| Net Income (Loss) Per Common Share | NOTE 4—Net Income (Loss) Per Common Share
Net income (loss) applicable to common stock was used as the numerator in computing basic and diluted income per common share for the three and nine months ended September 30, 2011, and 2010. The following table reconciles the weighted average shares outstanding used for these computations (in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2011 |
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2010 |
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2011 |
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2010 |
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(Amounts in thousands, except per share data) |
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Basic income (loss) per share: |
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Net income (loss) applicable to common stock |
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$ |
12,121 |
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$ |
(226,642 |
) |
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$ |
(13,989 |
) |
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$ |
(246,934 |
) |
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Average shares of common stock outstanding (1) |
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36,125 |
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35,936 |
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36,104 |
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35,904 |
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Basic income (loss) per share |
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$ |
0.34 |
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$ |
(6.31 |
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$ |
(0.39 |
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$ |
(6.88 |
) |
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Diluted income (loss) per share: |
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Net income (loss) applicable to common stock |
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$ |
12,121 |
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$ |
(226,642 |
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$ |
(13,989 |
) |
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$ |
(246,934 |
) |
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Dividends on convertible preferred stock (2) |
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— |
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— |
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— |
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— |
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Interest and amortization of loan cost on senior convertible notes, net of tax (3) |
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— |
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— |
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— |
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— |
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$ |
12,121 |
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$ |
(226,642 |
) |
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$ |
(13,989 |
) |
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$ |
(246,934 |
) |
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Average shares of common stock outstanding (1) |
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36,125 |
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35,936 |
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36,104 |
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35,904 |
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Assumed conversion of convertible preferred stock (2) |
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— |
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— |
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— |
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— |
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Assumed conversion of convertible senior notes (3) |
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— |
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— |
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— |
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— |
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Stock options and restricted stock (4) |
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172 |
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— |
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— |
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— |
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Average diluted shares outstanding |
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36,297 |
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35,936 |
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36,104 |
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35,904 |
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Diluted income (loss) per share |
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$ |
0.33 |
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$ |
(6.31 |
) |
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$ |
(0.39 |
) |
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$ |
(6.88 |
) |
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(1) Shares of common stock outstanding under the Share Lending Agreement were not included in the shares outstanding. See Note 6. |
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1,624,300 |
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— |
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1,624,300 |
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(2) Common shares issuable upon assumed conversion of convertible preferred stock were not presented as they would have been anti-dilutive. |
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3,587,850 |
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3,587,850 |
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3,587,850 |
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3,587,850 |
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(3) Common shares issuable upon assumed conversion of the 2026 Notes and the 2029 Notes were not presented as they would have been anti-dilutive. |
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6,689,783 |
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8,958,394 |
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7,234,357 |
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8,958,394 |
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(4) Common shares issuable on assumed conversion of restricted stock and employee stock option were not included in the computation of diluted loss per common share since their inclusion would have been anti-dilutive. |
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— |
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115,109 |
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176,026 |
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98,163 |
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