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Earnings (Losses) Per Share
 6 Months Ended
Jun. 30, 2013
Earnings (Losses) Per Share  
Earnings (Losses) Per Share

Note 10 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 June 30,

 

Six Months Ended June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) (numerator):

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations, net of tax

 

$

29,259

 

$

(98,653

)

$

126,431

 

$

43,965

 

Less: net (income) loss attributable to noncontrolling interest

 

(5,616

)

1,174

 

(5,713

)

1,441

 

Less: earnings allocated to unvested shareholders

 

74

 

—

 

(740

)

—

 

Adjusted income (loss) from continuing operations - basic and diluted

 

$

23,717

 

$

(97,479

)

$

119,978

 

$

45,406

 

Income (loss) from discontinued operations, net of tax

 

$

(28,004

)

$

24,690

 

$

(25,958

)

$

15,895

 

 

 

 

 

 

 

 

 

 

 

Earnings (losses) per share:

 

 

 

 

 

 

 

 

 

Basic from continuing operations

 

$

0.08

 

$

(0.34

)

$

0.41

 

$

0.16

 

Basic from discontinued operations

 

(0.09

)

0.09

 

(0.09

)

0.05

 

Total Basic

 

$

(0.01

)

$

(0.25

)

$

0.32

 

$

0.21

 

 

 

 

 

 

 

 

 

 

 

Diluted from continuing operations

 

$

0.08

 

$

(0.34

)

$

0.41

 

$

0.16

 

Diluted from discontinued operations

 

(0.09

)

0.09

 

(0.09

)

0.05

 

Total Diluted

 

$

(0.01

)

$

(0.25

)

$

0.32

 

$

0.21

 

 

 

 

 

 

 

 

 

 

 

Shares (denominator):

 

 

 

 

 

 

 

 

 

Weighted-average number of shares outstanding - basic

 

294,747

 

290,311

 

293,217

 

289,550

 

Net effect of dilutive stock options, warrants and restricted stock awards based on the if-converted method

 

2,372

 

—

 

2,427

 

2,635

 

Weighted-average number of shares outstanding - diluted

 

297,119

 

290,311

 

295,644

 

292,185

 

 

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 were 11,578,175 and 17,635,173 shares during the three months ended June 30, 2013 and 2012, respectively, and 12,015,219 and 13,395,935 shares during the six months ended June 30, 2013 and 2012, 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 is 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.