Form: 10-K

Annual report pursuant to Section 13 and 15(d)

March 16, 2010

Documents

EXHIBIT 11 – Computation of Per Share Earnings

 

(In thousands, except per share data)          
     Post-Merger     Pre-Merger
     Year Ended
December 31,
2009		     Period from
July 31
through
December 31,
2008
As adjusted(1) 		    Period from
January 1
through
July 30,
2008
As adjusted(1) 		   Year Ended
December 31,
2007
As adjusted(1)

Basic and diluted numerator:

          

Net income (loss) attributable to the Company – Common Shares

    $ (868,189 )    $ (3,018,637 )    $ 167,554    $ 245,990

Less: Participating securities dividends

      6,799        —        —      —

Income (loss) attributable to the Company – Unvested Shares

      —        —        214      281
                             

Income (loss) attributable to the Company per common share – basic and diluted

    $ (874,988 )    $ (3,018,637 )    $ 167,340    $ 245,709
                             

Denominator:

          

Weighted average common shares – basic

      355,377        355,308        355,178      354,838

Effect of dilutive securities:

          

Stock options and restricted stock awards(2)

      —        —        563      968
                             

Weighted average common shares – diluted

      355,377        355,308        355,741      355,806
                             

Net income (loss) per basic common share

    $ (2.46 )    $ (8.50 )    $ 0.47    $ 0.69
                             

Net income (loss) per diluted common share

    $ (2.46 )    $ (8.50 )    $ 0.47    $ 0.69
                             

 

(1) Reflects implementation of Financial Accounting Standards Board Staff Position Emerging Issues Task Force 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, codified in ASC 260-10-45. See Note J in Item 8 of Part II of this Annual Report on Form 10-K for additional information.

 

(2) 6.7 million, 7.7 million, 6.3 million and 1.8 million stock options were outstanding at December 31, 2009 and 2008 (post-merger), July 30, 2008 (pre-merger) and December 31, 2007(pre-merger), respectively, that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive as the respective options’ strive price was greater than the current market price of the shares.