EXHIBIT 11 – Computation of Per Share Earnings
(In thousands, except per share data) | ||||||||||||||
Post-Merger | Pre-Merger | |||||||||||||
Year Ended December 31, 2009 | Period from July 31 through December 31, 2008 As adjusted(1) | Period from January 1 through July 30, 2008 As adjusted(1) | Year Ended December 31, 2007 As adjusted(1) | |||||||||||
Basic and diluted numerator: | ||||||||||||||
Net income (loss) attributable to the Company – Common Shares | $ | (868,189 | ) | $ | (3,018,637 | ) | $ | 167,554 | $ | 245,990 | ||||
Less: Participating securities dividends | 6,799 | — | — | — | ||||||||||
Income (loss) attributable to the Company – Unvested Shares | — | — | 214 | 281 | ||||||||||
Income (loss) attributable to the Company per common share – basic and diluted | $ | (874,988 | ) | $ | (3,018,637 | ) | $ | 167,340 | $ | 245,709 | ||||
Denominator: | ||||||||||||||
Weighted average common shares – basic | 355,377 | 355,308 | 355,178 | 354,838 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Stock options and restricted stock awards(2) | — | — | 563 | 968 | ||||||||||
Weighted average common shares – diluted | 355,377 | 355,308 | 355,741 | 355,806 | ||||||||||
Net income (loss) per basic common share | $ | (2.46 | ) | $ | (8.50 | ) | $ | 0.47 | $ | 0.69 | ||||
Net income (loss) per diluted common share | $ | (2.46 | ) | $ | (8.50 | ) | $ | 0.47 | $ | 0.69 | ||||
(1) | Reflects implementation of Financial Accounting Standards Board Staff Position Emerging Issues Task Force 03-6-1,Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, codified in ASC 260-10-45. See Note J in Item 8 of Part II of this Annual Report on Form 10-K for additional information. |
(2) | 6.7 million, 7.7 million, 6.3 million and 1.8 million stock options were outstanding at December 31, 2009 and 2008 (post-merger), July 30, 2008 (pre-merger) and December 31, 2007(pre-merger), respectively, that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive as the respective options’ strive price was greater than the current market price of the shares. |