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Earnings (Loss) Per Share
 12 Months Ended
Dec. 31, 2012
Earnings (Loss) Per Share

11. Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings (loss) per share includes the potential dilutive impact of non-vested restricted shares outstanding during the periods presented, unless their effect is anti-dilutive.

The Company’s loss per share for the year ended December 31, 2010 was restated to correct the net loss attributable to common stockholders from $29.7 million to $28.1 million and to correct the basic and diluted weighted average common shares outstanding from 48.4 million to 92.0 million shares, which collectively decreased the net loss from $0.61 per share to $0.31 per share. The loss per share calculation was incorrectly calculated by dividing net loss attributable to common stockholders for the full year ended December 31, 2010 by the weighted average shares outstanding for such period, rather than by dividing net loss attributable to common stockholders for the period from June 22, 2010, the closing date of the Company’s IPO and related corporate reorganization, to December 31, 2010 by the number of weighted average shares outstanding for such period.

The following table reconciles net loss for the year ended December 31, 2010 to net loss attributable to common stockholders for the period:

 

     Year Ended December 31, 2010  
     (In thousands)  
Net loss    $ (29,695)   
Pre-IPO net loss      (1,614)   
  

 

 

  
Net loss attributable to common stockholders    $ (28,081)   
  

 

 

  

The following table reflects net loss attributable to common stockholders, weighted average shares outstanding and loss per share for the year ended December 31, 2010 as previously reported and as restated:

 

     Year Ended December 31, 2010  
     Previously Reported
     As Restated  
     (In thousands, except per share amount)  

Net loss attributable to common stockholders

    $ (29,695 )    $ (28,081 ) 

Weighted average shares outstanding

      48,395        92,000   

Loss per share

    $ (0.61 )    $ (0.31 ) 

The following is a calculation of the basic and diluted weighted average shares outstanding for the periods presented:

 

     Year Ended December 31,  
     2012      2011      2010  
     (In thousands)  

Basic weighted average common shares outstanding(1)

      92,180         92,056         92,000   

Dilution effect of stock awards at end of period(2)

      333         185        —     
  

 

 

     

 

 

     

 

 

  

Diluted weighted average common shares outstanding

      92,513         92,241         92,000   
  

 

 

     

 

 

     

 

 

  

Anti-dilutive stock-based compensation awards

      465         160         227   
  

 

 

     

 

 

     

 

 

  

 

 

(1) The basic weighted average shares outstanding calculation for the year ended December 31, 2010 is based on the actual days in which the shares were outstanding for the period from June 22, 2010, the closing date of the Company’s IPO, to December 31, 2010.
(2) Because the Company reported a net loss for the year ended December 31, 2010, no unvested stock awards were included in computing loss per share for the year ended December 31, 2010 because the effect was anti-dilutive.