Earnings per Share

6 Months Ended

Jun. 30, 2011

Earnings per Share

16.Earnings per Share

The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings per share for the periods presented:

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Loss from continuing operations	$	(71,918	)	$	(21,097	)	$	(98,258	)	$	(10,331	)
Income from discontinued operations, net of tax 1		-			21,308			-			33,482
Gain on sale of dicontinued operations		-			49,612			-			49,612
Less: Net income attributable to noncontrolling interests		-			(18,744	)		-			(28,090	)
Net income (loss) attributable to common shareholders	$	(71,918	)	$	31,079		$	(98,258	)	$	44,673
Less: Portion of subsidiary net income allocated to undistributed share-basd compensation awards, net of tax		-			-			-			(28	)
	$	(71,918	)	$	31,079		$	(98,258	)	$	44,645
Weighted-average shares, basic		45,768			45,539			45,724			45,508
Effect of dilutive securities 2		-			251			-			259
Weighted-average shares, diluted		45,768			45,790			45,724			45,767

1 For purposes of determining earnings per share, net income attributable to noncontrolling interests, which is fully attributable to PVG's operations, is applied against income from discontinued operations.

2 For both the three and six months ended June 30, 2011, approximately 0.1 million potentially dilutive securities, including the Convertible Notes, stock options, restricted stock and restricted stock units, had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per common share.