12. Earnings Per Share

The following table reconciles the numerators and denominators used in the computations of basic and diluted earnings per share (in thousands, expect per share data):


	Three Months Ended March 31,
	2014			2013

Loss from continuing operations	$	(999	)	$	(4,163	)

Net income attributable to noncontrolling interests		746			584
Preferred stock dividends		9,146			8,972

Net loss from continuing operations available to common shareholders	$	(10,891	)	$	(13,719	)


Basic and diluted weighted-average number of shares outstanding		178,702			177,953

Basic and diluted loss per share from continuing operations available to common shareholders	$	(0.06	)	$	(0.08	)

Basic earnings per share are based on the weighted average number of common shares outstanding during each period. Diluted earnings per share are based on the weighted average number of common shares outstanding and the effect of all dilutive common stock equivalents during each period. For the three months ended March 31, 2014 and 2013, we had 22 million and 21 million common stock equivalents, respectively, primarily associated with our stock-options. As we recorded net losses for each period presented, all common stock equivalents were excluded from the calculation of diluted earnings per share as its inclusion would have been antidilutive. As a result, basic and diluted earnings per share are equal for each period.

Tandem stock appreciation rights (“Tandem SARs”) issued with respect to Travelocity Holdings, Inc. and Travelocity.com LLC under the Sovereign Holdings Inc. Stock Incentive Plan—Stock Settled SARs with Respect to Travelocity Equity (“Travelocity Equity 2012 plan”) may be settled in shares of the underlying stock and units, interests in Sabre Corporation or any successor to Sabre Corporation, Travelocity Holdings, Inc. or Travelocity.com LLC, or in cash. If we elect to settle in shares of Sabre Corporation, the quantity issued is based on the intrinsic value of the Tandem SARs at the time of settlement and the fair value of Sabre Corporation shares at the time of settlement. For the three months ended March 31, 2014 and 2013, no shares were issuable under this calculation and therefore, there were no common stock equivalents associated with the Tandem SARs (see Note 15, Subsequent Events).