EX-11 4 dex11.htm STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS Statement re: Computation of Per Share Earnings

EXHIBIT 11 – Computation of Per Share Earnings (Loss)

 

(In thousands, except per share data)    Pre-Merger
     Period from
January 1
through July 30,
2008
   Year ended
December 31,
2007

NUMERATOR:

     

Income (loss) before discontinued operations attributable to the Company – common shares

   $ 1,036,525      $ 938,507  

Less: Income (loss) from discontinued operations, net

     640,236        145,833  
             

Net income (loss) from continuing operations attributable to the Company

     396,289        792,674  

Less: Income (loss) before discontinued operations attributable to the Company – unvested shares

     2,333        4,786  
             

Net income (loss) before discontinued operations attributable to the Company per common share – basic and diluted

   $ 393,956      $ 787,888  
             

DENOMINATOR:

     

Weighted average common shares - basic

     495,044        494,347  

Effect of dilutive securities:

     

Stock options and common stock warrants (1)

     1,475        1,437  
             

Denominator for net income (loss) per common share - diluted

     496,519        495,784  
             

Net income (loss) per common share:

     

Income (loss) attributable to the Company before discontinued operations - basic

   $ .80      $ 1.59  

Discontinued operations - basic

     1.29        .30  
             

Net income (loss) attributable to the Company - basic

   $ 2.09      $ 1.89  
             

Income (loss) attributable to the Company before discontinued operations - diluted

   $ .80      $ 1.59  

Discontinued operations - diluted

     1.29        .29  
             

Net income (loss) attributable to the Company - diluted

   $ 2.09      $ 1.88  
             

 

  (1) 7.6 million and 22.2 million stock options were outstanding at July 30, 2008 and December 31, 2007 that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive as the respective options’ strike price was greater than the current market price of the shares.