’s statutory financial statements include the results of
AAC’s general account, the Segregated Account which was formed on
March 24, 2010, Ambac Assurance UK Ltd. and Everspan Financial
Guarantee Corporation. Statutory capital and surplus was positively
impacted by the various credit derivative commutations during the
period, primarily the June 7, 2010 CDO of ABS
settlement. Consideration for these settlements included both
cash and surplus notes of AAC. As prescribed by OCI, the surplus
notes are included in AAC’s statutory surplus at their par value of
$2.0 billion. At June 30, 2010 AAC has no remaining statutory
impairments on its credit derivative portfolio.
AAC recorded a statutory net loss during the second quarter of
2010. The primary drivers of the statutory net loss were (i)
statutory loss and loss expenses related primarily to AAC’s RMBS
financial guarantee portfolio for both initial defaults and
continued deterioration in previously defaulted credits; (ii)
impairment losses related to AAC’s CDO of ABS transactions that
were commuted during the quarter; and (iii) impairment losses
within AAC’s investment portfolio driven by reduced pricing on
certain previously impaired RMBS securities. These negative drivers
were partially offset by revenues (primarily premiums earned and
investment income) generated during the quarter.
AAC’s consolidated claims-paying resources amount to
approximately $8.5 billion as of June 30, 2010, down from $10.8
billion at March 31, 2010, as net cash outflows during the quarter
exceeded the ongoing cash inflows from operations.
About Ambac
Ambac Financial Group, Inc., headquartered in New York City, is
a holding company whose affiliates provided financial guarantees
and financial services to clients in both the public and private
sectors around the world. Ambac's principal operating subsidiary,
Ambac Assurance Corporation, a guarantor of public finance and
structured finance obligations, has a Caa2 rating under review for
possible upgrade from Moody's Investors Service, Inc. and an R
(regulatory intervention) financial strength rating from Standard
& Poor's Ratings Services. Ambac Financial Group, Inc. common
stock is listed on the New York Stock Exchange (ticker symbol
ABK).
Forward-Looking
Statements
This release contains statements that may constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Any or all of management’s forward-looking statements here or in
other publications may turn out to be incorrect and are based on
Ambac management’s current belief or opinions. Ambac’s actual
results may vary materially, and there are no guarantees about the
performance of Ambac’s securities. Among events, risks,
uncertainties or factors that could cause actual results to differ
materially are: (1) ability of Ambac Assurance to realize the
remediation recoveries contained in its loss reserves;
(2) Ambac has insufficient capital to finance its debt service
and operating expense requirements beyond the second quarter of
2011 and may need to seek bankruptcy protection; (3) the unlikely
ability of Ambac Assurance to pay dividends to Ambac in the near
term; (4) the risk that holders of debt securities or
counterparties on credit default swaps or other similar agreements
bring claims alleging that the rehabilitation of the Segregated
Account (as defined in Part I, Item 1, Recent Developments)
constitutes an event of default under the applicable debt indenture
or an event of default under the applicable ISDA contract; (5)
adverse events arising from the Segregated Account Rehabilitation
Proceedings (as defined in Part I, Item 1, Recent Developments),
including the injunctions issued by the Wisconsin rehabilitation
court to enjoin certain adverse actions related to the Segregated
Account being successfully challenged as not enforceable; (6)
litigation arising from the Segregated Account Rehabilitation
Proceedings; (7) decisions made by the rehabilitator for the
benefit of policyholders may result in material adverse
consequences for Ambac’s securityholders; (8) potential of
rehabilitation proceedings against Ambac Assurance, with resulting
adverse impacts; (9) the risk that reinsurers may dispute
amounts owed us under our reinsurance agreements; (10) possible
delisting of Ambac’s common shares from the NYSE; (11) the
risk that market risks impact assets in our investment portfolio or
the value of our assets posted as collateral in respect of
investment agreements and interest rate swap and currency swap
transactions; (12) risks which impact assets in Ambac Assurance’s
investment portfolio; (13) risks relating to determination of
amount of impairments taken on investments; (14) credit and
liquidity risks due to unscheduled and unanticipated withdrawals on
investment agreements; (15) market spreads and pricing on
insured CDOs and other derivative products insured or issued by
Ambac; (16) inadequacy of reserves established for losses and
loss expenses, including our inability to realize the remediation
recoveries included in our reserves; (17) Ambac’s financial
position and the Segregated Account Rehabilitation Proceedings may
prompt departures of key employees; (18) the risk of
litigation and regulatory inquiries or investigations, and the risk
of adverse outcomes in connection therewith, which could have a
material adverse effect on our business, operations, financial
position, profitability or cash flows; (19) difficult economic
