Earnings (Loss) Per Common Share

6 Months Ended

Jun. 30, 2012

Earnings (Loss) Per Common Share [Abstract]

Earnings (Loss) Per Common Share

12. Earnings (Loss) Per Common Share

Basic and diluted earnings (loss) per share amounts were calculated by dividing net income (loss) by the weighted average number of common shares outstanding.  The numerators and denominators used to calculate basic and diluted earnings (loss) per share for the three and six month periods ended June 30, 2012 and 2011 are as follows (in thousands):

	For the Three Month					For the Six Month
	Period Ended June 30,					Period Ended June 30,
	2012			2011		2012		2011
Numerator for earnings (loss) per share:
Net income (loss) attributable to Leucadia
National Corporation common shareholders for
basic earnings (loss) per share	$	(197,251	)	$	186,309	$	293,626	$	196,816
Interest on 3¾% Convertible Notes		–			654		1,312		1,308
Net income (loss) attributable to Leucadia
National Corporation common shareholders for
diluted earnings (loss) per share	$	(197,251	)	$	186,963	$	294,938	$	198,124
Denominator for earnings (loss) per share:
Denominator for basic earnings (loss) per share –
weighted average shares		244,583			244,521		244,583		244,290
Stock options		–			225		–		195
Warrants		–			–		–		206
3¾% Convertible Notes		–			4,280		4,327		4,280
Denominator for diluted earnings (loss) per share		244,583			249,026		248,910		248,971

Options to purchase 2,257,000 and 878,000 weighted average common shares were outstanding during the three month periods ended June 30, 2012 and 2011, respectively, and 2,243,000 and 875,000 weighted average common shares were outstanding during the six month periods ended June 30, 2012 and 2011, respectively, but were not included in the computation of diluted per share amounts as the effect was antidilutive.

The denominator for diluted earnings (loss) per share does not include weighted average common shares of 4,000,000 for the three and six month periods ended June 30, 2012, and 2,000,000 and 1,000,000 for the three and six month periods ended June 30, 2011, respectively, related to outstanding warrants to purchase common shares at $33.84 per share, as the effect was antidilutive.

For the three month period ended June 30, 2012, 4,327,317 shares related to the 3¾% Convertible Notes were not included in the computation of diluted per share amounts as the effect was antidilutive.

Outstanding stock options and stock appreciation rights of a subsidiary are not included above since the subsidiary operates at a net loss and the effect is antidilutive.