1These 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 September 30,|
|Net income (loss)||$||142||$||761|
|Less after-tax adjustments:|
|Realized gains (losses) on investments||0||(13||)|
|Non-credit impairment unrealized fair value gains (losses) on credit derivatives||(37||)||800|
|Fair value gains (losses) on committed capital securities ("CCS")||(2||)||2|
|Foreign exchange gains (losses) on remeasurement of premiums receivable and loss and loss adjustment expense ("LAE") reserves||4||(15||)|
|Effect of consolidating financial guaranty variable interest entities ("FG VIEs")||11||(51||)|
|Net income (loss) per diluted share 2||$||0.73||$||4.13|
|Operating income per diluted share 2||$||0.85||$||0.21|
|Diluted shares outstanding-GAAP||194.7||184.0|
|Diluted shares outstanding-operating||194.7||184.0|
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