Note 4 – Earnings (Loss) Per Share

For the three years ended December 31, 2011, we calculated the following earnings (loss) per share (dollars in thousands, except per share amounts):


	2011		2010		2009
Income (loss) from continuing operations	$	8,300	$	(12,650	) $	6,094
Income from discontinued operations		1,656		-		-
Net income (loss) attributable to Reading International, Inc.
common shareholders		9,956		(12,650	)	6,094

Weighted average shares of common stock – basic		22,764,666		22,781,392		22,580,942
Weighted average shares of common stock – diluted		22,993,135		22,781,392		22,767,735

Basic earnings (loss) per share:
Earnings (loss) from continuing operations	$	0.37	$	(0.56	) $	0.27
Earnings from discontinued operations		0.07		-		-
Basic earnings (loss) per share	$	0.44	$	(0.56	) $	0.27

Diluted earnings (loss) per share:
Earnings (loss) from continuing operations	$	0.36	$	(0.56	) $	0.27
Earnings from discontinued operations		0.07		-		-
Diluted earnings (loss) per share	$	0.43	$	(0.56	) $	0.27

For the year ended December 31, 2011 and 2009, the weighted average common stock – dilutive only included 228,469 and 186,793, respectively, incremental shares of exercisable in-the-money stock options and unissued restricted Class A Stock. For the year ended December 31, 2010, we recorded a loss from continuing operations. As such, the incremental shares of 174,825 shares of restricted Class A Stock and the 60,692 of exercisable in-the-money stock options in 2010 were excluded from the computation of diluted loss per share because they were anti-dilutive in those periods. In addition, 734,906, 746,758, and 696,419 of out-of-the-money stock options were excluded from the computation of diluted earnings (loss) per share for the years ended December 31, 2011, 2010, and 2009, respectively. The total number of in-the-money stock options, out-of-the-money stock options, and unissued restricted Class A Stock that could potentially dilute basic earnings per share was 963,375, 982,275, and 883,212 for the years ended December 31, 2011, 2010, and 2009, respectively.