Turning to Slide 3. Throughout our call, we will refer to several non-GAAP metrics. Reconciliations of our non-GAAP performance and liquidity measures to the appropriate GAAP measures for the second quarter can be found in the attachments to our earnings release, and also at the end of today's presentation, which are available on our website at www.sprint.com/investors.
Next, I would like to cover our loss per share results. Basic and diluted loss per common share for the second quarter were $0.28 compared to $0.15 in the first quarter and $0.25 in the year ago period. The current period loss per share includes $0.20 in equity losses of unconsolidated investments and other. Net of the effect have increased the valuation allowance. Loss per share increased sequentially due to higher equity losses in unconsolidated investments and other, as well as higher net tax expense. We recorded a net tax expense of $99 million in 2Q '11, including a $52 million expense, resulting from cumulative effects on changes in Michigan's corporate income tax law enacted in the second quarter.
For the full year 2011, we now expect our net tax expense to be approximately $200 million to $250 million, which is higher than our previously communicated expectation of $200 million, due to the Michigan charge I just discussed. Also, please keep in mind that Clearwire second quarter 2011 results from operations have not yet been finalized. As a result, the amount reflected for Sprint's share of Clearwire's results of operations for the quarter ended June 30, 2011, is an estimate, and based upon the finalization of Clearwire's results may need to be revised if our estimates materially differs from Clearwire's actual results. Changes in our estimate, if any, would affect the carrying value of our investment in Clearwire, net loss and basic and diluted loss per common share, but would have no effect on Sprint's operating income, OIBDA, adjusted OIBDA or consolidated statement of cash flows.
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