Earnings Per Share

The computations of basic and diluted EPS are set forth below:



	For the three months ended March 31,
	2012			2011
(In thousands, except share and per share data)
Basic earnings/ (loss) per share - Numerator:
Net income/ (loss) from continuing operations	$	8,744		$	(1,065	)
Less: Net income attributable to noncontrolling interests	793			747
Net income/ (loss) from continuing operations attributable to the Company	7,951			(1,812		)
Decrease/ (increase) in noncontrolling interests' redemption values (1)	(86		)	(203		)
Dividends on participating securities	(92		)	(73		)
Total adjustments to income attributable to common shareholders	(178		)	(276		)
Net income/ (loss) from continuing operations attributable to common shareholders, before allocation to participating securities	7,773			(2,088		)
Less: Amount allocated to participating securities	(763		)	—
Net income/ (loss) from continuing operations attributable to common shareholders, after allocation to participating securities	$	7,010		$	(2,088	)
Net income/ (loss) from discontinued operations, before allocation to participating securities	$	1,554		$	1,663
Less: Amount allocated to participating securities	(169		)	—
Net income/ (loss) from discontinued operations, after allocation to participating securities	$	1,385		$	1,663
Net income/ (loss) attributable to common shareholders, before allocation to participating securities	$	9,327		$	(425	)
Less: Amount allocated to participating securities	(932		)	—
Net income/ (loss) attributable to common shareholders, after allocation to participating securities	$	8,395		$	(425	)

Basic earnings/ (loss) per share - Denominator:
Weighted average basic common shares outstanding	75,632,980			74,670,533
Per share data - Basic earnings/ (loss) per share from:
Continuing operations	$	0.09		$	(0.03	)
Discontinued operations	$	0.02		$	0.02
Total attributable to common shareholders	$	0.11		$	(0.01	)
Diluted earnings/ (loss) per share - Numerator:
Net income/ (loss) from continuing operations attributable to common shareholders	$	7,010		$	(2,088	)
Add back: income allocated to dilutive securities	—			—
Net income/ (loss) from continuing operations attributable to common shareholders, after assumed dilution	7,010			(2,088		)
Net income/ (loss) from discontinued operations	1,385			1,663
Net income/ (loss) attributable to common shareholders, after assumed dilution	$	8,395		$	(425	)
Diluted earnings/ (loss) per share - Denominator:
Weighted average basic common shares outstanding	75,632,980			74,670,533
Dilutive effect of:
Stock options and performance-based restricted stock(2)	453,626			—
Warrants to purchase common stock (2)	346,245			—
Dilutive common shares	799,871			—
Weighted average diluted common shares outstanding (2)	76,432,851			74,670,533
Per share data - Diluted earnings/ (loss) per share from:
Continuing operations	$	0.09		$	(0.03	)
Discontinued operations	$	0.02		$	0.02
Total attributable to common shareholders	$	0.11		$	(0.01	)
Dividends per share declared on common stock	$	0.01		$	0.01

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(1)

See Part II. Item 8. "Financial Statements and Supplementary Data—Note 16: Noncontrolling Interests" in the Company's Annual Report on Form 10-K for the year ended December 31, 2011 for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 480, Distinguishing Liabilities from Equity ("ASC 480"), an increase in redemption value from period to period reduces income attributable to common shareholders. Decreases in redemption value from period to period increase income attributable to common shareholders, 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)	The diluted EPS computations for the three month periods ended March 31, 2012 and 2011 do not assume the conversion, exercise, or contingent issuance of the following shares for these periods because the result would have been anti-dilutive for the periods indicated. 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 March 31,
	2012	2011
Shares excluded due to anti-dilution (treasury method):	(In thousands)
Potential common shares from:
Convertible trust preferred securities (a)	1,399	1,860
Conversion of the Series B Preferred stock	—	7,261
Exercise or contingent issuance of options or other dilutive securities (b)	—	725
Exercise or contingent issuance of warrants (c)	—	259
Total shares excluded due to anti-dilution	1,399	10,105

Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding):
Potential common shares from:
Options, restricted stock, or other dilutive securities (b)	2,495	3,802
Warrants (c)	—	2,888
Total shares excluded due to exercise price exceeding the average market price of common shares during the period	2,495	6,690

(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 $0.3 million and $0.4 million for the three month periods ended March 31, 2012 and 2011, respectively, would have been added back to net income/ (loss) attributable to common shareholders for diluted EPS computations for the periods presented.

(b)

Options to purchase shares of common stock, non-participating restricted stock, and other dilutive securities that were outstanding at period ends were not included in the computation of diluted EPS or in the above anti-dilution table because their exercise or conversion prices were greater than the average market price of the common shares during the respective period. Shares excluded from the diluted EPS computation are listed in the second table above for each respective period.

(c)

Certain warrants to purchase shares of common stock that were outstanding at period ends 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 during the respective period. Shares excluded from the diluted EPS computation are listed in the second table above for each respective period. See Part II. Item 8. "Financial Statements and Supplementary Data—Note 27: Subsequent Events" in the Company's Annual Report on Form 10-K for the year ended December 31, 2011 for a discussion of the 2012 repurchase of the Carlyle Warrants and the Carlyle Director's Warrants.