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Earnings Per Share
 12 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
The Company calculates its basic and diluted earnings per share in accordance with US GAAP. Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. As of December 31, 2011, there were 114,047,637 shares outstanding, of which 576,892 are restricted. To the extent that outstanding restricted shares are unvested, they are excluded from the calculation of basic earnings per share. The Company has included 188,128 fully vested, unissued restricted stock units in its calculation of basic earnings per share.
Diluted earnings per common share are calculated by adjusting the weighted average outstanding shares to assume conversion of all potentially dilutive nonvested restricted stock and stock options. The Company uses the treasury stock method to reflect the potential dilutive effect of the unvested restricted shares, restricted stock units and unexercised stock options. In calculating the number of dilutive shares outstanding, the shares of common stock underlying unvested restricted shares and restricted stock units are assumed to have been delivered, and options are assumed to have been exercised, on the grant date. The assumed proceeds from the assumed vesting, delivery and exercising were calculated as the sum of (a) the amount of compensation cost attributed to future services and not yet recognized and (b) the amount of tax benefit that was credited to additional paid-in capital assuming vesting and delivery of the restricted stock. The tax benefit is the amount resulting from a tax deduction for compensation in excess of compensation expense recognized for financial statement reporting purposes. All outstanding stock options and unvested restricted shares were not included in the computation of diluted net loss per common share for the year ended December 31, 2011 and 2010, respectively, as their inclusion would have been anti-dilutive.
The computation of earnings per share is as follows:
 
For the Year Ended December 31,
 
2011
 
2010
 
2009
 
(dollars in thousands, except per share data)
Net income (loss) from continuing operations
$
(78,537
)
 
$
(31,690
)
 
$
(39,039
)
Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries
5,827

 
13,727

 
16,248

Net income (loss) from continuing operations less Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries
(84,364
)
 
(45,417
)
 
(55,287
)
 
 
 
 
 
 
Net income (loss) from discontinued operations, net of tax
$
(23,646
)
 
$
—

 
$
—

 
 
 
 
 
 
Shares for basic and diluted calculations:
 
 
 
 
 
Weighted average shares used in basic computation
95,532

 
73,149

 
41,001

Stock options
—

 
—

 
—

Restricted stock
—

 
—

 
—

Weighted average shares used in diluted computation
95,532

 
73,149

 
41,001

Earnings (loss) per share:
 
 
 
 
 
Basic
 
 
 
 
 
Income (loss) from continuing operations
$
(0.88
)
 
$
(0.62
)
 
$
(1.35
)
Income (loss) from discontinued operations
(0.25
)
 
—

 
—

Diluted
 
 
 
 
 
Income (loss) from continuing operations
$
(0.88
)
 
$
(0.62
)
 
$
(1.35
)
Income (loss) from discontinued operations
(0.25
)
 
—

 
—