Computation of Earnings Per Ordinary Share and Ordinary Share Equivalents

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Text Block]

11. Computation of Earnings Per Ordinary Share and Ordinary Share Equivalents

Basic earnings per ordinary share & ordinary share equivalents outstanding:	March 31, 2012		March 31, 2011
(U.S. dollars in thousands, except per share amounts)
Net income (loss) attributable to ordinary shareholders	$	176,628	$	(227,284	)
Weighted average ordinary shares outstanding		315,120		311,478
Basic earnings per ordinary share & ordinary share equivalents outstanding	$	0.56	$	(0.73	)
Diluted earnings per ordinary share & ordinary share equivalents outstanding:
Weighted average ordinary shares outstanding - basic		315,120		311,478
Impact of share based compensation and certain conversion features		2,519		-
Weighted average ordinary shares outstanding - diluted		317,639		311,478
Diluted earnings per ordinary share & ordinary share equivalents outstanding	$	0.56	$	(0.73	)
Dividends per ordinary share	$	0.11	$	0.11

          For the three months ended March 31, 2012 and 2011, ordinary shares available for issuance under share based compensation plans of 9.6 million and 18.2 million, respectively, were not included in the calculation of diluted earnings per share because the assumed exercise or issuance of such shares would be anti-dilutive.

          In addition, for the three months ended March 31, 2011, 30.5 million ordinary shares available for issuance under the purchase contracts associated with the 10.75% Equity Security Units (the “10.75% Units”) were not included in the calculation of diluted earnings per share because the assumed issuance of such shares would be anti-dilutive. For further information on the 10.75% Units see Item 8, Note 13, “Notes Payable and Debt Financing Arrangements,” to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.