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Net Income (Loss) Per Common Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract] 
Net Income (Loss) Per Common Share
Net Income (Loss) Per Common Share
Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common shareholders, less dividends on share-based awards expected to vest (referred to as “participating securities” and primarily composed of unvested restricted stock units), by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per common share is computed by dividing the sum of basic net income (loss) attributable to common shareholders and the noncontrolling interest in earnings allocable to Units not owned by us (to the extent the Units are dilutive) by the sum of the weighted average number of common shares outstanding and, to the extent they are dilutive, Units outstanding, as well as any potential dilutive securities for the period.
The following table reconciles the components of basic and diluted net income (loss) per common share for the three and nine months ended September 30, 2011 and 2010, respectively (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2011
 
2010
 
2011
 
2010
Net income (loss) attributable to common shareholders
$
(32,076
)
 
$
34,064

 
$
(13,549
)
 
$
(23,591
)
Less: Dividends on participating securities
(811
)
 
(694
)
 
(2,416
)
 
(1,699
)
Basic net income (loss) attributable to common shareholders
(32,887
)
 
33,370

 
(15,965
)
 
(25,290
)
Noncontrolling interest in earnings of common unitholders
—

 
1,041

 
—

 
—

Diluted net income (loss) attributable to common shareholders
$
(32,887
)
 
$
34,411

 
$
(15,965
)
 
$
(25,290
)
Weighted average number of common shares outstanding
252,802

 
251,866

 
252,618

 
234,468

Weighted average partnership Units outstanding
—

 
5,517

 
—

 
—

Other potential dilutive shares
—

 
—

 
—

 
—

Weighted average number of common shares and potential dilutive securities
252,802

 
257,383

 
252,618

 
234,468



The partnership Units are anti-dilutive for the three and nine months ended September 30, 2011 and the nine months ended September 30, 2010 as a result of the net loss for these periods. In addition, potential shares related to our stock-based compensation plans as well as our 3.75% Exchangeable Senior Notes (“Exchangeable Notes”) are anti-dilutive for all periods presented. The following table summarizes the data that is excluded from the computation of net income (loss) per common share as a result of being anti-dilutive (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2011
 
2010
 
2011
 
2010
Noncontrolling interest in earnings of common unitholders
$
(868
)
 
$
—

 
$
(369
)
 
$
(620
)
Weighted average partnership Units outstanding
7,064

 
—

 
6,887

 
6,172

Other potential dilutive shares:
 
 
 
 
 
 
 
Anti-dilutive outstanding potential shares under fixed stock option plans
1,677

 
1,779

 
1,677

 
1,779

Anti-dilutive potential shares under the Exchangeable Notes
3,432

 
4,045

 
3,432

 
4,045

Outstanding participating securities
4,840

 
4,137

 
4,840

 
4,137