INCOME (LOSS) PER COMMON SHARE

9 Months Ended

Sep. 30, 2013

INCOME (LOSS) PER COMMON SHARE

INCOME (LOSS) PER COMMON SHARE

NOTE 9   INCOME (LOSS) PER COMMON SHARE

Basic net income (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed similarly except that the weighted average number of common shares is increased to reflect all dilutive instruments. Below is a reconciliation of the basic and diluted weighted average number of common shares.

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2013		2012			2013			2012
Net income (loss)	$	3,264	$	(2,654	)	$	(136,399	)	$	(40,369	)
Weighted average common shares (thousands):
Basic	297,125		268,373			297,001			256,834
Effect of employee stock-based awards	774		—			—			—
Diluted	297,899		268,373			297,001			256,834
Net income (loss) per common share:
Basic	$	0.01	$	(0.01	)	$	(0.46	)	$	(0.16	)
Diluted	$	0.01	$	(0.01	)	$	(0.46	)	$	(0.16	)

Outstanding options to purchase 2 million shares of common stock with a weighted average exercise prices of $5.06 were outstanding at September 30, 2013 but were not included in the computation of diluted weighted average common shares for the three months ended September 30, 2013 because their exercise prices exceeded the average price of the Company’s common stock for the period presented.

Other outstanding options to purchase 4 million shares of common stock were not included in the computation of diluted weighted average shares in the nine months ended September 30, 2013 because their effect would have been anti-dilutive. For the three and nine months ended September 30, 2012, other outstanding options excluded from the computation of diluted weighted average shares because of their anti-dilutive effect were of 3 million shares.