EXHIBIT 11 – Computation of Per Share Earnings (Loss)

December 31, December 31, December 31,
(In thousands, except per share data)    Year Ended December 31,  
     2011      2010      2009  

NUMERATOR:

        

Net income (loss) attributable to the Company – common shares

   $ 42,946       $ (87,523)        $ (868,189)    

Less: Participating securities dividends

     2,972         5,916           6,799     
  

 

 

    

 

 

    

 

 

 

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

   $ 39,974       $ (93,439)        $ (874,988)    
  

 

 

    

 

 

    

 

 

 

DENOMINATOR:

        

Weighted average common shares outstanding – basic

     355,907         355,568           355,377     

Effect of dilutive securities:

        

Stock options and restricted stock awards (1)

     621         —           —     
  

 

 

    

 

 

    

 

 

 

Weighted average common shares outstanding – diluted

     356,528         355,568           355,377     
  

 

 

    

 

 

    

 

 

 

Net income (loss) attributable to the Company per common share:

        

Basic

   $ 0.11       $ (0.26)       $ (2.46)   

Diluted

   $ 0.11       $ (0.26)       $ (2.46)   

 

 

(1) 6.0 million, 5.2 million, and 6.7 million stock options were outstanding at December 31, 2011, 2010 and 2009, 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’ strike price was greater than the current market price of the shares.