conditions, which may not improve in the near future, and adverse
changes in the economic, credit, foreign currency or interest rate
environment in the United States and abroad; (20) the actions of
the U. S. Government, Federal Reserve and other government and
regulatory bodies to stabilize the financial markets; (21) likely
unavailability of adequate capital support and liquidity;
(22) credit risk throughout our business, including credit
risk related to residential mortgage-backed securities and
collateralized debt obligations (“CDOs”) and large single exposures
to reinsurers; (23) default by one or more of Ambac
Assurance’s portfolio investments, insured issuers,
counterparties or reinsurers; (24) the risk that our risk
management policies and practices do not anticipate certain risks
and/or the magnitude of potential for loss as a result of
unforeseen risks; (25) factors that may influence the amount of
installment premiums paid to Ambac, including the imposition of the
payment moratorium with respect to claims payments as a result of
Segregated Account Rehabilitation Proceedings; (26) changes in
prevailing interest rates; (27) the risk of volatility in
income and earnings, including volatility due to the application of
fair value accounting, required under the relevant derivative
accounting guidance, to the portion of our credit enhancement
business which is executed in credit derivative form;
(28) changes in accounting principles or practices that may
impact Ambac’s reported financial results; (29) legislative
and regulatory developments; (30) operational risks, including
with respect to internal processes, risk models, systems and
employees; (31) changes in tax laws and other tax-related risks;
(32) other factors described in the Risk Factors section in Part I,
Item 1A of the 2009 Annual Report on Form 10-K and Part II, Item 1A
of this Form 10-Q and also disclosed from time to time by Ambac in
its subsequent reports on Form 10-Q and Form 8-K, which are or will
be available on the Ambac website at www.ambac.com and at the SEC’s
website, www.sec.gov; and (33) other risks and uncertainties
that have not been identified at this time. Readers are cautioned
that forward-looking statements speak only as of the date they are
made and that Ambac does not undertake to update forward-looking
statements to reflect circumstances or events that arise after the
date the statements are made. You are therefore advised to consult
any further disclosures we make on related subjects in Ambac’s
reports to the SEC.
Ambac Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets June 30, 2010 and December
31, 2009 (Dollars in Thousands Except Share Data)
June 30,
2010
December 31,
2009
(unaudited)
Assets
Investments: Fixed income securities, at fair
value (amortized cost of $5,668,300 in 2010 and $7,605,565
in 2009) $ 5,925,170 $ 7,572,570
Fixed income securities pledged as collateral, at fair value
(amortized cost of $123,766 in 2010 and $164,356 in 2009)
127,432 167,366 Short-term investments (amortized
cost of $514,780 in 2010 and $962,007 in 2009) 514,780
962,007 Other (cost of $100 in 2010 and $1,278 in
2009) 100 1,278
Total investments 6,567,482 8,703,221
Cash and cash equivalents 56,677 112,079
Receivable for securities sold 14,481 3,106
Investment income due and accrued 47,995
73,062 Premium receivables 2,789,353
3,718,158 Reinsurance recoverable on paid and unpaid
losses 121,715 78,115 Deferred ceded
premium 386,665 500,804 Subrogation
recoverable 1,046,610 902,612 Deferred
taxes - 11,250 Current income taxes
- 421,438 Deferred acquisition costs
263,258 279,704 Loans 70,849
80,410 Derivative assets 504,125
496,494 Other assets 173,270 229,299
Variable interest entity assets: Fixed income securities,
at fair value 1,801,557 525,947 Restricted
cash 1,977 1,151 Investment income due and
accrued 3,866 4,133 Loans
16,189,761 2,635,961 Derivative assets
4,546 109,411 Other assets
11,598 12 Total assets
$ 30,055,785 $ 18,886,367
Liabilities and Stockholders'
Equity
Liabilities: Unearned premiums $
4,714,527 $ 5,687,114 Loss and loss expense
reserve 5,221,886 4,771,684 Ceded premiums
payable 224,740 291,843 Obligations under
investment and payment agreements 879,381
1,177,406 Obligations under investment repurchase
agreements 113,296 113,527 Current taxes
22,384 - Long-term debt 1,815,017
1,631,556 Accrued interest payable 58,345
47,125 Derivative liabilities 452,136
3,536,858 Other liabilities 140,999
248,655 Payable for securities purchased
24,151 2,074 Variable interest entity
liabilities: Accrued interest payable 3,307
3,482 Long-term debt 16,518,312
3,008,628 Derivative liabilities 1,277,302
- Other liabilities 12,681
60 Total liabilities
31,478,464 20,520,012
Stockholders' (deficit) equity: Ambac Financial Group,
Inc.: Preferred stock - - Common
stock 3,080 2,944 Additional paid-in
capital 2,185,134 2,172,656 Accumulated other
comprehensive loss 219,939 (24,827 )
Accumulated deficit (4,031,055 )
(3,878,015 ) Common stock held in treasury at
cost (454,203 ) (560,543
) Total Ambac Financial Group, Inc. stockholders'
deficit (2,077,105 ) (2,287,785 )
Non-controlling interest: 654,426
654,140 Total stockholders'
deficit (1,422,679 )
(1,633,645 ) Total liabilities and stockholders'
deficit $ 30,055,785 $
18,886,367 Number of shares outstanding
(net of treasury shares) 302,022,750
287,598,189 Book value per share
(controlling interest) ($6.88 )
($7.95 ) Ambac Financial Group, Inc.
