EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2013

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, options, and their equivalents (including fixed awards and nonvested stock issued under stock-based compensation plans), are computed using the “treasury” method.

Information related to our EPS calculations is summarized as follows:

	Three Months Ended March 31,
	2013			2012
Numerators - Basic and Diluted:
Loss from continuing operations	$	(27,665	)	$	(182,739	)
Preferred stock dividend	(2,125		)	—
Allocation to noncontrolling interests	(2,657		)	(3,433		)
Loss from continuing operations - net of noncontrolling interests	(32,447		)	(186,172		)
Discontinued operations	18,927			(11,509		)
Allocation to noncontrolling interests	(131		)	66
Discontinued operations - net of noncontrolling interests	18,796			(11,443		)
Net loss	(8,738		)	(194,248		)
Preferred stock dividend	(2,125		)	—
Allocation to noncontrolling interests	(2,788		)	(3,367		)
Net loss attributable to common stockholders	$	(13,651	)	$	(197,615	)
Denominators:
Weighted average number of common shares outstanding - basic and diluted	939,271			937,274
Anti-dilutive Securities
Effect of Common Units	6,574			6,860
Effect of Stock Options	3,077			1,673
Effect of Warrants	50,387			52,543
	60,038			61,076

Options and Warrants were anti-dilutive for all periods presented because of net losses, and, as such, their effect has not been included in the calculation of diluted net loss per share.  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 income attributable to such Common Units be added back to net income therefore resulting in no effect on EPS.

27,459,195 shares of GGP’s common stock are held by its consolidated subsidiary, GGPLP, and therefore these shares are considered issued but not outstanding.  Accordingly, these shares have been excluded from the calculation of EPS.