NET LOSS PER COMMON SHARE

6 Months Ended

Jun. 30, 2013

NET LOSS PER COMMON SHARE

NET LOSS PER COMMON SHARE

7 — NET LOSS PER COMMON SHARE

The computation of basic net loss per share is based on the weighted-average number of common shares outstanding during the year. The computation of diluted net loss per share assumes the vesting of nonvested stock awards (refer to Note 20 — Nonvested Stock Awards), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive.  Of the 1,229,646 nonvested shares outstanding at June 30, 2013 (refer to Note 20 — Nonvested Stock Awards), all are anti-dilutive.  The Company’s diluted net loss per share will also reflect the assumed conversion under the Company’s convertible debt if the impact is dilutive under the “if converted” method. The impact of the shares convertible under the Company’s convertible notes is excluded from the computation of diluted earnings per share when interest expense per common share obtainable upon conversion is greater than basic earnings per share.

The components of the denominator for the calculation of basic net loss per share and diluted net loss per share are as follows:

	For the Three Months EndedJune 30,		For the Six Months EndedJune 30,
	2013	2012	2013	2012
Common shares outstanding, basic:
Weighted-average common shares outstanding, basic	43,196,895	42,878,228	43,179,300	40,484,409
Common shares outstanding, diluted:
Weighted-average common shares outstanding, basic	43,196,895	42,878,228	43,179,300	40,484,409
Dilutive effect of convertible notes	—	—	—	—
Dilutive effect of restricted stock awards	—	—	—	—
Weighted-average common shares outstanding, diluted	43,196,895	42,878,228	43,179,300	40,484,409

The following table sets forth a reconciliation of the net loss attributable to GS&T and the net loss attributable to GS&T for diluted net loss per share under the “if-converted” method:

	For the Three Months EndedJune 30,						For the Six Months EndedJune 30,
	2013			2012			2013			2012
Net loss attributable to GS&T	$	(45,369	)	$	(27,741	)	$	(93,532	)	$	(60,840	)
Interest expense related to convertible notes, if dilutive	—			—			—			—
Net loss attributable to GS&T for the computation of diluted net loss per share	$	(45,369	)	$	(27,741	)	$	(93,532	)	$	(60,840	)