and Subsidiaries Consolidated Statements of Operations
(Unaudited) For the Three and Six Months Ended June 30,
2010 and 2009 (Dollars in Thousands Except Share Data)
Three Months EndedJune
30, Six Months EndedJune 30, 2010
2009 2010
2009 Revenues: Financial
Guarantee: Net premiums earned $ 167,005
$ 177,732 $ 292,236 $
374,544 Net investment income 69,028
125,506 186,598 226,381
Other-than-temporary impairment losses: Total
other-than-temporary impairment losses (7,777 )
(675,394 ) (41,245 ) (1,420,135
) Portion of loss recognized in other comprehensive
income 290 -
2,409 - Net other-than
temporary impairment losses recognized in earnings
(7,487 ) (675,394 )
(38,836 ) (1,420,135 )
Net realized investment gains (losses) 18,281
7,710 73,420 6,159 Change in fair
value of credit derivatives: Realized gains and (losses) and
other settlements (2,777,295 ) (5,053
) (2,767,371 ) 1,570 Unrealized
gains 2,979,476 6,016
2,802,413 1,545,243
Net change in fair value of credit derivatives
202,181 963 35,042 1,546,813
Other (loss) income (30,243 ) 39,221
(86,146 ) 40,944 (Loss) income on variable
interest entities (38,546 ) 33
(531,250 ) 44 Financial Services:
Investment income 8,861 19,004 18,129
39,888 Derivative products (70,957 )
(44,219 ) (129,184 ) (58,418
) Other-than-temporary impairment losses: Total
other-than-temporary impairment losses (3,079 )
(186,708 ) (3,079 ) (272,198
) Portion of loss recognized in other comprehensive
income - -
- - Net other-than
temporary impairment losses recognized in earnings
(3,079 ) (186,708 )
(3,079 ) (272,198 ) Net
realized investment gains (losses) 65,832 (2,310
) 67,242 114,236 Net change in fair value
of total return swaps - 22,052 -
11,671 Net mark-to-market (losses) gains on non-trading
derivatives (11,556 ) 7,529 (14,295
) 7,690 Corporate and Other: Other
income 1,157 32,000 1,461 32,216
Net realized gains 10,693
- 10,693 33
Total revenues 381,170
(476,881 ) (117,969 )
649,868 Expenses: Financial
Guarantee: Loss and loss expenses 323,326
1,230,847 412,478 1,970,677 Underwriting
and operating expenses 58,931 48,842
109,427 105,454 Interest expense 6,886
- 6,886 - Financial Services:
Interest on investment and payment agreements 4,357
8,311 9,791 21,100 Operating expenses
3,124 3,541 6,751 7,492 Corporate
and Other: Interest 29,597 29,837
59,756 59,683 Other expenses
12,645 (3,337 )
24,593 684 Total
expenses 438,866 1,318,041
629,682 2,165,090
Pre-tax loss from continuing operations
(57,696 ) (1,794,922 ) (747,651
) (1,515,222 ) (Benefit) provision for
income taxes (122 ) 573,861
(15 ) 1,245,761
Net loss (57,574 ) (2,368,783
) (747,636 ) (2,760,983 )
Less: net loss attributable to noncontrolling interest
(15 ) 11
(26 ) (2 ) Net loss
attributable to Ambac Financial Group, Inc.
($57,559 ) ($2,368,794 )
($747,610 ) ($2,760,981 )
Net loss per share ($0.20 )
($8.24 ) ($2.59 )
($9.60 ) Net loss per diluted share
($0.20 ) ($8.24 )
($2.59 ) ($9.60 )
Weighted average number of common shares outstanding:
Basic 290,050,931
287,639,234 289,147,236
287,602,413 Diluted
290,050,931 287,639,234
289,147,236 287,602,413
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