STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
Published on August 10, 2009
Exhibit 11
EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE
Three Months Ended June 30, |
Six Months Ended June 30, |
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(In thousands, except per share data) |
2009 Post-merger |
2008 Pre-merger |
2009 Post-merger |
2008 Pre-merger |
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Basic and diluted numerator: |
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Income (loss) attributable to the Company Common Shares |
$ | (689,098 | ) | $ | 80,248 | * | $ | (776,978 | ) | $ | 169,032 | * | ||||
Income attributable to the Company Unvested Shares |
| 99 | * | | 221 | * | ||||||||||
Income (loss) attributable to the Company |
$ | (689,098 | ) | $ | 80,347 | $ | (776,978 | ) | $ | 169,253 | ||||||
Denominator: |
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Weighted average common shares basic |
355,370 | 355,239 | * | 355,351 | 355,159 | * | ||||||||||
Effect of dilutive securities: |
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Stock options and restricted stock |
| 507 | * | | 611 | * | ||||||||||
Weighted average common shares diluted |
355,370 | 355,746 | * | 355,351 | 355,770 | * | ||||||||||
Net income (loss) per basic common share |
$ | (1.94 | ) | $ | .23 | * | $ | (2.19 | ) | $ | .48 | * | ||||
Net income (loss) per diluted common share |
$ | (1.94 | ) | $ | .23 | * | $ | (2.19 | ) | $ | .48 | * |
* | 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 (ASC 260-10-45). See Note 1 in Item 1 of Part 1 of this Quarterly Report on Form 10-Q for additional information. |
Equity awards of 7.0 million and 3.8 million were outstanding as of June 30, 2009 and 2008, respectively, but were not included in the computation of diluted earnings per share because to do so would have been antidilutive.