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Earnings (Losses) Per Share
 9 Months Ended
Sep. 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

 

Nine Months

 

 

 

Ended September 30,

 

Ended September 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) (numerator):

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations, net of tax

 

$

(90,510

)

$

64,489

 

$

29,825

 

$

100,616

 

Less: net (income) loss attributable to noncontrolling interest

 

(441

)

(988

)

(6,154

)

453

 

Less: (earnings) losses allocated to unvested shareholders

 

1,411

 

—

 

671

 

—

 

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

 

$

(89,540

)

$

63,501

 

$

24,342

 

$

101,069

 

Income (loss) from discontinued operations, net of tax

 

$

(14,430

)

$

12,155

 

$

(34,292

)

$

35,888

 

 

 

 

 

 

 

 

 

 

 

Earnings (losses) per share:

 

 

 

 

 

 

 

 

 

Basic from continuing operations

 

$

(0.30

)

$

0.22

 

$

0.08

 

$

0.35

 

Basic from discontinued operations

 

(0.05

)

0.04

 

(0.11

)

0.12

 

Total Basic

 

$

(0.35

)

$

0.26

 

$

(0.03

)

$

0.47

 

 

 

 

 

 

 

 

 

 

 

Diluted from continuing operations

 

$

(0.30

)

$

0.22

 

$

0.08

 

$

0.35

 

Diluted from discontinued operations

 

(0.05

)

0.04

 

(0.11

)

0.12

 

Total Diluted

 

$

(0.35

)

$

0.26

 

$

(0.03

)

$

0.47

 

 

 

 

 

 

 

 

 

 

 

Shares (denominator):

 

 

 

 

 

 

 

 

 

Weighted-average number of shares outstanding - basic

 

295,076

 

290,367

 

293,837

 

289,822

 

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

 

—

 

2,134

 

2,371

 

2,468

 

Weighted-average number of shares outstanding - diluted

 

295,076

 

292,501

 

296,208

 

292,290

 

 

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. In periods of net loss from continuing operations, outstanding stock options, warrants and restricted stock are excluded because they are anti-dilutive when using the if-converted method, as reflected for the three months ended September 30, 2013.

 

The average number of options and warrants that were excluded from diluted earnings (losses) per share that would potentially dilute earnings per share were 18,786,837 and 15,010,906 shares during the three months ended September 30, 2013 and 2012, respectively, and 11,887,169 and 13,934,259 shares during the nine months ended September 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.