INCOME (LOSS) PER COMMON SHARE

12 Months Ended

Dec. 31, 2012

INCOME (LOSS) PER COMMON SHARE

(6) INCOME (LOSS) PER COMMON SHARE

Basic income or loss per share attributable to common shareholders is computed as (i) income or loss attributable to common shareholders (ii) less income allocable to participating securities (iii) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (i) basic income or loss attributable to common shareholders (ii) plus diluted adjustments to income allocable to participating securities (iii) divided by weighted average diluted shares outstanding. The following table sets forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders and to diluted income or loss attributable to common shareholders (in thousands except per share amounts):

	Year Ended December 31, 2012								Year Ended December 31, 2011									Year Ended December 31, 2010
	Continuing Operations			Discontinued Operations		Total			Continuing Operations			Discontinued Operations			Total			Continuing Operations			Discontinued Operations			Total
Income (loss) as reported	$	13,002		$	—	$	13,002		$	42,706		$	15,320		$	58,026		$	88,698		$	(327,954	)	$	(239,256	)
Participating basic earnings (a)		(460	)		—		(460	)		(763	)		(274	)		(1,037	)		(1,574	)		1,120			(454	)
Basic income (loss) attributed to common shareholders		12,542			—		12,542			41,943			15,046			56,989			87,124			(326,834	)		(239,710	)
Reallocation of participating earnings (a)		—			—		—			3			2			5			11			(11	)		—
Diluted income (loss) attributed to common shareholders	$	12,542		$	—	$	12,542		$	41,946		$	15,048		$	56,994		$	87,135		$	(326,845	)	$	(239,710	)
Income (loss) per common share:
Basic	$	0.08		$	—	$	0.08		$	0.26		$	0.10		$	0.36		$	0.56		$	(2.09	)	$	(1.53	)
Diluted	$	0.08		$	—	$	0.08		$	0.26		$	0.10		$	0.36		$	0.55		$	(2.07	)	$	(1.52	)

^(a)  Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following table provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):

	Year Ended December 31,
	2012		2011		2010
Denominator:
Weighted average common shares outstanding – basic		159,431		158,030		156,874
Effect of dilutive securities:
Director and employee stock options and SARs		876		1,411		1,554
Weighted average common shares outstanding – diluted		160,307		159,441		158,428

Weighted average common shares – basic excludes 2.9 million shares at December 31, 2012, 2.9 million shares at December 31, 2011 and 2.8 million shares at December 31, 2010 of restricted stock Liability Awards held in our deferred compensation plans (although all awards are issued and outstanding upon grant). Stock appreciation rights (“SARs”) of 854,000, 795,000 and 2.1 million shares for the years ended December 31, 2012, 2011 and 2010 were outstanding but not included in the computations of diluted net income per share because the grant prices of the SARs were greater than the average market price of the common shares and would be anti-dilutive to the computations.