iHeartMedia, Inc. - FORM 10-Q - EX-11 - COMPUTATION OF EARNINGS (LOSS) PER SHARE - August 3, 2011

Attached files

file filename
10-Q - FORM 10-Q - iHeartMedia, Inc.d10q.htm
EX-32.1 - CERTIFICATION 906 - ROBERT H. WALLS, JR. - iHeartMedia, Inc.dex321.htm
EX-31.2 - CERTIFICATION 302 - THOMAS W. CASEY - iHeartMedia, Inc.dex312.htm
EX-31.1 - CERTIFICATION 302 - ROBERT H. WALLS, JR - iHeartMedia, Inc.dex311.htm
EXCEL - IDEA: XBRL DOCUMENT - iHeartMedia, Inc.Financial_Report.xls
EX-32.2 - CERTIFICATION 906 - THOMAS W. CASEY - iHeartMedia, Inc.dex322.htm

EXHIBIT 11 – COMPUTATION OF EARNINGS (LOSS) PER SHARE

 

(In thousands, except per share data)    Three Months Ended June 30,      Six Months Ended June 30,  
   2011      2010      2011      2010  

NUMERATOR:

            

Loss attributable to the Company – common shares

    $ (53,179)       $ (86,324)       $ (185,011)       $ (261,738)   

Less: Participating securities dividends

      235         243         1,448         1,393   

Less: Income (loss) attributable to the Company – unvested shares

      —         —         —         —   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net loss attributable to the Company per common share – basic and diluted

    $ (53,414)       $ (86,567)       $ (186,459)       $ (263,131)   
  

 

 

     

 

 

     

 

 

     

 

 

  

DENOMINATOR:

            

Weighted average common shares outstanding - basic

      82,375         81,540         82,317         81,484   

Effect of dilutive securities:

            

Stock options and common stock warrants (1)

      —         —         —         —   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average common shares outstanding - diluted

      82,375         81,540         82,317         81,484   

Net loss attributable to the Company per common share:

            

Basic

    $ (0.65)       $ (1.06)       $ (2.27)       $ (3.23)   

Diluted

    $ (0.65)       $ (1.06)       $ (2.27)       $ (3.23)   

 

(1) Equity awards of 4.2 million and 6.0 million were outstanding as of June 30, 2011 and 2010, respectively, but were not included in the computation of diluted earnings per share because to do so would have been antidilutive.

We completed a voluntary stock option exchange program on March 21, 2011 and exchanged 2.5 million stock options granted under the 2008 Executive Incentive Plan for 1.3 million replacement stock options with a lower exercise price and different service and performance vesting conditions. We accounted for the exchange program as a modification of the existing awards under ASC 718 and will recognize incremental compensation expense of approximately $1.0 million over the service period of the new awards.

iHeartMedia, Inc. Reports