Annual report pursuant to Section 13 and 15(d)

Earnings Per Share (Notes)

v2.4.0.8
Earnings Per Share (Notes)
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share, or EPS, for the years ended December 31, 2013, 2012 and 2011:
 
Year Ended December 31,
(in thousands, except share data)
2013
 
2012
 
2011
Numerator:
 
 
 
 
 
Net income from continuing operations
$
575,040

 
$
287,416

 
$
127,521

Income (loss) from discontinued operations
3,999

 
4,490

 
(89
)
Net income attributable to common stockholders
$
579,039

 
$
291,906

 
$
127,432

Denominator:
 
 
 
 
 
Weighted average common shares outstanding
349,741,902

 
241,975,433

 
98,771,248

Weighted average restricted stock shares
619,925

 
39,318

 
55,620

Basic weighted average shares outstanding
350,361,827

 
242,014,751

 
98,826,868

Dilutive weighted average warrants
630,560

 
417,405

 
—

Diluted weighted average shares outstanding
350,992,387

 
242,432,156

 
98,826,868

Basic Earnings (Loss) Per Share:
 
 
 
 
 
Continuing operations
$
1.64

 
$
1.19

 
$
1.29

Discontinued operations
0.01

 
0.02

 
—

Net income
$
1.65

 
$
1.21

 
$
1.29

Diluted Earnings (Loss) Per Share:
 
 
 
 
 
Continuing operations
$
1.64

 
$
1.18

 
$
1.29

Discontinued operations
0.01

 
0.02

 
—

Net income
$
1.65

 
$
1.20

 
$
1.29



During the year ended December 31, 2013, the weighted average market value per share of the Company’s common stock, after factoring in the number of shares of the Company’s common stock issuable for each warrant of 1.0727 shares, was above the exercise price of the warrants, making the warrants dilutive. During the year ended December 31, 2012, the weighted average market value per share of the Company’s common stock was above the exercise price of the warrants, making the warrants dilutive. For the year ended December 31, 2011, the Company assumed that no warrants would be exercised as the weighted average market value per share of the Company’s common stock was below the strike price of the warrants and the warrants would be anti-dilutive.