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Earnings (Losses) Per Share
 6 Months Ended
Jun. 30, 2014
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,

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) (numerator):

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations, net of tax

 

$

65,729

 

$

28,128

 

$

114,706

 

$

120,335

 

Less: net (income) loss attributable to noncontrolling interest

 

(253

)

(5,616

)

(826

)

(5,713

)

Less: loss on redemption of subsidiary preferred stock

 

(1,688

)

—

 

(1,688

)

—

 

Less: (earnings) losses allocated to unvested shareholders

 

(974

)

(814

)

(1,707

)

—

 

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

 

$

62,814

 

$

21,698

 

$

110,485

 

$

114,622

 

Income (loss) from discontinued operations, net of tax

 

$

(1,032

)

$

(26,873

)

$

483

 

$

(19,862

)

 

 

 

 

 

 

 

 

 

 

Earnings (losses) per share:

 

 

 

 

 

 

 

 

 

Basic from continuing operations

 

$

0.21

 

$

0.08

 

$

0.37

 

$

0.41

 

Basic from discontinued operations

 

—

 

(0.09

)

—

 

(0.09

)

Total Basic

 

$

0.21

 

$

(0.01

)

$

0.37

 

$

0.32

 

 

 

 

 

 

 

 

 

 

 

Diluted from continuing operations

 

$

0.21

 

$

0.08

 

$

0.37

 

$

0.41

 

Diluted from discontinued operations

 

—

 

(0.09

)

—

 

(0.09

)

Total Diluted

 

$

0.21

 

$

(0.01

)

$

0.37

 

$

0.32

 

 

 

 

 

 

 

 

 

 

 

Shares (denominator):

 

 

 

 

 

 

 

 

 

Weighted-average number of shares outstanding - basic

 

297,984

 

294,747

 

297,097

 

293,217

 

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

 

2,997

 

2,372

 

2,919

 

2,427

 

Weighted-average number of shares outstanding - diluted

 

300,981

 

297,119

 

300,016

 

295,644

 

 

For all periods presented, the computation of diluted earnings (losses) per share excludes outstanding stock options 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 5,782,273 and 11,578,175 shares during the three months ended June 30, 2014 and 2013, respectively, and 6,817,891 and 12,015,219 shares during the six months ended June 30, 2014 and 2013, 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.