Loss Per Share

12 Months Ended

Dec. 31, 2011

Loss Per Share [Abstract]

Loss Per Share

Note 24 — Loss Per Share

Basic loss per share excludes dilution and is computed by dividing loss available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue Common Stock were exercised and converted into Common Stock or resulted in the issuance of Common Stock that could then share in the loss of the Company.

On May 27, 2010, the Company’s stockholders approved an amendment to the Articles to effect a reverse stock split of the Common Stock with the exact exchange ratio and timing of the reverse stock split to be determined at the discretion of the Company’s Board of Directors. The Board of Directors approved a one-for-ten reverse stock split which became effective on May 27, 2010. In lieu of fractional shares, stockholders received cash payments based on the Common Stock’s closing price on May 26, 2010 of $5.00 per share, which reflects the reverse stock split. The par value of the Common Stock remained at $0.01 per share. All Common Stock and related per share amounts in these Consolidated Financial Statements and notes to the Consolidated Financial Statements are reflected on an after-reverse-split basis for all periods presented.

The following are reconciliations of the numerator and denominator of the basic and diluted loss per share (“EPS”) calculation.

	For the Year Ended December 31, 2011								For the Year Ended December 31, 2010								For the Year Ended December 31, 2009
	Loss			Weighted Average Shares		Per Share Amount (1)			Loss			Weighted Average Shares		Per Share Amount			Loss			Weighted Average Shares		Per Share Amount
	(In thousands, except per share data)
Net loss	$	(181,778	)		—	$	—		$	(374,813	)		—	$	—		$	(496,678	)		—	$	—
Less: preferred stock dividend/accretion		(17,165	)		—		—			(18,748	)		—		—			(17,124	)		—		—
Basic loss per share
Net loss applicable to Common Stock		(198,943	)		554,343		(0.36	)		(393,561	)		161,565		(2.44	)		(513,802	)		31,766		(16.17	)
Effect of dilutive securities
Warrants		—			—		—			—			—		—			—			—		—
Stock-based awards		—			—		—			—			—		—			—			—		—
Diluted loss per share
Net loss applicable to Common Stock	$	(198,943	)		554,343	$	(0.36	)	$	(393,561	)		161,565	$	(2.44	)	$	(513,802	)		31,766	$	(16.17	)

(1) The cumulative preferred stock dividends had no effect on the net loss per share amount.

Due to the loss attributable to common stockholders for the years ended December 31, 2011, 2010 and 2009, the diluted loss per share calculation excludes all Common Stock equivalents, including 13,340,448 shares, 8,670,125 shares and 7,155,385 shares, respectively, pertaining to warrants and 2,509,140 shares, 1,079,341 shares and 12,466 shares respectively, pertaining to stock-based awards. The inclusion of these securities would be anti-dilutive.