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EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2011
EARNINGS PER SHARE

NOTE 8 – EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per common share:

 

    

Three Months Ended

June 30,

    

Six Months Ended

June 30,

  
     2011      2010     2011      2010  
     (Unaudited)  
     (In thousands, except share and per share amounts)  

Basic:

           

Income from continuing operations less noncontrolling interests

    $ 63,718       $ 78,691      $ 132,476       $ 130,253   

Income (loss) from discontinued operations, net of tax

      3,610         (2,657 )      5,272         5,722   
                                  

Net income attributable to McDermott International, Inc.

    $ 67,328       $ 76,034      $ 137,748       $ 135,975   
                                  

Weighted average common shares

      234,573,031         231,847,145        234,207,053         231,335,723   
                                  

Income from continuing operations less noncontrolling interests

      0.27         0.34        0.57         0.56   

Income (loss) from discontinued operations, net of tax

      0.02         (0.01 )      0.02         0.02   

Net income attributable to McDermott International, Inc.

      0.29         0.33        0.59         0.59   

Diluted:

           

Income from continuing operations less noncontrolling interests

    $ 63,718       $ 78,691      $ 132,476       $ 130,253   

Income (loss) from discontinued operations, net of tax

      3,610         (2,657 )      5,272         5,722   
                                  

Net income attributable to McDermott International, Inc.

    $ 67,328       $ 76,034      $ 137,748       $ 135,975   
                                  

Weighted average common shares (basic)

      234,573,031         231,847,145        234,207,053         231,335,723   

Effect of dilutive securities:

           

Stock options, restricted stock and restricted stock units(1)

      2,971,643         2,576,401        2,938,073         3,252,568   
                                  

Adjusted weighted average common shares and assumed exercises of stock options and vesting of stock awards

      237,544,674         234,423,546        237,145,126         234,588,291   
                                  

Income from continuing operations less noncontrolling interests

      0.27         0.34        0.56         0.56   

Income (loss) from discontinued operations, net of tax

      0.02         (0.01 )      0.02         0.02   

Net income attributable to McDermott International, Inc.

      0.28         0.32        0.58         0.58   

 

(1) 

Approximately 422,000 and 417,000 shares underlying outstanding stock-based awards were excluded from the computation of diluted earnings per share because they were antidilutive for the three-month and six-month periods ended June 30, 2011.