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Earnings per Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract] 
Earnings per Share
EARNINGS PER SHARE
Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (employee and director stock options, stock settled stock appreciation rights, incentive shares and warrants) be excluded from the calculation of diluted earnings per share for the periods in which losses from continuing operations are reported because the effect is anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share:
Dollar and share amounts in millions, except per
share amounts
Quarter Ended September 30,
 
Nine Months Ended September 30,
2011
 
2010
 
2011
 
2010
Numerator:
 
 
 
 
 
 
 
Loss attributed to LP common shares:
 
 
 
 
 
 
 
Loss from continuing operations
$
(59.3
)
 
$
(31.2
)
 
$
(115.3
)
 
$
(30.0
)
Loss from discontinued operations
(6.3
)
 
(0.8
)
 
(8.8
)
 
(2.2
)
Net loss
$
(65.6
)
 
$
(32.0
)
 
$
(124.1
)
 
$
(32.2
)
Denominator:
 
 
 
 
 
 
 
Basic - weighted average common shares outstanding
134.5

 
131.1

 
132.4

 
128.5

Dilutive effect of stock warrants
—

 
—

 
—

 
—

Dilutive effect of stock plans
—

 
—

 
—

 
—

Diluted shares outstanding
134.5

 
131.1

 
132.4

 
128.5

Basic earnings per share:
 
 
 
 
 
 
 
Loss from continuing operations
$
(0.44
)
 
$
(0.23
)
 
$
(0.87
)
 
$
(0.23
)
Loss from discontinued operations
(0.05
)
 
(0.01
)
 
(0.07
)
 
(0.02
)
Net loss per share
$
(0.49
)
 
$
(0.24
)
 
$
(0.94
)
 
$
(0.25
)
Diluted earnings per share:
 
 
 
 
 
 
 
Loss from continuing operations
$
(0.44
)
 
$
(0.23
)
 
$
(0.87
)
 
$
(0.23
)
Loss from discontinued operations
(0.05
)
 
(0.01
)
 
(0.07
)
 
(0.02
)
Net loss per share
$
(0.49
)
 
$
(0.24
)
 
$
(0.94
)
 
$
(0.25
)
For the quarter and nine month period ended September 30, 2011, stock options, stock warrants and SSARs relating to approximately 5.9 million and 7.3 million shares of LP common stock were considered anti-dilutive for purposes of LP’s earnings per share calculation due to LP’s loss position from continuing operations. For the quarter and nine month period ended September 30, 2010, stock options, stock warrants and SSARs relating to approximately 15.6 million shares of LP common stock were considered anti-dilutive for purposes of LP’s earnings per share calculation due to LP’s loss position from continuing operations.
During the nine month period ended September 30, 2011, LP issued 5.0 million shares associated with the exercise of stock warrants. The warrants have an exercise price of $1.39 per share subject to mandatory cashless exercise provisions. At September 30, 2011, the remaining outstanding warrants were exercisable to purchase approximately 3.9 million shares, at an exercise price of $1.39 per share subject to mandatory cashless exercise provisions.