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EARNINGS PER SHARE | 3 Months Ended
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Mar. 31, 2013
EARNINGS PER SHARE |
EARNINGS PER SHARE | 16. EARNINGS PER SHARE We calculate earnings per share using the two-class method. The two-class method requires that share-based awards with non-forfeitable dividends be classified as participating securities. In calculating basic earnings per share, this method requires net income to be reduced by the amount of dividends declared in the period for each participating security and by the contractual amount of dividends or other participation payments that are paid or accumulated for the period. Undistributed earnings for the period are allocated to participating securities based on the contractual participation rights of the security to share in those current earnings assuming all earnings for the period are distributed. Recipients of certain of our restricted stock unit awards have contractual participation rights that are equivalent to those of common stockholders. Therefore, we allocate undistributed earnings to these restricted stock unit participating securities and common stock based on their respective participation percentage. The two-class method also requires the denominator to include the weighted average number of shares of restricted stock units participating securities when calculating basic earnings per share. Basic and diluted loss per share for the three months ended March 31, 2013, include the weighted average share impact of the 35.2 million shares issued in connection with the Merger from January 28, 2013, the date of issuance. For the three months ended March 31, 2013 and 2012, there were 0.1 million and 0.5 million weighted average restricted stock units participating securities, respectively, included in the denominator. Diluted earnings per share also include the additional share equivalents from the assumed conversion of stock based awards including options and certain restricted stock units. Conversion of stock options and certain restricted stock units are calculated using the treasury stock method, subject to anti-dilution provisions. In computing diluted earnings per share for the three months ended March 31, 2013 and 2012, common stock equivalents of 0.5 million and 0.2 million shares, respectively, were not included due to their anti-dilutive effect. Computations of basic and diluted earnings per share are presented in the following table:
|  | Three Months Ended March 31, |
--- | --- | --- | ---
(In millions, except per share data) |  | 2013 |  | 2012 |
Numerator |  |  |  |  |  |  |
Net income (loss) attributable to Axiall |  | $ | (3.5 | ) | $ | 35.3 |
Less: Net income attributable to participating securities |  |  | - |  |  | 0.5 |
Net income (loss) attributable to common stockholders |  | $ | (3.5 | ) | $ | 34.8 |
Denominator |  |  |  |  |  |  |
Weighted average common shares outstanding—Basic |  |  | 59.3 |  |  | 34.2 |
Plus: Dilutive effect of stock options and awards |  |  | - |  |  | 0.2 |
Weighted average common shares outstanding—Diluted |  |  | 59.3 |  |  | 34.4 |
Earnings (loss) per common share attributable to Axiall: |  |  |  |  |  |  |
Basic |  | $ | (0.06 | ) | $ | 1.02 |
Diluted |  | $ | (0.06 | ) | $ | 1.01 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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