Earnings Per Share

3 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the computation of basic and diluted EPS (share amounts in thousands):

	Three months ended
	December 31, 2013			December 30, 2012
Net (loss) income attributable to common and participating preferred stockholders	$	(39.0	)	$	62.0
Participating shares at end of period:
Common shares outstanding	139,574			139,724
Preferred shares (as-converted basis)	61,986			62,839
Total	201,560			202,563
Percentage of (loss) income allocated to:
Common shares	100.0		%	69.0		%
Preferred shares (a)	—		%	31.0		%
Net (loss) income attributable to common shares - basic	$	(39.0	)	$	42.8
Dilutive adjustments to (loss) income attributable to common shares from assumed conversion of preferred shares, net of tax:
Income allocated to preferred shares in basic calculation	—			19.2
Reversal of preferred stock dividends and accretion	—			12.1
Reversal of income related to fair value of preferred stock conversion feature	—			(68.9		)
Net adjustment	—			(37.6		)
Net (loss) income attributable to common shares - diluted	$	(39.0	)	$	5.2
Weighted-average common shares outstanding - basic	139,173			139,483
Dilutive effect of preferred stock	—			62,839
Dilutive effect of unvested restricted stock and restricted stock units	—			1,089
Dilutive effect of stock options	—			786
Weighted-average shares outstanding - diluted	139,173			204,197
Net (loss) income per common share attributable to controlling interest:
Basic	$	(0.28	)	$	0.31
Diluted	$	(0.28	)	$	0.03

(a) Losses are not allocated to the convertible participating preferred shares since they have no contractual obligation to share in such losses.

The number of shares of common stock outstanding used in calculating the weighted average thereof reflects the actual number of HGI common stock outstanding, excluding unvested restricted stock.

At December 31, 2013, there were 61,986 thousand shares issuable upon the conversion of the Preferred Stock, and 2,433 thousand and 1,234 thousand shares, respectively, of the unvested restricted stock and stock units and stock options that were excluded from the calculation of “Diluted net loss per common share attributable to controlling interest” because the as-converted effect of the Preferred Stock and unvested restricted stock and stock units and stock options would have been anti-dilutive for the period ended December 31, 2013. The Preferred Stock had a weighted average conversion price of $6.64 per share.