Statements Re: Computation of Per Share Earnings
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(Dollars in millions except share data) | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Numerator: | ||||||||||||||||
Net income (loss)—basic and diluted | $ | 27 | $ | (19 | ) | $ | 95 | $ | 17 | |||||||
Denominator: | ||||||||||||||||
Weighted-average common shares outstanding | 162,824,857 | 162,556,327 | 162,849,794 | 162,521,046 | ||||||||||||
Effect of stock based awards | 459,156 | - | 443,541 | 217,035 | ||||||||||||
Adjusted weighted-average shares | 163,284,013 | 162,556,327 | 163,293,335 | 162,738,081 | ||||||||||||
Earnings (loss) per share: | ||||||||||||||||
Basic | $ | 0.17 | $ | (0.12 | ) | $ | 0.59 | $ | 0.10 | |||||||
Diluted | 0.17 | (0.12 | ) | 0.58 | 0.10 | |||||||||||
Number of anti-dilutive stock based awards | 9,689,589 | 10,085,598 | 9,758,457 | 10,085,598 | ||||||||||||
Exercise price of anti-dilutive stock based awards | $ | 26.58-45.26 | $ | 25.08-45.26 | $ | 26.58-45.26 | $ | 25.08-45.26 |
Certain stock-based compensation awards were not included in the computation of diluted earnings per share for the three- and six-month periods ended June 30, 2010 and 2009, since inclusion of these awards would have anti-dilutive effects.
Due to the net loss in the second quarter of 2009, the assumed exercise of certain stock options were excluded from the computation of diluted loss per share.