EXHIBIT 11 – Computation of Per Share Earnings (Loss)
(In thousands, except per share data)
Post-Merger | Pre-Merger | |||||||||||||||
Year Ended December 31, | Period from July 31 through December 31, | Period from July 30, | ||||||||||||||
2010 | 2009 | 2008 | 2008 | |||||||||||||
Basic and diluted numerator: | ||||||||||||||||
Net income (loss) attributable to the Company – Common Shares | $ | (87,523 | ) | $ | (868,189 | ) | $ | (3,018,637 | ) | $ | 167,554 | |||||
Less: Participating securities dividends | 5,916 | 6,799 | — | — | ||||||||||||
Income (loss) attributable to the Company – Unvested Shares | — | — | — | 214 | ||||||||||||
Income (loss) attributable to the Company per common share – basic and diluted | $ | (93,439 | ) | $ | (874,988 | ) | $ | (3,018,637 | ) | $ | 167,340 | |||||
Denominator: | ||||||||||||||||
Weighted average common shares – basic | 355,568 | 355,377 | 355,308 | 355,178 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options and restricted stock awards(1) | — | — | — | 563 | ||||||||||||
Weighted average common shares – diluted | 355,568 | 355,377 | 355,308 | 355,741 | ||||||||||||
Net income (loss) per basic common share | $ | (0.26 | ) | $ | (2.46 | ) | $ | (8.50 | ) | $ | 0.47 | |||||
Net income (loss) per diluted common share | $ | (0.26 | ) | $ | (2.46 | ) | $ | (8.50 | ) | $ | 0.47 | |||||
(1) | 5.2 million, 6.7 million, 7.7 million and 6.3 million options were outstanding at December 31, 2010, 2009 and 2008 (post-merger) and July 30, 2008 (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. |