Income (Loss) Per Share of Common Stock

12 Months Ended

Nov. 30, 2011

Income (Loss) Per Share of Common Stock [Abstract]

Income (Loss) Per Share of Common Stock

2. Income (Loss) Per Share of Common Stock

A reconciliation of the numerator and denominator used to calculate basic and diluted income (loss) per share of common stock (“EPS”) is presented in the following table:

	Year Ended(1)
	2011		2010		2009
	(In millions, except per share amounts; shares in thousands)
Numerator for Basic and Diluted EPS
Income from continuing operations	$	2.9	$	6.0	$	58.9
Income (loss) from discontinued operations, net of income taxes		—		0.8		(6.7	)
Net income for basic earnings per share		2.9		6.8		52.2
Interest on contingent convertible subordinated notes		—		—		5.0
Net income available to common shareholders, as adjusted for diluted earnings per share	$	2.9	$	6.8	$	57.2
Denominator
Basic weighted average shares		58,689		58,547		58,429
Effect of:
Contingent convertible subordinated notes		—		—		8,101
Employee stock options		17		17		—
Diluted weighted average shares		58,706		58,564		66,530
Basic EPS:
Income per share from continuing operations	$	0.05	$	0.11	$	1.00
Income (loss) per share from discontinued operations, net of income taxes		—		0.01		(0.11	)
Net income per share	$	0.05	$	0.12	$	0.89
Diluted EPS:
Income per share from continuing operations	$	0.05	$	0.11	$	0.96
Income (loss) per share from discontinued operations, net of income taxes		—		0.01		(0.10	)
Net income per share	$	0.05	$	0.12	$	0.86

(1) The undistributed income allocated to participating securities was less than $0.1 million for all years presented. The Company’s outstanding unvested restricted shares contain non-forfeitable rights to dividends. Accordingly, the weighted average share balances treat the unvested restricted shares as participating securities and are included in the computation of EPS pursuant to the two-class method. Application of the two-class method had no impact on EPS for all years presented.

The following table sets forth the potentially dilutive securities excluded from the computation because their effect would have been anti-dilutive:

	Year Ended
	2011		2010		2009
	(In thousands)
4% Convertible Subordinated Notes (“4% Notes”)		—		1,148		—
4 1/ 16% Debentures		22,219		20,922		—
Unvested restricted shares		805		652		167
Employee stock options		1,050		934		1,291
Total potentially dilutive securities		24,074		23,656		1,458

The Company’s 2  ¹/4% Debentures were not included in the computation of diluted earnings per share because the market price of the common stock did not exceed the conversion price and only the conversion premium for these debentures is settled in common shares.