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 six months ended June 30, 2013 and 2012 (in thousands except for loss per share):
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2013 |
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2012 |
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2013 |
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2012 |
Weighted average common shares outstanding: |
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Basic |
217,397 |
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171,001 |
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216,520 |
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151,054 |
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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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Dilutive Convertible Senior Unsecured Notes (2) |
— |
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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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Diluted |
217,397 |
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171,001 |
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216,520 |
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151,054 |
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Basic and diluted net loss per share attributable to common stockholders |
$ |
(0.71 |
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$ |
(0.43 |
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$ |
(1.26 |
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$ |
(0.86 |
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(1) |
Stock options, phantom stock and unvested stock of 19.1 million shares and 16.6 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 six months ended June 30, 2013, respectively, because they would have been anti-dilutive. Stock options, phantom stock and unvested stock of 2.0 million shares and 1.9 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 six months ended June 30, 2012, respectively, because they would have been anti-dilutive.
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(2) |
In July 2005, we consummated a private offering of $325.0 million aggregate principal amount of Convertible Senior Unsecured Notes due August 1, 2012. Common shares of 5.8 million issuable upon conversion of the Convertible Senior Unsecured Notes for the three and six months ended June 30, 2013 and 2012 were not included in the diluted net loss per share computation because the computation of diluted net loss per share attributable to common stockholders utilizing the "if-converted" method would be anti-dilutive. The Convertible Senior Unsecured Notes were repaid in full in August 2012.
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(3) |
In August 2008, we entered into a credit agreement pursuant to which we obtained $250.0 million in convertible term loans (the "2008 Loans"). Common shares of 1.7 million issuable upon exchange of the 2008 Loans for the three and six months ended June 30, 2012 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. The 2008 Loans were repaid in full in June 2012.
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