Net Income (Loss) Attributable to Controlling Interests Per Common Share

3 Months Ended

Mar. 31, 2013

Net Income (Loss) Attributable to Controlling Interests Per Common Share [Abstract]

Net Income (Loss) Attributable to Controlling Interests Per Common Share

11.           Net Income (Loss) Attributable to Controlling Interests Per Common Share

We compute net income (loss) attributable to controlling interests per common share by dividing income (loss) attributable to controlling interests by the weighted-average common shares (including participating securities) outstanding during the period, as discussed below. Diluted computations applicable in financial reporting periods in which we report income reflect the potential dilution to the basic income per common share computations that could occur if securities or other contracts to issue common stock were exercised, were converted into common stock or were to result in the issuance of common stock that would share in our income or losses. In performing our net income (loss) attributable to controlling interests per common share computations, we apply accounting rules that require us to include all unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted calculations. Common stock and unvested share-based payment awards earn dividends equally, and we have included all outstanding restricted stock awards in our basic and diluted calculations for current and prior periods.

The following table sets forth the computations of net income (loss) per common share (in thousands, except per share data):

	For the Three Months Ended March 31,
	2013			2012
Numerator:
Loss on continuing operations attributable to controlling interests	$	(3,008	)	$	(8,250	)
Income from discontinued operations attributable to controlling interests	$	-		$	3,818
Net loss attributable to controlling interests	$	(3,008	)	$	(4,432	)
Denominator:
Basic (including unvested share-based payment awards) (1)		13,840			21,974
Effect of dilutive stock compensation arrangements (2)		-			83
Diluted (including unvested share-based payment awards) (1)		13,840			22,057
Loss on continuing operations attributable to controlling interests per common share—basic	$	(0.22	)	$	(0.37	)
Loss on continuing operations attributable to controlling interests per common share—diluted	$	(0.22	)	$	(0.37	)
Income from discontinued operations attributable to controlling interests per common share—basic	$	-		$	0.17
Income from discontinued operations attributable to controlling interests per common share—diluted	$	-		$	0.17
Net loss attributable to controlling interests per common share—basic	$	(0.22	)	$	(0.20	)
Net loss attributable to controlling interests per common share—diluted	$	(0.22	)	$	(0.20	)

(1) Shares related to unvested share-based payment awards we included in our basic and diluted share counts are 197,500 and 92,709 for the three months ended March 31, 2013 and 2012, respectively.

(2) The effect of dilutive options is shown only for informational purposes where we are in a net loss position. In such situations, the effect of including outstanding options and restricted stock would be anti-dilutive, and they are thus excluded from all loss period calculations.

As their effects were anti-dilutive, we excluded all of our stock options from our net income (loss) per share computations for the three months ended March 31, 2013 and 2012.

For the three months ended March 31, 2013 and 2012, there were no shares potentially issuable and thus includible in the diluted net loss attributable to controlling interests per common share calculation under our 3.625% convertible senior notes due 2025 issued in May 2005 and 5.875% convertible senior notes due 2035 issued in November 2005. However, in future reporting periods during which our closing stock price is above the respective $20.22 and $24.61 conversion prices for the May 2005 and November 2005 convertible senior notes, and depending on the closing stock price at conversion, the maximum potential dilution under the conversion provisions of the May 2005 and November 2005 convertible senior notes is 22,246 and 5.7 million shares, respectively, which could be included in diluted share counts in net income per common share calculations. See Note 9, "Convertible Senior Notes," for a further discussion of these convertible securities.