| Earnings (Loss) Per Common Share/Unit |
| 13. |
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Earnings (Loss) Per Common Share /Unit |
We determine basic earnings per share/unit based on the weighted average number of shares of common stock/units outstanding during the
period. We compute diluted earnings per share/unit based on the weighted average number of shares outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments.
The following table sets forth the computation of our basic and diluted earnings per share/unit (in thousands, except per share/unit amounts):
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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REIT
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2012(1) |
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2011 (1) |
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2012 |
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2011(1) |
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Net earnings (loss) available for common stockholders
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$ |
(8,120 |
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$ |
(151,471 |
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$ |
194,293 |
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$ |
(198,087 |
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Noncontrolling interest attributable to exchangeable limited partnership units
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— |
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— |
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1,069 |
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— |
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Adjusted net earnings (loss) available for common stockholders
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$ |
(8,120 |
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$ |
(151,471 |
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$ |
195,362 |
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$ |
(198,087 |
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Weighted average common shares outstanding - Basic (2)
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459,878 |
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307,756 |
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459,549 |
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281,384 |
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Incremental weighted average effect on exchange of limited partnership units
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— |
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— |
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3,299 |
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— |
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Incremental weighted average effect of share awards
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— |
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— |
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1,848 |
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— |
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Weighted average common shares outstanding - Diluted (3)
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459,878 |
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307,756 |
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464,696 |
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281,384 |
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Net earnings (loss) per share available for common stockholders - Basic and Diluted
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$ |
(0.02 |
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$ |
(0.49 |
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$ |
0.42 |
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$ |
(0.70 |
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Operating Partnership
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Net earnings (loss) available for common unitholders
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$ |
(8,173 |
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$ |
(151,471 |
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$ |
195,181 |
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$ |
(198,087 |
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Noncontrolling interest attributable to exchangeable limited partnership units
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— |
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— |
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121 |
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— |
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Adjusted net earnings (loss) available for common unitholders
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$ |
(8,173 |
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$ |
(151,471 |
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$ |
195,302 |
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$ |
(198,087 |
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Weighted average common partnership units outstanding - Basic (2)
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461,842 |
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308,389 |
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461,559 |
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281,702 |
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Incremental weighted average effect on exchange of limited partnership units
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— |
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— |
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1,289 |
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— |
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Incremental weighted average effect of share awards
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— |
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— |
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1,848 |
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Weighted average common partnership units outstanding - Diluted (3)
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461,842 |
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308,389 |
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464,696 |
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281,702 |
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Net earnings (loss) per unit available for common unitholders - Basic and Diluted
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$ |
(0.02 |
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$ |
(0.49 |
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$ |
0.42 |
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$ |
(0.70 |
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| (1) |
In periods with a net loss, the inclusion of any incremental shares/units is anti-dilutive and, therefore, both basic and diluted shares/units are the same.
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| (2) |
The increase in shares/units from 2011 to 2012 is due to the Merger (see Note 2 for more details) and an equity offering in June 2011. |
| (3) |
Total weighted average potentially dilutive share awards outstanding (in thousands) were 9,835 and 4,966 for the three months ended June 30, 2012 and 2011,
respectively, and 9,977 and 3,715 for the six months ended June 30, 2012 and 2011, respectively. |
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