Earnings (Losses) Per Share

9 Months Ended

Sep. 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						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011		2010
	(In thousands, except per share amounts)
Net income (loss) (numerator):
Income (loss) from continuing operations, net of tax	$	82,204		$	(31,563	)	$	234,678	$	55,927
Less: net (income) loss attributable to noncontrolling interest		(708	)		(453	)		355		1,208
Adjusted income (loss) from continuing operations, net of tax — basic		81,496			(32,016	)		235,033		57,135
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	$	81,496		$	(32,016	)	$	235,033	$	57,135
Earnings (losses) per share:
Basic from continuing operations	$	.28		$	(.11	)	$	.82	$	.21
Diluted from continuing operations	$	.28		$	(.11	)	$	.80	$	.19
Income (loss) from discontinued operations, net of tax	$	(7,240	)	$	(7,591	)	$	114,496	$	(12,921	)
Earnings (losses) per share:
Basic from discontinued operations	$	(.02	)	$	(.03	)	$	.40	$	(.05	)
Diluted from discontinued operations	$	(.03	)	$	(.03	)	$	.39	$	(.04	)
Shares (denominator):
Weighted-average number of shares outstanding — basic		287,487			285,282			286,971		285,045
Net effect of dilutive stock options, warrants and restricted stock awards based on the if-converted method		4,499			—			6,020		4,802
Assumed conversion of our 0.94% senior exchangeable notes due 2011(1)		—			—			—		—
Weighted-average number of shares outstanding — diluted		291,986			285,282			292,991		289,847

(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 nine months ended September 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 September 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 10,271,673 and 32,543,395 shares during the three months ended September 30, 2011 and 2010, respectively, and 7,678,536 and 14,108,644 shares during the nine months ended September 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.