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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
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 attributable to the Company's stockholders by the weighted average number of common shares outstanding for the period. As of March 31, 2013, there were 115,651,799 shares outstanding. 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 and SAR's. 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, SAR's and unvested restricted shares were not included in the computation of diluted net income (loss) per common share for the three months ended March 31, 2013 and 2012, respectively, as their inclusion would have been anti-dilutive.
The computation of earnings per share is as follows:
 
Three Months Ended March 31,
 
2013
 
2012
 
(dollars in thousands, except per share data)
Net income (loss)
$
919

 
$
6,236

Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries
3,495

 
2,241

Net income (loss) less Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries
(2,576
)
 
3,995

 
 
 
 
Shares for basic and diluted calculations:
 
 
 
Weighted average shares used in basic computation
113,798

 
114,281

Stock options
—

 
—

Stock appreciation rights
—

 
—

Restricted stock
—

 
1,382

Weighted average shares used in diluted computation
$
113,798

 
$
115,663

Earnings (loss) per share:
 
 
 
Basic
$
(0.02
)
 
$
0.03

Diluted
$
(0.02
)
 
$
0.03