Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 9 – Earnings Per Share

The following table presents the calculation of basic and diluted net income (loss) per share:

	For the Three Months Ended March 31,
(in thousands, except per share amounts)	2012		2011
Numerator
Net income (loss) attributable to the Company	$	31,293	$	(15,335	)
Less: dividends and undistributed earnings allocated to unvested restricted stock units		92		—
Net income (loss) allocated to common stockholders	$	31,201	$	(15,335	)
Denominator
Basic weighted-average shares		105,621		104,660
Effect of dilutive employee stock options and restricted stock units		1,859		—
Diluted weighted-average shares		107,480		104,660
Net income (loss) per share attributable to the Company's stockholders
Basic	$	0.30	$	(0.15	)
Diluted	$	0.29	$	(0.15	)

Restricted stock units ("RSUs") granted by the Company generally have graded vesting, include a service condition and receive dividend equivalents. Certain unvested RSUs contain nonforfeitable rights to dividends as they are eligible to participate in undistributed earnings without meeting service condition requirements. These awards are considered participating securities under the guidance which require the use of the two-class method when computing basic and diluted earnings per share. The two-class method reduces earnings allocated to common stockholders by dividends and undistributed earnings allocated to participating securities. For the three months ended March 31, 2011, the two-class method was not applicable for purposes of calculating earnings per share as restricted stock units do not participate in net losses of the Company.

For the three months ended March 31, 2012, 1.5 million stock options and RSUs were excluded from the weighted-average diluted shares outstanding due to their antidilutive effect.

For the three months ended March 31, 2011, 3.0 million potential dilutive shares of common stock (representing all potential dilutive shares) were excluded from the weighted-average diluted shares outstanding due to the net loss for the period.