Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2011

Net Income (Loss) Per Common Share

Net Income (Loss) Per Common Share

8. 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 and six months ended June 30, 2011 and 2010, respectively (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Net income (loss) attributable to common shareholders	$	(29,042	)	$	(42,391	)	$	18,527		$	(57,655	)
Less: Dividends on participating securities		(806	)		(505	)		(1,605	)		(1,005	)
Basic net income (loss) attributable to common shareholders		(29,848	)		(42,896	)		16,922			(58,660	)
Noncontrolling interest in earnings of common unitholders		—			—			499			—
Diluted net income (loss) attributable to common shareholders	$	(29,848	)	$	(42,896	)	$	17,421		$	(58,660	)
Weighted average number of common shares outstanding		252,640			227,082			252,524			225,625
Weighted average partnership Units outstanding		—			—			6,798			—
Other potential dilutive shares		—			—			68			—
Weighted average number of common shares and potential dilutive securities		252,640			227,082			259,390			225,625

The partnership Units are anti-dilutive for the three months ended June 30, 2011 and the three and six months ended June 30, 2010 as a result of the net loss for these periods. In addition, potential shares related to the majority of our stock-based compensation plans as well as our 3.75% Exchangeable Senior Notes ("Exchangeable Notes") are anti-dilutive for all periods presented. 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 June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Noncontrolling interest in earnings of common unitholders	$	706	$	1,212	$	—	$	1,661
Weighted average partnership Units outstanding		7,209		6,404		—		6,505
Other potential dilutive shares:
Anti-dilutive outstanding potential shares under fixed stock option plans		1,677		1,787		1,677		1,787
Anti-dilutive potential shares under the Exchangeable Notes		3,432		4,335		3,432		4,335
Outstanding participating securities		4,816		4,188		4,816		4,188