EX-11 24 d71245exv11.htm EX-11

exv11

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.