(LOSS) EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2012

(LOSS) EARNINGS PER SHARE

(LOSS) EARNINGS PER SHARE

22. (LOSS) EARNINGS PER SHARE

(Loss) earnings per share for the years ended December 31, 2012, 2011 and 2010 were calculated as follows:

	2012			2011		2010
Net (loss) income	$	(116,025	)	$	159,559	$	(208,193	)
Basic weighted-average number of common shares outstanding (000s)	305,446			304,655		195,808
Dilutive effect of stock options and RSUs (000s)	—			8,484		—
Dilutive effect of convertible debt (000s)	—			12,980		—
Diluted weighted-average number of common shares outstanding (000s)	305,446			326,119		195,808
Basic (loss) earnings per share	$	(0.38	)	$	0.52	$	(1.06	)
Diluted (loss) earnings per share	$	(0.38	)	$	0.49	$	(1.06	)

In 2012 and 2010, all stock options, RSUs and Convertible Notes were excluded from the calculation of diluted loss per share, as the effect of including them would have been anti-dilutive, as it would have reduced the loss per share. The potential dilutive effect of stock options, RSUs and Convertible Notes on the weighted-average number of common shares outstanding was as follows:

	2012	2010
Basic weighted-average number of common shares outstanding (000s)	305,446	195,808
Dilutive effect of stock options and RSUs (000s)	7,158	2,774
Dilutive effect of Convertible Notes (000s)	520	6,947
Diluted weighted-average number of common shares outstanding (000s)	313,124	205,529

In 2012, 2011 and 2010, stock options to purchase approximately 1,093,000, 271,000 and 1,465,000 weighted-average common shares, respectively, were not included in the computation of diluted earnings per share because the exercise prices of the options were greater than the average market price of the Company’s common shares and, therefore, the effect would have been anti-dilutive.