EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2012

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 2         EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of any potentially dilutive common shares. The dilutive effect of options and non-vested stock issued under stock-based compensation plans is computed using the “treasury stock” method. The dilutive effect of the Sponsors Warrants and Management Warrants are computed using the if-converted method. Gains, if any, associated with the Sponsors Warrants and Management Warrants are excluded from the numerator in computing diluted earnings per share because inclusion of such gains in the computation would be anti-dilutive.

Information related to our EPS calculations is summarized as follows:

	Three Months Ended March 31,
(In thousands, except per share amounts)	2012			2011
	(In thousands)
Basic EPS:
Numerator:
Net loss from continuing operations	$	(111,522	)	$	(114,487	)
Net earnings attributable to noncontrolling interests	(736		)	(28		)
Net loss attributable to common stockholders	$	(112,258	)	$	(114,515	)
Denominator:
Weighted average number of common shares outstanding - basic	37,903			37,905
Diluted EPS *:
Numerator:
Net loss attributable to common stockholders	$	(112,258	)	$	(114,515	)
Less: Warrant liability gain	—			—
Adjusted net loss available to common stockholders	$	(112,258	)	$	(114,515	)
Denominator:
Weighted average number of common shares outstanding - basic	37,903			37,905
Restricted stock and stock options	—			—
Warrants	—			—
Weighted average number of common shares outstanding - diluted	37,903			37,905
Basic Loss Per Share:	$	(2.96	)	$	(3.02	)
Diluted Loss Per Share:	$	(2.96	)	$	(3.02	)

*Due to the net loss for the three months ended March 31, 2012 and 2011, basic shares were used to calculate diluted earnings per share. Inclusion of such securities would result in anti-dilution.

The diluted EPS computation as of March 31, 2012 excludes 731,437 stock options 42,553 shares of restricted stock and 10,862,687 Sponsors and Management warrants because their inclusion would have been anti-dilutive. The diluted EPS computations as of March 31, 2011 excludes 653,837 stock options, 26,895 shares of restricted stock and 10,862,687 Sponsors and Management Warrants because their inclusion would have been anti-dilutive.