EXHIBIT 11 – Computation of Per Share Earnings (Loss)
(In thousands, except per share data) | Post-Merger | Pre-Merger | ||||||||||||||||||
Year ended December 31, 2010 | Year ended December 31, 2009 | Period from July 31 through December 31, 2008 | Period from January 1 through July 30, 2008 | |||||||||||||||||
NUMERATOR: | ||||||||||||||||||||
Net income (loss) attributable to the Company – common shares | $ | (479,089) | $ | (4,034,086) | $ | (5,041,998) | $ | 1,036,525 | ||||||||||||
Less: Participating securities dividends | 5,916 | 6,799 | — | — | ||||||||||||||||
Less: Income (loss) from discontinued operations, net | — | — | (1,845) | 640,236 | ||||||||||||||||
Income (loss) from continuing operations attributable to the Company | $ | (485,005) | (4,040,885) | (5,040,153) | 396,289 | |||||||||||||||
Less: Income (loss) from continuing operations attributable to the Company – unvested shares | — | — | — | 2,333 | ||||||||||||||||
Income (loss) from continuing operations attributable to the Company per common share – basic and diluted | $ | (485,005) | $ | (4,040,885) | $ | (5,040,153) | $ | 393,956 | ||||||||||||
DENOMINATOR: | ||||||||||||||||||||
Weighted average common shares - basic | 81,653 | 81,296 | 81,242 | 495,044 | ||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||
Stock options and common stock warrants(1) | — | — | — | 1,475 | ||||||||||||||||
Denominator for net income (loss) per common share – diluted | 81,653 | 81,296 | 81,242 | 496,519 | ||||||||||||||||
Net income (loss) per common share: | ||||||||||||||||||||
Basic: | ||||||||||||||||||||
Income (loss) attributable to the Company before discontinued operations | $ | (5.94) | $ | (49.71) | $ | (62.04) | $ | 0.80 | ||||||||||||
Discontinued operations | — | — | (0.02) | 1.29 | ||||||||||||||||
Net income (loss) attributable to the Company | $ | (5.94) | $ | (49.71) | $ | (62.06) | $ | 2.09 | ||||||||||||
Diluted: | ||||||||||||||||||||
Income (loss) attributable to the Company before discontinued operations | $ | (5.94) | $ | (49.71) | $ | (62.04) | $ | 0.80 | ||||||||||||
Discontinued operations | — | — | (0.02) | 1.29 | ||||||||||||||||
Net income (loss) attributable to the Company | $ | (5.94) | $ | (49.71) | $ | (62.06) | $ | 2.09 | ||||||||||||
(1) | 7.2 million, 7.6 million, 7.6 million, 7.8 million, and 22.2 million stock options and restricted shares were outstanding at December 31, 2010, December 31, 2009, July 30, 2008, and December 31, 2008, 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’ strike price was greater than the current market price of the shares. |