Net Earnings Per Common Share

12 Months Ended

Dec. 31, 2011

Net Earnings Per Common Share [Abstract]

Net Earnings Per Common Share

16. NET EARNINGS PER COMMON SHARE

Basic and diluted net earnings per common share based on the weighted average outstanding shares are summarized as follows:

	Year Ended December 31,
(In thousands, except per share amounts)	2011		2010			2009
Basic:
Net income (loss) applicable to controlling interest	$	323,804	$	(292,728	)	$	(1,216,111	)
Less common and preferred dividends		177,775		126,427			30,198
Undistributed earnings (loss)		146,029		(419,155	)		(1,246,309	)
Less undistributed earnings applicable to nonvested shares		1,300		–			–
Undistributed earnings (loss) applicable to common shares		144,729		(419,155	)		(1,246,309	)
Distributed earnings applicable to common shares		7,292		6,565			11,773
Total earnings (loss) applicable to common shares	$	152,021	$	(412,590	)	$	(1,234,536	)
Weighted average common shares outstanding		182,393		166,054			124,443
Net earnings (loss) per common share	$	0.83	$	(2.48	)	$	(9.92	)
Diluted:
Total earnings (loss) applicable to common shares	$	152,021	$	(412,590	)	$	(1,234,536	)
Additional undistributed earnings allocated to incremental shares		41		–			–
Diluted earnings (loss) applicable to common shares	$	152,062	$	(412,590	)	$	(1,234,536	)
Weighted average common shares outstanding		182,393		166,054			124,443
Additional weighted average dilutive shares		212		–			–
Weighted average diluted common shares outstanding		182,605		166,054			124,443
Net earnings (loss) per common share	$	0.83	$	(2.48	)	$	(9.92	)