Earnings (Losses) Per Share

6 Months Ended

Jun. 30, 2011

Earnings (Losses) Per Share [Abstract]

Earnings (Losses) Per Share

Note 9   Earnings (Losses) Per Share

A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2011		2010			2011		2010
	(In thousands, except per share amounts)
Net income (loss) (numerator):
Income (loss) from continuing operations, net of tax	$	68,148	$	43,971		$	152,474	$	87,490
Less: net (income) loss attributable to noncontrolling interest		394		559			1,063		1,661
Adjusted income (loss) from continuing operations, net of tax — basic		68,542		44,530			153,537		89,151
Add: interest expense on assumed conversion of our 0.94% senior exchangeable notes due 2011, net of tax(1)		—		—			—		—
Adjusted net income (loss) from continuing operations, net of tax — diluted	$	68,542	$	44,530		$	153,537	$	89,151
Earnings (losses) per share:
Basic from continuing operations	$	.24	$	.15		$	.54	$	.31
Diluted from continuing operations	$	.23	$	.15		$	.52	$	.31
Income (loss) from discontinued operations, net of tax	$	123,906	$	(909	)	$	121,736	$	(5,330	)
Earnings (losses) per share:
Basic from discontinued operations	$	.43	$	—		$	.42	$	(.02	)
Diluted from discontinued operations	$	.42	$	—		$	.42	$	(.02	)
Shares (denominator):
Weighted-average number of shares outstanding — basic		287,311		285,181			286,712		284,927
Net effect of dilutive stock options, warrants and restricted stock awards based on the if-converted method		6,987		4,615			6,781		5,339
Assumed conversion of our 0.94% senior exchangeable notes due 2011(1)		—		—			—		—
Weighted-average number of shares outstanding — diluted		294,298		289,796			293,493		290,266

(1) In May 2011, the remaining aggregate principal amount of our 0.94% senior exchangeable notes matured and we redeemed them with $1.2 billion of borrowings under our revolving credit facilities and available cash. Diluted earnings (losses) per share for the three and six months ended June 30, 2010 exclude any incremental shares that would have been issuable upon exchange of these notes based on a calculation using our stock price. Our stock price did not exceed the threshold during the period ending June 30, 2010.

For all periods presented, the computation of diluted earnings (losses) per share excludes outstanding stock options and warrants with exercise prices greater than the average market price of our common shares, because their inclusion would be anti-dilutive and because they are not considered participating securities. The average number of options and warrants that were excluded from diluted earnings (losses) per share that would potentially dilute earnings per share in the future was 5,494,895 and 14,894,841 shares during the three months ended June 30, 2011 and 2010, respectively, and 6,381,967 and 12,475,355 shares during the six months ended June 30, 2011 and 2010, respectively. In any period during which the average market price of our common shares exceeds the exercise prices of these stock options and warrants, such stock options and warrants will be included in our diluted earnings (losses) per share computation using the if-converted method of accounting. Restricted stock will be included in our basic and diluted earnings (losses) per share computation using the two-class method of accounting in all periods because such stock is considered participating securities.