EX-11 24 d71245exv11.htm EX-11
EXHIBIT 11 – Computation of Per Share Earnings (Loss)

|  | Post-Merger |  |  | Pre-Merger |
|  |  |  |  |  | Period from |  |  |  |  |  |  |
|  |  |  |  |  | July 31 |  |  | Period from |  |  |  |
|  | Year ended |  |  | through |  |  | January 1 |  |  | Year ended |
|  | December |  |  | December |  |  | through July |  |  | December |
(In thousands, except per share data) |  | 31, 2009 |  |  | 31, 2008 |  |  | 30,2008 |  |  | 31, 2007 |
NUMERATOR: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) before discontinued operations attributable to the Company – common shares |  | $ | (4,034,086 | ) |  | $ | (5,041,998 | ) |  | $ | 1,036,525 |  |  | $ | 938,507 |
Less: Participating securities dividends |  |  | 6,799 |  |  |  | — |  |  |  | — |  |  |  | — |
Less: Income (loss) from discontinued operations, net |  |  | — |  |  |  | (1,845 | ) |  |  | 640,236 |  |  |  | 145,833 |
Net income (loss) from continuing operations attributable to the Company |  |  | (4,040,885 | ) |  |  | (5,040,153 | ) |  |  | 396,289 |  |  |  | 792,674 |
Less: Income (loss) before discontinued operations attributable to the Company – unvested shares |  |  | — |  |  |  | — |  |  |  | 2,333 |  |  |  | 4,786 |
Net income (loss) before discontinued operations attributable to the Company per common share – basic and diluted |  | $ | (4,040,885 | ) |  | $ | (5,040,153 | ) |  | $ | 393,956 |  |  | $ | 787,888 |
DENOMINATOR: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares — basic |  |  | 81,296 |  |  |  | 81,242 |  |  |  | 495,044 |  |  |  | 494,347 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options and common stock warrants (1) |  |  | — |  |  |  | — |  |  |  | 1,475 |  |  |  | 1,437 |
Denominator for net income (loss) per common share – diluted |  |  | 81,296 |  |  |  | 81,242 |  |  |  | 496,519 |  |  |  | 495,784 |
Net income (loss) per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) attributable to the Company before discontinued operations – basic |  | $ | (49.71 | ) |  | $ | (62.04 | ) |  | $ | .80 |  |  | $ | 1.59 |
Discontinued operations – basic |  |  | — |  |  |  | (.02 | ) |  |  | 1.29 |  |  |  | .30 |
Net income (loss) attributable to the Company – basic |  | $ | (49.71 | ) |  | $ | (62.06 | ) |  | $ | 2.09 |  |  | $ | 1.89 |
Income (loss) attributable to the Company before discontinued operations – diluted |  | $ | (49.71 | ) |  | $ | (62.04 | ) |  | $ | .80 |  |  | $ | 1.59 |
Discontinued operations – diluted |  |  | — |  |  |  | (.02 | ) |  |  | 1.29 |  |  |  | .29 |
Net income (loss) attributable to the Company – diluted |  | $ | (49.71 | ) |  | $ | (62.06 | ) |  | $ | 2.09 |  |  | $ | 1.88 |

(1) |  | 6.2 million, 7.6 million, 7.8 million, and 22.2 million stock options were outstanding at December 31, 2009, July 30, 2008, December 31, 2008, and December 31, 2007 that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive as the respective options’ strike price was greater than the current market price of the shares.