1 These are financial measures that are not in accordance with accounting principles generally accepted in the United States of America (“GAAP”) (“non-GAAP financial measures”). Please see the “Explanation of Non-GAAP Financial Measures” section of this press release and Table 1 for a reconciliation of net income (loss) to operating income.
|Table 1: Reconciliation of Net Income (Loss) to Operating Income 1|
|(amounts in millions, except per share amounts)|
|Quarter Ended June 30,|
|Net income (loss)||$||376.5||$||(43.1||)|
|Less after-tax adjustments:|
|Realized gains (losses) on investments||(4.8||)||(2.8||)|
|Non-credit impairment unrealized fair value gains (losses) on credit derivatives||159.4||(73.6||)|
|Fair value gains (losses) on committed capital securities (“CCS”)||2.9||0.4|
|Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and loss adjustment expense (“LAE”) reserves||3.7||3.8|
|Effect of consolidating financial guaranty variable interest entities (“FG VIEs”)||101.3||(114.3||)|
|Net income (loss) per diluted share 2||$||2.01||$||(0.23||)|
|Operating income per diluted share 2||$||0.61||$||0.76|
|Diluted shares outstanding – GAAP||187.0||184.2|
|Diluted shares outstanding – operating||187.0||187.6|
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