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TheStreet Open House

Assured Guaranty Ltd. Reports Results For Third Quarter 2012

Stocks in this article: AGO

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,
2012   2011
 
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 )
Operating income $ 166   $ 38  
 
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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