EX-11 3 dex11.htm STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS Statement re: Computation of Per Share Earnings

 

Exhibit 11

EXHIBIT 11 –  COMPUTATION OF EARNINGS (LOSS) PER SHARE

 

(In thousands, except per share data)    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2010     2009     2010     2009  

Basic and diluted numerator:

        

Loss attributable to the Company – Common Shares

   $ (34,894   $ (34,376   $ (91,803   $ (811,354

Less: Participating securities dividends

     1,196        1,221        2,589        1,221   
                                

Net loss attributable to the Company

   $ (36,090   $ (35,597   $ (94,392   $ (812,575

Denominator:

        

Weighted average common shares – basic

     355,585        355,389        355,530        355,364   

Effect of dilutive securities:

        

Stock options and restricted stock (1)

     —          —          —          —     
                                

Weighted average common shares – diluted

     355,585        355,389        355,530        355,364   

Net loss attributable to the Company per common share:

        

Basic

   $ (0.10   $ (0.10   $ (0.27   $ (2.29

Diluted

   $ (0.10   $ (0.10   $ (0.27   $ (2.29

 

(1) Equity awards of 5.5 million and 6.8 million were outstanding as of September 30, 2010 and 2009, respectively, but were not included in the computation of diluted earnings per share because to do so would have been antidilutive as the respective options’ strike price was greater than the current market price of the shares.