EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2012

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 3EARNINGS 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 is 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 June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(In thousands, except per share amounts)
Basic EPS:
Numerator:
Net income (loss)	$	34,992		$	65,993		$	(76,532	)	$	(48,494	)
Net income attributable to noncontrolling interests	(682		)	(20		)	(1,418		)	(48		)
Net income (loss) attributable to common stockholders	$	34,310		$	65,973		$	(77,950	)	$	(48,542	)
Denominator:
Weighted average basic common shares outstanding	37,907			37,897			37,905			37,897
Diluted EPS:
Numerator:
Net income (loss) attributable to common stockholders	$	34,310		$	65,973		$	(77,950	)	$	(48,542	)
Less: Warrant liability gain	(23,430		)	(56,910		)	—			—
Adjusted net income (loss) available to common stockholders	$	10,880		$	9,063		$	(77,950	)	$	(48,542	)
Denominator:
Weighted average basic common shares outstanding	37,907			37,897			37,905			37,897
Restricted stock and stock options	5			3			—			—
Warrants	2,339			2,970			—			—
Weighted average diluted common shares outstanding	40,251			40,870			37,905			37,897
Basic Earnings (Loss) Per Share:	$	0.91		$	1.74		$	(2.06	)	$	(1.28	)
Diluted Earnings (Loss) Per Share:	$	0.27		$	0.22		$	(2.06	)	$	(1.28	)

The diluted EPS computation for the three months ended June 30, 2012 excludes 847,937 stock options and 14,900 shares of restricted stock because their inclusion would have been anti-dilutive. The diluted EPS computation for the six months ended June 30, 2012 excludes 847,937 stock options, 57,933 shares of restricted stock and 10,862,687 Sponsors and Management warrants because their inclusion would have been anti-dilutive.