Net Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

Note 15 - 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, 2013, 2012, and 2011.

	Year Ended December 31,
(in thousands, except per share data)	2013		2012	2011
Net income (loss)	$	159,383	830,209	(60,844	)
Net loss attributable to non-controlling interest	—		—	(220	)
Net income (loss) available to controlling interest	159,383		830,209	(60,624	)
Dividends and accretion of discount on preferred stock	40,830		58,703	58,088
Net income (loss) available to common shareholders	$	118,553	771,506	(118,712	)
Weighted average common shares outstanding, basic	$	892,462	786,466	785,272
Potentially dilutive shares from assumed exercise of securities or other contracts to purchase common stock*	47,118		123,636	—
Weighted average common shares outstanding, diluted	939,580		910,102	785,272
Net income (loss) per common share, basic:
Net income (loss) available to common shareholders	$	0.13	0.98	(0.15	)
Net income (loss) per common share, diluted:
Net income (loss) available to common shareholders	$	0.13	0.85	(0.15	)

* Due to the net loss attributable to common shareholders for the year ended December 31, 2011, there wereno 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 years ended December 31, 2013 and 2012, there were 26.9 million and 33.3 million potentially dilutive shares, respectively, related to Common Stock options and Warrants to purchase shares of Common Stock that were outstanding during 2013 and 2012, respectively, 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 year ended December 31, 2011, there were 161.3 million of Common Stock equivalents not included in the computation of net loss per common share because the effect would have been anti-dilutive.