Earnings Per Share

6 Months Ended

Mar. 31, 2014

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						Six months ended
	March 31, 2014			March 31, 2013			March 31, 2014			March 31, 2013
Net (loss) income attributable to common and participating preferred stockholders	$	(87.6	)	$	(45.5	)	$	(126.6	)	$	16.5
Participating shares at end of period:
Common shares outstanding	142,801			139,724			142,801			139,724
Preferred shares (as-converted basis)	59,134			62,839			59,134			62,839
Total	201,935			202,563			201,935			202,563
Percentage of (loss) income allocated to:
Common shares	100.0		%	100.0		%	100.0		%	69.0		%
Preferred shares (a)	—		%	—		%	—		%	31.0		%
Net (loss) income attributable to common shares - basic	$	(87.6	)	$	(45.5	)	$	(126.6	)	$	11.4
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	—			—			—			5.1
Reversal of preferred stock dividends and accretion	—			—			—			24.3
Reversal of income related to fair value of preferred stock conversion feature	—			—			—			(29.3		)
Net adjustment	—			—			—			0.1
Net (loss) income attributable to common shares - diluted	$	(87.6	)	$	(45.5	)	$	(126.6	)	$	11.5
Weighted-average common shares outstanding - basic	139,889			139,724			139,529			139,604
Dilutive effect of preferred stock	—			—			—			62,839
Dilutive effect of unvested restricted stock and restricted stock units	—			—			—			1,856
Dilutive effect of stock options	—			—			—			592
Weighted-average shares outstanding - diluted	139,889			139,724			139,529			204,891
Net (loss) income per common share attributable to controlling interest:
Basic	$	(0.63	)	$	(0.33	)	$	(0.91	)	$	0.08
Diluted	$	(0.63	)	$	(0.33	)	$	(0.91	)	$	0.06

(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 March 31, 2014, there were 59,134 thousand shares issuable upon the conversion of the Preferred Stock, and 2,359 thousand and 1,302 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 March 31, 2014. The Preferred Stock had a weighted average conversion price of $6.62 per share.