XML 79 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Income (Loss) Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share
Net Income (Loss) Per Share
The Company uses the two-class method of calculating net income (loss) per share because certain of the Company's and its consolidated subsidiaries' unvested share-based awards qualify as participating securities. Participating securities participate in the Company's dividend distributions and are assumed to participate in the Company's undistributed income proportionate to weighted average outstanding common shares, but are not assumed to participate in the Company's net losses because they are not contractually obligated to do so. Accordingly, allocations of earnings to participating securities are included in the Company's calculations of basic and diluted earnings per share from continuing operations, discontinued operations and net income attributable to common stockholders.
During periods in which the Company realizes a loss from continuing operations attributable to common stockholders, securities or other contracts to issue common stock would be dilutive to loss per share from continuing operations; therefore, conversion into common stock is assumed not to occur.
The following tables reconcile the Company's net income (loss) attributable to common stockholders to basic net income (loss) attributable to common stockholders and diluted net income (loss) attributable to common stockholders for the three and six months ended June 30, 2012 and 2011:
 
 
Three Months Ended June 30, 2012
 
Six Months Ended June 30, 2012
 
 
Continuing
Operations
 
Discontinued
Operations
 
Total
 
Continuing
Operations
 
Discontinued
Operations
 
Total
 
 
(in thousands)
Net income (loss) attributable to common stockholders
 
$
(82,409
)
 
$
12,017

 
$
(70,392
)
 
$
121,515

 
$
22,712

 
$
144,227

Participating basic earnings
 
(265
)
 
—

 
(265
)
 
(1,833
)
 
(343
)
 
(2,176
)
Basic net income (loss) attributable to common stockholders
 
(82,674
)
 
12,017

 
(70,657
)
 
119,682

 
22,369

 
142,051

Reallocation of participating earnings
 
—

 
—

 
—

 
130

 
24

 
154

Diluted income (loss) attributable to common stockholders
 
$
(82,674
)
 
$
12,017

 
$
(70,657
)
 
$
119,812

 
$
22,393

 
$
142,205


 
 
Three Months Ended June 30, 2011
 
Six Months Ended June 30, 2011
 
 
Continuing
Operations
 
Discontinued
Operations
 
Total
 
Continuing
Operations
 
Discontinued
Operations
 
Total
 
 
(in thousands)
Net income (loss) attributable to common stockholders
 
$
248,602

 
$
(3,025
)
 
$
245,577

 
$
177,314

 
$
416,857

 
$
594,171

Participating basic earnings
 
(4,847
)
 
—

 
(4,847
)
 
(3,238
)
 
(7,611
)
 
(10,849
)
Basic net income (loss) attributable to common stockholders
 
243,755

 
(3,025
)
 
240,730

 
174,076

 
409,246

 
583,322

Reallocation of participating earnings
 
164

 
—

 
164

 
81

 
190

 
271

Diluted income (loss) attributable to common stockholders
 
$
243,919

 
$
(3,025
)
 
$
240,894

 
$
174,157

 
$
409,436

 
$
583,593


The following table is a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding for the three and six months ended June 30, 2012 and 2011: 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2012
 
2011
 
2012
 
2011
 
 
(in thousands)
Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
123,028

 
116,213

 
122,754

 
116,042

Dilutive common stock options (a)
 
—

 
178

 
205

 
188

Convertible senior notes dilution (a)
 
—

 
1,772

 
2,642

 
2,333

Contingently issuable performance unit shares (a)
 
—

 
429

 
171

 
423

Diluted
 
123,028

 
118,592

 
125,772

 
118,986

 ____________________
(a)
The following common share equivalents were excluded from the weighted average diluted shares for the three months ended June 30, 2012 because they would have been anti-dilutive to the loss recorded for the period: 206,495 outstanding options to purchase the Company's common stock, 184,236 common shares attributable to unvested performance units and 1,825,147 common shares issuable if holders of the Company's 2.875% Convertible Senior Notes had exercised their conversion rights (see Note G). Options to purchase 185,772 shares of the Company's common stock were excluded from the diluted income per share calculations for the six months ended June 30, 2012 because they would have been anti-dilutive to the calculation.