EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2012

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 3        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 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 September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(In thousands, except per share amounts)
Basic EPS:
Numerator:
Net income (loss)	$	(50,192	)	$	165,024		$	(126,724	)	$	116,528
Net income (loss) attributable to noncontrolling interests	781			(729		)	(637		)	(777		)
Net income (loss) attributable to common stockholders	$	(49,411	)	$	164,295		$	(127,361	)	$	115,751
Denominator:
Weighted average basic common shares outstanding	37,916			37,912			37,909			37,907
Diluted EPS:
Numerator:
Net income (loss) attributable to common stockholders	$	(49,411	)	$	164,295		$	(127,361	)	$	115,751
Less: Warrant liability gain	—			(169,897		)	—			(100,762		)
Adjusted net income (loss) available to common stockholders	$	(49,411	)	$	(5,602	)	$	(127,361	)	$	14,989
Denominator:
Weighted average basic common shares outstanding	37,916			37,912			37,909			37,907
Restricted stock and stock options	—			—			—			5
Warrants	—			843			—			1,585
Weighted average diluted common shares oustanding	37,916			38,755			37,909			39,497
Basic earnings (loss) per share:	$	(1.30	)	$	4.33		$	(3.36	)	$	3.05
Diluted earnings (loss) per share:	$	(1.30	)	$	(0.14	)	$	(3.36	)	$	0.38

The diluted EPS computations for the three and nine months ended September 30, 2012 exclude 843,962 stock options, 57,933 shares of restricted stock, 8,000,000 shares of common stock underlying the Sponsor Warrants and 2,862,687 shares of common stock underlying the Management Warrants because their inclusion would have been anti-dilutive.

Additionally, the diluted EPS computation for the three months ended September 30, 2011 excludes 692,362 stock options and 38,953 shares of restricted stock because their inclusion would have been anti-dilutive. The diluted EPS computation for the nine months ended September 30, 2011 excludes 692,362 stock options because their inclusion would have been anti-dilutive.