EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2012

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 10       EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding.  Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive common shares.  The dilutive effect of the Warrants are computed using the “if-converted” method and the dilutive effect of options and their equivalents (including fixed awards and nonvested stock issued under stock-based compensation plans), is computed using the “treasury” method.

All options were anti-dilutive for all periods presented because of net losses, and, as such, their effect has been excluded from the calculation of diluted net loss per share.  In addition, potentially dilutive shares related to the warrants of 58,011,828 for the three months ended June 30, 2012, 44,840,755 for the three months ended June 30, 2011, 55,299,285 for the six months ended June 30, 2012 and 42,320,122 for the six months ended June 30, 2011 have been excluded from the denominator in the computation of diluted EPS as they were anti-dilutive.  Outstanding Common Units have also been excluded from the diluted earnings per share calculation because including such Common Units would also require that the share of GGPLP income attributable to such Common Units be added back to net income therefore resulting in no effect on EPS.

Information related to our EPS calculations is summarized as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	Basic and Diluted			Basic and Diluted			Basic and Diluted			Basic and Diluted
Numerators - Basic and Diluted:
Loss from continuing operations	$	(108,045	)	$	(197,244	)	$	(300,839	)	$	(187,541	)
Allocation to noncontrolling interests	(1,627		)	(901		)	(4,903		)	(2,234		)
Loss from continuing operations - net of noncontrolling interests	(109,672		)	(198,145		)	(305,742		)	(189,775		)
Discontinued operations	1,699			(4,869		)	248			(7,638		)
Allocation to noncontrolling interests	37			(34		)	(54		)	29
Discontinued operations - net of noncontrolling interests	1,736			(4,903		)	194			(7,609		)
Net loss	(106,346		)	(202,113		)	(300,591		)	(195,179		)
Allocation to noncontrolling interests	(1,590		)	(935		)	(4,957		)	(2,205		)
Net loss attributable to common stockholders	$	(107,936	)	$	(203,048	)	$	(305,548	)	$	(197,384	)
Denominators:
Weighted average number of common shares outstanding - basic and diluted	937,789			946,769			937,531			952,072