Earnings (loss) per share

6 Months Ended

Jun. 30, 2011

Earnings (loss) per share [Abstract]

Earnings (loss) per share

Note 6 – Earnings (loss) per share

Our basic EPS is based on the weighted average number of common shares outstanding, which excludes participating securities with non-forfeitable rights to dividends of 1.0 million, 1.2 million and 1.8 million for the three months ended June 30, 2011 and the six months ended June 30, 2011 and 2010, respectively, because they were anti-dilutive due to our reported net loss.  For the three months ended June 30, 2010 our basic EPS includes participating securities of 1.8 million with non-forfeitable rights to dividends. Typically, diluted EPS is based on the weighted average number of common shares outstanding plus common stock equivalents which include certain stock awards, stock options and the dilutive effect of our convertible debt. In accordance with accounting guidance, if we report a net loss from continuing operations then our diluted EPS is computed in the same manner as the basic EPS. In addition if any common stock equivalents are anti-dilutive they are always excluded from the calculation. The following includes a reconciliation of the weighted average number of shares; however for the three months ended June 30, 2011 and 2010 common stock equivalents of 55.5 million and 53.3 million, respectively, and for the six months ended June 30, 2011 and 2010 common stock equivalents of 55.5 million and 45.8 million, respectively, were not included because they were anti-dilutive.

	Three Months Ended						Six Months Ended
		June 30,					June 30,
		2011			2010		2011			2010
	(In thousands, except per share data)
Basic earnings per share:
Average common shares outstanding			201,097			181,267		200,921			152,344
Net (loss) income		$	(151,732	)	$	24,551	$	(185,393	)	$	(125,540	)
Basic (loss) earnings per share		$	(0.75	)	$	0.14	$	(0.92	)	$	(0.82	)
Diluted earnings per share:
Weighted-average shares - Basic			201,097			181,267		200,921			152,344
Common stock equivalents			-			889		-			-
Weighted-average shares - Diluted			201,097			182,156		200,921			152,344
Net (loss) income		$	(151,732	)	$	24,551	$	(185,393	)	$	(125,540	)
Diluted (loss) earnings per share		$	(0.75	)	$	0.13	$	(0.92	)	$	(0.82	)