NOTE 12 LOSS PER SHARE

Basic loss per common share is computed by dividing the net loss available to common shareholders by the weighted average number of common shares outstanding during the period.

The computations for basic loss per common share for the years ended December 31, 2013, 2012 and 2011 are as follows:

	2013			2012			2011

	(in thousands, except per share)
Net loss for the year	$	(147,742	)	$	(66,654	)	$	(61,872	)
Weighted average number of common shares		297,041			261,223			147,692


Loss per common share	$	(0.50	)	$	(0.26	)	$	(0.42	)

Options to purchase 2.1 million shares of common stock (2012—1.6 million, 2011—1.1 million) at an average exercise price of $5.04 at December 31, 2013 (2012—$6.32, 2011—$7.15) were not included in the computation of diluted weighted average shares because their exercise price exceeded the average price of the Company's common stock for the year ended December 31, 2013. Other outstanding options to purchase 3.6 million shares of common stock (2012—2.9 million, 2011—5.0 million) were not included in the computation of diluted weighted average shares in the year ended December 31, 2013 because their effect would have been anti-dilutive.