Net Loss Per Share Attributable to Common Stockholders
Basic net loss per share attributable to common stockholders ("EPS") excludes dilution and is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS reflects potential dilution and is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if the potential common shares had been issued.
The following table reconciles basic and diluted weighted average common shares outstanding for the three and nine months ended September 30, 2011 and 2010 (in thousands except for loss per share):
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2011 |
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2010 |
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2011 |
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2010 |
Weighted average common shares outstanding: |
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Basic |
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80,473 |
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55,609 |
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72,739 |
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55,316 |
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Dilutive common stock options (1) |
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— |
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— |
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— |
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5,998 |
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Dilutive Convertible Senior Unsecured Notes (2) |
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— |
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— |
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— |
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— |
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Dilutive 2008 Loans (3) |
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— |
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— |
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— |
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— |
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Diluted |
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80,473 |
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55,609 |
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72,739 |
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61,314 |
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Basic net loss per share attributable to common stockholders |
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$ |
(0.67 |
) |
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$ |
(0.73 |
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$ |
(1.94 |
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$ |
0.18 |
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Diluted net loss per share attributable to common stockholders |
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$ |
(0.67 |
) |
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$ |
(0.73 |
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$ |
(1.94 |
) |
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$ |
0.16 |
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(1) |
Stock options, phantom stock and unvested stock of 8.2 million and 7.6 million shares representing securities that could potentially dilute basic EPS in the future, were not included in the diluted net loss per share computations for the three and nine months ended September 30, 2011, respectively, because they would have been anti-dilutive. Stock options, phantom stock and unvested stock of 6.2 million shares representing securities that could potentially dilute basic EPS in the future, were not included in the diluted net loss per share computations for the three months ended September 30, 2010, because they would have been anti-dilutive.
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(2) |
Common shares of 5.8 million issuable upon conversion of the Convertible Senior Unsecured Notes for each of the three and nine months ended September 30, 2011 and 2010 were not included in the diluted computation because the computation of diluted net loss per share attributable to common stockholders utilizing the "if-converted" method would be anti-dilutive.
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(3) |
Common shares of 1.7 million issuable upon exchange of the 2008 Loans for each of the three and nine months ended September 30, 2011 were not included in the diluted computation because the computation of diluted net loss per share attributable to common stockholders utilizing the "if-converted" method would be anti-dilutive. Common shares of 49.5 million issuable upon exchange of the 2008 Loans for each of the three and nine months ended September 30, 2010 were not included in the diluted computation because the computation of diluted net loss per share attributable to common stockholders utilizing the "if-converted" method would be anti-dilutive.
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