EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2013

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 3        EARNINGS PER SHARE

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) attributable 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 all potentially dilutive common shares. The dilutive effect of options and nonvested 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 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,
	2013			2012			2013			2012
	(In thousands, except per share amounts)
Basic EPS:
Numerator:
Net income (loss)	$	(76,496	)	$	34,992		$	(99,666	)	$	(76,532	)
Net income attributable to noncontrolling interests	(58		)	(682		)	(12		)	(1,418		)
Net income (loss) attributable to common stockholders	$	(76,554	)	$	34,310		$	(99,678	)	$	(77,950	)
Denominator:
Weighted average basic common shares outstanding	39,445			37,907			39,443			37,905
Diluted EPS:
Numerator:
Net income (loss) attributable to common stockholders	$	(76,554	)	$	34,310		$	(99,678	)	$	(77,950	)
Less: Warrant liability gain	—			(23,430		)	—			—
Adjusted net income (loss) attributable to common stockholders	$	(76,554	)	$	10,880		$	(99,678	)	$	(77,950	)
Denominator:
Weighted average basic common shares outstanding	39,445			37,907			39,443			37,905
Restricted stock and stock options	—			5			—			—
Warrants	—			2,339			—			—
Weighted average diluted common shares oustanding	39,445			40,251			39,443			37,905
Basic earnings (loss) per share:	$	(1.94	)	$	0.91		$	(2.53	)	$	(2.06	)
Diluted earnings (loss) per share:	$	(1.94	)	$	0.27		$	(2.53	)	$	(2.06	)

The diluted EPS computation for the three and six months ended June 30, 2013 excludes 918,440 stock options, 122,332 shares of restricted stock, 1,916,667 shares of common stock underlying the Sponsors 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 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.