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Earnings Per Share

9 Months Ended

Sep. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

10. EARNINGS PER SHARE

The following is a reconciliation of the numerator and denominator used for the computation of basic and diluted net income per common share:


		For the Three Months Ended								For the Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
		(In thousands, except per share data)
Net income attributable to Quicksilver		$	28,686			$	21,803			$	66,515			$	116,794
Basic income allocable to participating securities ⁽¹⁾			(359	)			(286	)			(801	)			(1,512	)

Basic net income attributable to Quicksilver		$	28,327			$	21,517			$	65,714			$	115,282
Impact of assumed conversions – interest on 1.875% convertible debentures, net of income taxes			-				-				-				5,361

Income available to stockholders assuming conversion of convertible debentures		$	28,327			$	21,517			$	65,714			$	120,643


Weighted average common shares – basic			169,031				168,053				168,963				167,962
Effect of dilutive securities ⁽²⁾:
Share-based compensation awards			705				730				805				788
Contingently convertible debentures			-				-				-				9,816

Weighted average common shares – diluted			169,736				168,783				169,768				178,566


Earnings per common share - basic		$	0.17			$	0.13			$	0.39			$	0.69

Earnings per common share - diluted		$	0.17			$	0.13			$	0.39			$	0.68


⁽¹⁾		Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, are included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses.

⁽²⁾		For the three and nine months ended September 30, 2011, the effects of 9.8 million shares associated with our contingently convertible debt were antidilutive, and stock options and unvested restricted stock units representing 2.0 million and 1.9 million shares, respectively, were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended September 30, 2010, the effects of 9.8 million shares associated with our contingently convertible debt were antidilutive and, therefore, excluded from the diluted share calculations. For the three and nine months ended September 30, 2010, unvested restricted stock units representing 1.2 million shares were antidilutive and, therefore, excluded from the diluted share calculations.