Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2011

Earnings (Loss) Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

13. EARNINGS (LOSS) PER SHARE

We compute earnings (loss) per share in accordance with the requirements of the Earnings Per Share Topic. Under the Earnings Per Share Topic, basic earnings (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed using the weighted-average number of common and common equivalent shares of stock outstanding during the periods utilizing the treasury stock method for stock options and unvested restricted stock.

The following is a reconciliation between weighted-average shares used in the basic and diluted earnings (loss) per share calculations:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In thousands, except per share amounts)	2011			2010			2011			2010
Numerator for loss per share — basic:
Loss from continuing operations	$	(9,599	)	$	(10,867	)	$	(35,904	)	$	(43,087	)
Less: Preferred dividends		(3,018	)		(2,897	)		(8,812	)		(8,691	)
Loss from continuing operations attributable to Grubb & Ellis Company common shareowners		(12,617	)		(13,764	)		(44,716	)		(51,778	)
Income (loss) from discontinued operations attributable to Grubb & Ellis Company common shareowners		14,391			(4,449	)		7,295			(15,476	)
Less: Income allocated to participating shareowners		(1,023	)		—			—			—
Net income (loss) from discontinued operations attributable to Grubb & Ellis Company common shareowners		13,368			(4,449	)		7,295			(15,476	)
Net loss attributable to noncontrolling interests		198			511			977			2,518
Net income (loss) attributable to Grubb & Ellis Company common shareowners	$	949		$	(17,702	)	$	(36,444	)	$	(64,736	)
Denominator for loss per share — basic:
Weighted-average number of common shares outstanding		66,059			64,860			65,886			64,624
Denominator for loss per share — diluted:
Weighted-average number of common shares outstanding		66,784			64,860			65,886			64,624
Loss per share — basic:
Loss from continuing operations attributable to Grubb & Ellis Company common shareowners	$	(0.19	)	$	(0.20	)	$	(0.66	)	$	(0.76	)
Income (loss) from discontinued operations attributable to Grubb & Ellis Company common shareowners		0.20			(0.07	)		0.11			(0.24	)
Net income (loss) per share attributable to Grubb & Ellis Company common shareowners	$	0.01		$	(0.27	)	$	(0.55	)	$	(1.00	)
Loss per share — diluted(1):
Loss from continuing operations attributable to Grubb & Ellis Company common shareowners	$	(0.19	)	$	(0.20	)	$	(0.66	)	$	(0.76	)
Income (loss) from discontinued operations attributable to Grubb & Ellis Company common shareowners		0.20			(0.07	)		0.11			(0.24	)
Net income (loss) per share attributable to Grubb & Ellis Company common shareowners	$	0.01		$	(0.27	)	$	(0.55	)	$	(1.00	)
Total participating shareowners:
(as of the end of the period used to allocate earnings)
Preferred shares (as if converted to common shares)		63,868			58,527			63,868			58,527
Unvested restricted stock		3,920			4,990			3,920			4,990
Unvested phantom stock		3,498			4,273			3,498			4,273
Total participating shares		71,286			67,790			71,286			67,790
Total vested common shares outstanding		66,104			64,911			66,104			64,911

(1) Excluded from the calculation of diluted weighted-average common shares of the three and nine months ended September 30, 2011 and 2010 were the following securities, the effect of which would be anti-dilutive:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2011		2010		2011		2010
Outstanding unvested restricted stock		3,331		4,990		3,920		4,990
Outstanding options to purchase shares of common stock		275		435		275		435
Outstanding unvested shares of phantom stock		2,317		4,273		3,498		4,273
Outstanding warrants*		7,041		—		7,041		—
Convertible notes (as if converted to common shares)		14,036		14,036		14,036		14,036
Convertible preferred shares (as if converted to common shares)		63,868		58,527		63,868		58,527
Total		90,868		82,261		92,638		82,261

* In connection with increasing the size of our Credit Facility on October 16, 2011 we issued an additional 3,728,888 common stock purchase warrants, each exercisable for one share of our common stock.