Net Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2011

Net Income (Loss) Per Common Share [Abstract]

Net Income (Loss) Per Common Share

6. Net Income (Loss) Per Common Share

Basic net income (loss) per share is calculated using net earnings available to holders of our common stock divided by the weighted average number of shares of common stock outstanding during the year. Diluted net income (loss) per share is similar to basic net income (loss) per share except that the weighted average number of shares of common stock outstanding is increased to include, if their inclusion is dilutive, the number of additional shares of common stock that would have been outstanding assuming the issuance of all potentially dilutive shares, such as common stock to be issued upon exercise of options, the vesting of non-vested restricted shares, and the conversion of outstanding preferred stock. Net income (loss) per common share was determined by dividing net income (loss), as adjusted, by weighted average shares outstanding as follows:

	2011		2010		2009
	(thousands, except per-share amounts)
Net income (loss) available to OfficeMax common shareholders	$	32,771	$	68,628	$	(2,151	)
Average shares—basic(a)		85,881		84,908		77,483
Restricted stock, stock options and other(b)		1,116		1,604		—
Average shares—diluted		86,997		86,512		77,483
Net income (loss) available to OfficeMax common shareholders per common share:
Basic	$	0.38	$	0.81	$	(0.03	)
Diluted	$	0.38	$	0.79	$	(0.03	)

(a) The assumed conversion of outstanding preferred stock was anti-dilutive in all periods presented, and therefore no adjustment was required to determine diluted income (loss) from continuing operations or average shares-diluted.

(b) Options to purchase 3.7 million and 1.7 million shares of common stock were outstanding during 2011 and 2010, respectively, but were not included in the computation of diluted income (loss) per common share because the impact would have been anti-dilutive as the option price was higher than the average market price during the year. Outstanding options to purchase shares of common stock totaled 1.3 million at the end of 2009 but were not included in the computation of diluted income (loss) per common share because the impact would have been anti-dilutive due to the loss reported for the period.