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Net Income (Loss) Per Common Share
 12 Months Ended
Dec. 31, 2012
Earnings Per Share [Abstract]  
Net Income (Loss) Per Common Share
Net Income (Loss) Per Common Share
The following table displays a reconciliation of the information used in calculating basic and diluted net income (loss) per common share for the years ended December 31, 2012, 2011, and 2010.
 
Year Ended December 31,
(in thousands, except per share data)
2012
 
2011
 
2010
Income (loss) from continuing operations
$
830,209

 
(60,844
)
 
(834,019
)
Income from discontinued operations, net of income taxes
—

 
—

 
43,162

Net income (loss)
830,209

 
(60,844
)
 
(790,857
)
Net loss attributable to non-controlling interest
—

 
(220
)
 
(179
)
Net income (loss) available to controlling interest
830,209

 
(60,624
)
 
(790,678
)
Dividends and accretion of discount on Series A Preferred Stock
58,703

 
58,088

 
57,510

Net income (loss) available to common shareholders
$
771,506

 
(118,712
)
 
(848,188
)
Income (loss) from continuing operations
830,209

 
(60,844
)
 
(834,019
)
Net loss attributable to non-controlling interest
—

 
(220
)
 
(179
)
Dividends and accretion of discount on Series A Preferred Stock
58,703

 
58,088

 
57,510

   Net income (loss) from continuing operations available to common shareholders    
$
771,506

 
(118,712
)
 
(891,350
)
Weighted average common shares outstanding, basic
786,466

 
785,272

 
685,186

Potentially dilutive shares from assumed exercise of securities or other contracts to purchase common stock*
123,636

 
—

 
—

Weighted average common shares outstanding, diluted
910,102

 
785,272

 
685,186

Net income (loss) per common share, basic:
 
 
 
 
 
Net income (loss) from continuing operations available to common shareholders
$
0.98

 
(0.15
)
 
(1.30
)
Net income (loss) available to common shareholders
$
0.98

 
(0.15
)
 
(1.24
)
Net income (loss) per common share, diluted:
 
 
 
 
 
Net income (loss) from continuing operations available to common shareholders
$
0.85

 
(0.15
)
 
(1.30
)
Net income (loss) available to common shareholders
$
0.85

 
(0.15
)
 
(1.24
)
 
 
 
 
 
 

* Due to the net loss attributable to common shareholders for the years ended December 31, 2011 and 2010, there were no potentially dilutive shares included in the diluted net loss per common share calculations; as such shares and adjustments would have been anti-dilutive.
Basic net income (loss) per common share is computed by dividing net income (loss) by the average common shares outstanding for the period. Diluted net income per common share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The dilutive effect of outstanding options and restricted shares is reflected in diluted net income per common share, unless the impact is anti-dilutive, by application of the treasury stock method.
For the year ended December 31, 2012, there were 33.3 million potentially dilutive shares related to Common Stock options and Warrants to purchase shares of Common Stock that were outstanding during 2012, but were not included in the computation of diluted net income per common share because the effect would have been anti-dilutive. Due to the net loss attributable to common shareholders for the years ended December 31, 2011 and 2010, there were 161.3 million and 102.7 million, respectively, of Common Stock equivalents not included in the computation of net loss per common share because the effect would have been anti-dilutive.