Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

Net Income (Loss) Per Common Share

Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common shareholders, less dividends on share-based awards expected to vest (referred to as “participating securities” and primarily composed of unvested restricted stock units), by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per common share is computed by dividing the sum of basic net income (loss) attributable to common shareholders and the noncontrolling interest in earnings allocable to Units not owned by us (to the extent the Units are dilutive) by the sum of the weighted average number of common shares outstanding and, to the extent they are dilutive, Units outstanding, as well as any potential dilutive securities for the period.

The following table reconciles the components of basic and diluted net income (loss) per common share for the three months ended March 31, 2012 and 2011, respectively (in thousands): 

	Three Months Ended March 31,
	2012			2011
Net income (loss) attributable to common shareholders	$	(36,390	)	$	47,569
Less: Dividends on participating securities	(852		)	(799		)
Basic net income (loss) attributable to common shareholders	(37,242		)	46,770
Noncontrolling interest in earnings of common unitholders	—			1,205
Diluted net income (loss) attributable to common shareholders	$	(37,242	)	$	47,975
Weighted average number of common shares outstanding	258,365			252,406
Weighted average partnership Units outstanding	—			6,384
Other potential dilutive shares	—			47
Weighted average number of common shares and potential dilutive securities	258,365			258,837

The partnership Units are anti-dilutive for the three months ended March 31, 2012 as a result of the net loss for this period. In addition, substantially all potential shares related to our stock-based compensation plans were anti-dilutive for both periods presented and potential shares related to our 3.75% Exchangeable Senior Notes (“Exchangeable Notes”), which were repaid in December 2011, were anti-dilutive for the three months ended March 31, 2011. The following table summarizes the data that is excluded from the computation of net income (loss) per common share as a result of being anti-dilutive (in thousands):

	Three Months Ended March 31,
	2012			2011
Noncontrolling interest in earnings of common unitholders	$	(811	)	$	—
Weighted average partnership Units outstanding	5,749			—
Other potential dilutive shares:
Anti-dilutive outstanding potential shares under fixed stock option and other stock-based compensation plans	1,733			1,711
Anti-dilutive potential shares under the Exchangeable Notes	—			3,432
Outstanding participating securities	5,051			4,752