Earnings Per Share

The computations of basic and diluted earnings per share (“EPS”) are set forth below:



	For the three months ended June 30,						For the six months ended June 30,
	2011			2010			2011			2010
	(In thousands, except share and per share data)
Basic earnings/ (loss) per share - Numerator:
Net income/ (loss) from continuing operations	$	13,833		$	225		$	12,761		$	5,979
Less: Net income attributable to noncontrolling interests	804			616			1,551			1,301
Net income/ (loss) from continuing operations attributable to the Company	13,029			(391		)	11,210			4,678
Decrease/ (increase) in noncontrolling interests' redemption values (1)	(126		)	190			(330		)	1,314
Accretion of discount on Series C Preferred stock (2)	—			(4,963		)	—			(7,988		)
Dividends on preferred securities	(73		)	(1,387		)	(145		)	(2,954		)
Total adjustments to income attributable to common stockholders	(199		)	(6,160		)	(475		)	(9,628		)
Net income/ (loss) from continuing operations attributable to common stockholders	12,830			(6,551		)	10,735			(4,950		)
Net income/ (loss) from discontinued operations	1,516			1,509			3,186			1,545
Net income/ (loss) attributable to common stockholders	$	14,346		$	(5,042	)	$	13,921		$	(3,405	)
Basic earnings/ (loss) per share - Denominator:
Weighted average basic common shares outstanding	75,194,687			68,787,389			74,934,058			68,331,183
Per share data - Basic earnings/ (loss) per share from:
Continuing operations	$	0.17		$	(0.09	)	$	0.15		$	(0.07	)
Discontinued operations	$	0.02		$	0.02		$	0.04		$	0.02
Total attributable to common stockholders	$	0.19		$	(0.07	)	$	0.19		$	(0.05	)
Diluted earnings/ (loss) per share - Numerator:
Net income/ (loss) from continuing operations attributable to common stockholders	$	12,830		$	(6,551	)	$	10,735		$	(4,950	)
Dividends paid on Series B Convertible Preferred securities	73			—			145			—
Net income/ (loss) from continuing operations attributable to common stockholders, after assumed dilution	12,903			(6,551		)	10,880			(4,950		)
Net income/ (loss) from discontinued operations	1,516			1,509			3,186			1,545
Net income/ (loss) attributable to common stockholders, after assumed dilution	$	14,419		$	(5,042	)	$	14,066		$	(3,405	)
Diluted earnings/ (loss) per share - Denominator:
Weighted average basic common shares outstanding	75,194,687			68,787,389			74,934,058			68,331,183
Dilutive effect of:
Stock options, stock grants and other (3)	809,064			—			798,950			—
Warrants to purchase common stock (3)	—			—			120,599			—
Series B Convertible Preferred Stock (3)	7,261,091			—			7,261,091			—
Dilutive common shares	8,070,155			—			8,180,640			—
Weighted average diluted common shares outstanding (4)	83,264,842			68,787,389			83,114,698			68,331,183
Per share data - Diluted earnings/ (loss) per share from:
Continuing operations	$	0.15		$	(0.09	)	$	0.13		$	(0.07	)
Discontinued operations	$	0.02		$	0.02		$	0.04		$	0.02
Total attributable to common stockholders	$	0.17		$	(0.07	)	$	0.17		$	(0.05	)
Dividends per share declared on common stock	$	0.01		$	0.01		$	0.02		$	0.02

_____________________

(1)

See Part II. Item 8. “Financial Statements and Supplementary Data—Note 15: Noncontrolling Interests” in the Company’s Annual Report on Form 10-K, as amended, for the year ended December 31, 2010 for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption values from period to period reduces income attributable to common stockholders. Decreases in redemption value from period to period increase income attributable to common stockholders, but only to the extent that the cumulative change in redemption value remains a cumulative increase since adoption of this standard in the first quarter of 2009.

(2)

See Part II. Item 8. “Financial Statements and Supplementary Data—Note 16: Equity” in the Company’s Annual Report on Form 10-K, as amended, for the year ended December 31, 2010 for a description of the Series C Preferred stock issued during 2008 that gave rise to the accretion of the discount at issuance. The accretion of the discount was accounted for similarly to a preferred stock dividend and reduced income attributable to common stockholders. The Company repurchased $50.0 million of the Series C Preferred stock in January, 2010, and repurchased the remaining $104.0 million in June, 2010. The discount on the Series C Preferred stock was therefore fully accreted as of June 30, 2010.

(3)

The diluted EPS computations for the three and six month periods ended June 30, 2011 and 2010 do not assume the conversion of the convertible trust preferred securities. The diluted EPS computations for the three and six month periods ended June 30, 2010 additionally do not assume the conversion of the Series B Preferred stock, exercise or contingent issuance of options or other dilutive securities, or the exercise of the warrants issued to an affiliate of The Carlyle Group ("Carlyle"), because the result would have been anti-dilutive. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows:



	For the three months ended June 30,		For the six months ended June 30,
	2011	2010	2011	2010
	(In thousands)
Potential common shares from:
Convertible trust preferred securities (a)	1,707	1,860	1,707	1,860
Conversion of the Series B Preferred stock (b)	—	7,261	—	7,261
Exercise or contingent issuance of options or other dilutive securities (c)	—	1,294	—	1,231
Exercise or contingent issuance of warrants (d)	—	561	—	425
Total potential common shares	1,707	10,976	1,707	10,777

(a) If the effect of the conversion of the trust preferred securities would have been dilutive, interest expense, net of tax, related to the convertible trust preferred securities of $0.4 million for each of the three month periods ended June 30, 2011 and 2010, respectively, and $0.9 million for each of the six month periods ended June 30, 2011 and 2010, respectively, would have been added back to net income/ (loss) attributable to common shareholders for diluted EPS computations for the periods presented.

(b) If the effect of the conversion of the Series B Preferred stock would have been dilutive for the three and six month periods ended June 30, 2010, preferred dividends related to the Series B Preferred stock of $0.1 million for each of those periods would have been added back to net loss attributable to common shareholders for diluted EPS computations for the periods presented.

(c) Options to purchase shares of common stock that were outstanding at period ends were not included in the computation of diluted EPS or in the above anti-dilution table because the options’ exercise prices were greater than the average market price of the common shares during the respective periods. Shares excluded from the diluted EPS computation amounted to 3.8 million and 4.6 million for the three month periods ended June 30, 2011 and 2010, respectively. Shares excluded from the diluted EPS computation amounted to 3.8 million and 4.4 million for the six month periods ended June 30, 2011 and 2010, respectively.

(d) Warrants to purchase approximately 2.9 million shares of common stock (the "TARP warrant") were outstanding at June 30, 2011 and 2010, but were not included in the computations of diluted EPS because the warrants' exercise price was greater than the average market price of the common shares for each of the reported three and six month periods ended June 30, 2011 and 2010, respectively. Additionally, warrants to purchase approximately 5.4 million shares of common stock issued to Carlyle were outstanding at June 30, 2011, but were not included in the computation of diluted EPS for the three month period ended June 30, 2011 because the warrants' exercise price was greater than the average market price of the common shares for the three month period ended June 30, 2011.