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Earnings per Share
 6 Months Ended
Jun. 30, 2011
Earnings Per Share [Abstract]  
Earnings per Share
EARNINGS PER SHARE
Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (employee stock options, stock settled stock appreciation rights, incentive shares and warrants) be excluded from the calculation of diluted earnings per share for the periods in which losses from continuing operations are reported because the effect is anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share:


Dollar and share amounts in millions, except per
share amounts
Quarter Ended June 30,
 
Six Months Ended June 30,
2011
 
2010
 
2011
 
2010
Numerator:
 
 
 
 
 
 
 
Loss attributed to LP common shares:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(33.0
)
 
$
23.5


 
$
(56.0
)
 
$
1.2


Loss from discontinued operations
(2.5
)
 
(1.2
)
 
(2.5
)
 
(1.4
)
Net income (loss)
$
(35.5
)
 
$
22.3


 
$
(58.5
)
 
$
(0.2
)
Denominator:
 
 
 
 
 
 
 
Basic - weighted average common shares outstanding
131.4


 
128.5


 
131.3


 
127.2


Dilutive effect of stock warrants
—


 
9.5


 
—


 
9.3


Dilutive effect of stock plans
—


 
1.8


 
—


 
1.7


Diluted shares outstanding
131.4


 
139.8


 
131.3


 
138.2


Basic earnings per share:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.25
)
 
$
0.18


 
$
(0.43
)
 
$
0.01


Loss from discontinued operations
(0.02
)
 
(0.01
)
 
(0.02
)
 
(0.01
)
Net income (loss) per share
$
(0.27
)
 
$
0.17


 
$
(0.45
)
 
$
—


Diluted earnings per share:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(0.25
)
 
$
0.17


 
$
(0.43
)
 
$
0.01


Loss from discontinued operations
(0.02
)
 
(0.01
)
 
(0.02
)
 
(0.01
)
Net income (loss) per share
$
(0.27
)
 
$
0.16


 
$
(0.45
)
 
$
—




For the quarter and six month period ended June 30, 2011, stock options, stock warrants and SSARs relating to approximately 9.0 million and 9.2 million shares of LP common stock were considered anti-dilutive for purposes of LP’s earnings per share calculation due to LP’s loss position from continuing operations. For the quarter and six month period ended June 30, 2010, stock options, stock warrants and SSARs relating to approximately 5.6 million and 5.4 million shares of LP common stock were considered anti-dilutive or not in-the-money for purpose of LP's earnings per share calculation.