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Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
7. 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 attributable to the Company's stockholders by the weighted average number of common shares outstanding for the period. As of September 30, 2012, there were 113,962,889 shares outstanding, of which 420,276 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 336,895 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 would be 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 income (loss) per common share for the three and nine months ended September 30, 2012 as their inclusion would have been anti-dilutive.
The computation of earnings per share is as follows:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2012
 
2011
 
2012
 
2011
 
(dollars in thousands, except per share data)
Net income (loss) from continuing operations
(11,618
)
 
(43,930
)
 
(15,761
)
 
(20,553
)
Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries
(1,033
)
 
(783
)
 
(1,225
)
 
2,473

Net income (loss) from continuing operations less Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries
(10,585
)
 
(43,147
)
 
(14,536
)
 
(23,026
)
 
 
 
 
 
 
 
 
Net income (loss) from discontinued operations, net of tax
—

 
(5,087
)
 
—

 
(5,087
)
 
 
 
 
 
 
 
 
Shares for basic and diluted calculations:
 
 
 
 
 
 
 
Weighted average shares used in basic computation
114,989

 
115,664

 
114,587

 
89,118

Stock options
—

 
—

 
—

 
—

Restricted stock
—

 
—

 
—

 
—

Weighted average shares used in diluted computation
114,989

 
115,664

 
114,587

 
89,118

Earnings (loss) per share:
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.09
)
 
$
(0.37
)
 
$
(0.13
)
 
$
(0.26
)
Income (loss) from discontinued operations
—

 
(0.04
)
 
—

 
(0.06
)
Diluted
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.09
)
 
$
(0.37
)
 
$
(0.13
)
 
$
(0.26
)
Income (loss) from discontinued operations
—

 
(0.04
)
 
—

 
(0.06
)