Earnings (Loss) per Share

12 Months Ended

Dec. 31, 2012

Earnings (Loss) per Share [Abstract]

Earnings (Loss) per Share

Earnings (Loss) per Share

Pursuant to our Plan of Reorganization, all shares of our common stock outstanding prior to the Effective Date were canceled and the issuance of 485 million new shares of reorganized Calpine Corporation common stock was authorized to resolve allowed unsecured claims. A portion of the 485 million authorized shares was immediately distributed, and the remainder was reserved for distribution to holders of certain disputed claims that, although allowed as of the Effective Date, were unresolved. In June 2011, we settled the largest remaining claim outstanding and began the process of distributing the balance of the reserved shares, which was completed during the third quarter of 2011, pursuant to our Plan of Reorganization. Accordingly, although the reserved shares were not issued and outstanding for the entire balance of the periods presented, all conditions of distribution had been met for these reserved shares as of the Effective Date, and such shares are considered issued and are included in our calculation of weighted average shares outstanding. We also include restricted stock units for which no future service is required as a condition to the delivery of the underlying common stock in our calculation of weighted average shares outstanding.

As we incurred a net loss for the year ended December 31, 2011, diluted loss per share for this period is computed on the same basis as basic loss per share, as the inclusion of any other potential shares outstanding would be anti-dilutive.

Reconciliations of the amounts used in the basic and diluted earnings (loss) per common share computations for the years ended December 31, 2012, 2011 and 2010, are as follows (shares in thousands):

	2012	2011	2010
Diluted weighted average shares calculation:
Weighted average shares outstanding (basic)	467,752	485,381	486,044
Share-based awards	3,591	—	1,250
Weighted average shares outstanding (diluted)	471,343	485,381	487,294

We excluded the following items from diluted earnings (loss) per common share for the years ended December 31, 2012, 2011 and 2010, because they were anti-dilutive (shares in thousands):

	2012	2011	2010
Share-based awards	10,302	15,260	14,883