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Earnings (Loss) Per Common Share (Unit)
 9 Months Ended
Sep. 30, 2013
Earnings Per Common Share (Unit)

  3.

Earnings (Loss) Per Common Share (Unit)

Host Inc. Earnings (Loss) Per Common Share

Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of Host Inc. common stock outstanding. Diluted earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders, as adjusted for potentially dilutive securities, by the weighted average number of shares of Host Inc. common stock outstanding plus other potentially dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, other non-controlling interests that have the option to convert their limited partnership interests to common OP units and convertible debt securities. No effect is shown for any securities that are anti-dilutive. The calculation of basic and diluted earnings (loss) per common share is shown below (in millions, except per share amounts):

 

 

Quarter ended

 

 

Year-to-date ended

 

 

September 30,
2013

 

 

September 7,
2012

 

 

September 30,
2013

 

 

September 7,
2012

 

Net income (loss)             

$

  18

 

 

$

(36

)

 

$

  199

 

 

$

  48

 

Less: Net (income) loss attributable to non-controlling interests             

 

  1

 

 

 

  2

 

 

 

(5

)

 

 

(2

)

Net income (loss) attributable to Host Inc.             

$

  19

 

 

$

(34

)

 

$

  194

 

 

$

  46

 

Diluted income (loss) attributable to Host Inc.             

$

  19

 

 

$

(34

)

 

$

  194

 

 

$

  46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding             

 

  749.0

 

 

 

  721.3

 

 

 

  740.9

 

 

 

  715.7

 

Diluted weighted average shares outstanding (a)             

 

  749.7

 

 

 

  721.3

 

 

 

  744.9

 

 

 

  715.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per common share             

$

  .03

 

 

$

(.05

)

 

$

  .26

 

 

$

  .06

 

Diluted earnings (loss) per common share             

$

  .03

 

 

$

(.05

)

 

$

  .26

 

 

$

  .06

 

 

 

 

 

 

 

(a)

There were approximately 30 million and 29 million for the quarter and year-to-date periods ended September 30, 2013, respectively, and approximately 40 million for both the quarter and year-to-date periods ended September 7, 2012, potentially dilutive shares for our exchangeable senior debentures, which shares were not included in the computation of diluted earnings (loss) per share because to do so would have been anti-dilutive for the period.

 

Host L.P. Earnings (Loss) Per Common Unit

Basic earnings (loss) per common unit is computed by dividing net income (loss) attributable to common unitholders by the weighted average number of common units outstanding. Diluted earnings (loss) per common unit is computed by dividing net income (loss) attributable to common unitholders, as adjusted for potentially dilutive securities, by the weighted average number of common units outstanding plus other potentially dilutive securities. Dilutive securities may include units issued to Host Inc. to support Host Inc. common shares granted under comprehensive stock plans, other non-controlling interests that have the option to convert their limited partnership interests to common OP units and convertible debt securities. No effect is shown for any securities that are anti-dilutive. The calculation of basic and diluted earnings (loss) per unit is shown below (in millions, except per unit amounts):

 

 

Quarter ended

 

 

Year-to-date ended

 

 

September 30,
2013

 

 

September 7,
2012

 

 

September 30,
2013

 

 

September 7,
2012

 

Net income (loss)             

$

  18

 

 

$

(36

)

 

$

  199

 

 

$

  48

 

Less: Net (income) loss attributable to non-controlling interests             

 

  1

 

 

 

  1

 

 

 

(2

)

 

 

(1

)

Net income (loss) attributable to Host L.P.             

$

  19

 

 

$

(35

)

 

$

  197

 

 

$

  47

 

Diluted income (loss) attributable to Host L.P.             

$

  19

 

 

$

(35

)

 

$

  197

 

 

$

  47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average units outstanding             

 

  743.0

 

 

 

  716.2

 

 

 

  735.1

 

 

 

  710.8

 

Diluted weighted average units outstanding (a)             

 

  743.6

 

 

 

  716.2

 

 

 

  739.0

 

 

 

  710.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per common unit             

$

  .03

 

 

$

(.05

)

 

$

  .27

 

 

$

  .07

 

Diluted earnings (loss) per common unit             

$

  .03

 

 

$

(.05

)

 

$

  .27

 

 

$

  .07

 

 

 

 

 

 

(a)

There were approximately 29 million for both the quarter and year-to-date periods ended September 30, 2013 and approximately 40 million and 39 million for the quarter and year-to-date ended September 7, 2012, respectively, potentially dilutive units for our exchangeable senior debentures, which units were not included in the computation of diluted earnings (loss) per unit because to do so would have been anti-dilutive for the period.