Earnings per Share

9 Months Ended

Sep. 30, 2011

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 September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Loss from continuing operations	$	(6,718	)	$	(30,159	)	$	(104,976	)	$	(40,490	)
Income from discontinued operations, net of tax 1		-			-			-			33,482
Gain on sale of discontinued operations		-			-			-			49,612
Less: Net income attributable to noncontrolling interests		-			-			-			(28,090	)
Net income (loss) attributable to common shareholders	$	(6,718	)	$	(30,159	)	$	(104,976	)	$	14,514
Less: Portion of subsidiary net income allocated to undistributed share-basd compensation awards, net of tax		-			-			-			(28	)
	$	(6,718	)	$	(30,159	)	$	(104,976	)	$	14,486

Weighted-average shares, basic		45,817			45,591			45,758			45,534
Effect of dilutive securities 2		-			-			-			199
Weighted-average shares, diluted		45,817			45,591			45,758			45,733

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.

For both the three and nine months ended September 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.