We calculate earnings (loss) per share based on the weighted average number of shares of Common Stock, participating securities, common stock equivalents and dilutive convertible securities outstanding during the period. The following table illustrates the calculation of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2011 and 2010 (in thousands, except per share data):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Numerator:
Loss from continuing operations	$	(26,311	)	$	(46,992	)	$	(100,550	)	$	(121,293	)
Loss from continuing operations attributable to noncontrolling interests		7,909			19,655			26,338			29,502
Income attributable to preferred stockholders		(13,301	)		(13,576	)		(35,429	)		(36,626	)
Income attributable to participating securities		(58	)		(2	)		(169	)		—

Loss from continuing operations attributable to Aimco common stockholders	$	(31,761	)	$	(40,915	)	$	(109,810	)	$	(128,417	)


Income from discontinued operations	$	30,968		$	18,510		$	50,959		$	65,881
Income from discontinued operations attributable to noncontrolling interests		(14,008	)		(6,095	)		(20,900	)		(24,355	)

Income from discontinued operations attributable to Aimco common stockholders	$	16,960		$	12,415		$	30,059		$	41,526


Net income (loss)	$	4,657		$	(28,482	)	$	(49,591	)	$	(55,412	)
(Income) loss attributable to noncontrolling interests		(6,099	)		13,560			5,438			5,147
Income attributable to preferred stockholders		(13,301	)		(13,576	)		(35,429	)		(36,626	)
Income attributable to participating securities		(58	)		(2	)		(169	)		—

Net loss attributable to Aimco common stockholders	$	(14,801	)	$	(28,500	)	$	(79,751	)	$	(86,891	)


Denominator:
Denominator for basic earnings per share — weighted average number of shares of Common Stock outstanding		120,339			116,434			118,939			116,264
Effect of dilutive securities:
Dilutive potential common shares		—			—			—			—

Denominator for diluted earnings per share		120,339			116,434			118,939			116,264


Earnings (loss) per common share:
Basic and diluted earnings (loss) per common share:
Loss from continuing operations attributable to Aimco common stockholders	$	(0.26	)	$	(0.35	)	$	(0.92	)	$	(1.10	)
Income from discontinued operations attributable to Aimco common stockholders		0.14			0.10			0.25			0.35

Net loss attributable to Aimco common stockholders	$	(0.12	)	$	(0.25	)	$	(0.67	)	$	(0.75	)