Note 5- Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share for Noble-UK:


	Year Ended December 31,
	2014			2013			2012
Basic
Income (loss) from continuing operations	$	(152,011	)	$	478,595		$	414,389
Earnings allocated to unvested share-based payment awards		—			(5,669	)		(4,212	)

Income (loss) from continuing operations to common shareholders		(152,011	)		472,926			410,177

Income from discontinued operations		160,502			304,102			107,955
Earnings allocated to unvested share-based payment awards		—			(3,602	)		(1,097	)

Income from discontinued operations, net of tax to common shareholders		160,502			300,500			106,858

Net income attributable to Noble-UK		8,491			782,697			522,344
Earnings allocated to unvested share-based payment awards		—			(9,271	)		(5,309	)

Net income to common shareholders—basic	$	8,491		$	773,426		$	517,035

Diluted
Income (loss) from continuing operations	$	(152,011	)	$	478,595		$	414,389
Earnings allocated to unvested share-based payment awards		—			(5,663	)		(4,206	)

Income (loss) from continuing operations to common shareholders		(152,011	)		472,932			410,183

Income from discontinued operations		160,502			304,102			107,955
Earnings allocated to unvested share-based payment awards		—			(3,598	)		(1,096	)

Income from discontinued operations, net of tax to common shareholders		160,502			300,504			106,859

Net income attributable to Noble-UK		8,491			782,697			522,344
Earnings allocated to unvested share-based payment awards		—			(9,261	)		(5,302	)

Net income to common shareholders—diluted	$	8,491		$	773,436		$	517,042

Weighted average shares outstanding—basic		252,909			253,288			252,435
Incremental shares issuable from assumed exercise of stock options		—			259			356

Weighted average shares outstanding—diluted		252,909			253,547			252,791

Weighted average unvested share-based payment awards		—			3,036			2,592

Earnings per share
Basic
Continuing operations	$	(0.60	)	$	1.86		$	1.63
Discontinued operations		0.63			1.19			0.42

Net income attributable to Noble-UK	$	0.03		$	3.05		$	2.05

Diluted
Continuing operations	$	(0.60	)	$	1.86		$	1.63
Discontinued operations		0.63			1.19			0.42

Net income attributable to Noble-UK	$	0.03		$	3.05		$	2.05

Dividends per share	$	1.50		$	0.76		$	0.54

Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. The effect of stock options and unvested share-based payment awards is not included in the computation for periods in which a net loss from continuing operations occurs because to do so would be anti-dilutive. For the years ended December 31, 2014, 2013 and 2012, approximately 2 million shares, 0.9 million shares and 1 million shares underlying stock options, respectively, were excluded from the diluted earnings per share as such stock options were not dilutive. For the year ended December 31, 2014, we experienced a net loss from continuing operations. As such, approximately 4 million unvested share-based payment awards were excluded from the diluted earnings per share calculation at December 31, 2014 as such awards were not dilutive.