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EARNINGS PER SHARE (Tables)
9 Months Ended
Sep. 30, 2011
Computation of Basic and Diluted Earnings Per Common Share

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

 

     Three Months Ended
September 30,		    

Nine Months Ended

September 30,

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

Basic:

           

Income from continuing operations less noncontrolling interests

    $ 9,764       $ 60,833      $ 142,240       $ 191,086   

Income (loss) from discontinued operations, net of tax

      1,187         (40,030 )      6,459         (34,308 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

Net income attributable to McDermott International, Inc.

    $ 10,951       $ 20,803      $ 148,699       $ 156,778   
  

 

 

     

 

 

    

 

 

     

 

 

  

Weighted average common shares

      234,940,184         232,670,579        234,451,430         231,780,675   
  

 

 

     

 

 

    

 

 

     

 

 

  

Income from continuing operations less noncontrolling interests

      0.04         0.26        0.61         0.82   

Income (loss) from discontinued operations, net of tax

      0.01         (0.17 )      0.03         (0.15 ) 

Net income attributable to McDermott International, Inc.

      0.05         0.09        0.63         0.67   

Diluted:

           

Income from continuing operations less noncontrolling interests

    $ 9,764       $ 60,833      $ 142,240       $ 191,086   

Income (loss) from discontinued operations, net of tax

      1,187         (40,030 )      6,459         (34,308 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

Net income attributable to McDermott International, Inc.

    $ 10,951       $ 20,803      $ 148,699       $ 156,778   
  

 

 

     

 

 

    

 

 

     

 

 

  

Weighted average common shares (basic)

      234,940,184         232,670,579        234,451,430         231,780,675   

Effect of dilutive securities:

           

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

      2,007,479         3,600,832        2,627,875         3,368,656   
  

 

 

     

 

 

    

 

 

     

 

 

  

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

      236,947,663         236,271,411        237,079,305         235,149,331   
  

 

 

     

 

 

    

 

 

     

 

 

  

Income from continuing operations less noncontrolling interests

      0.04         0.26        0.60         0.81   

Income (loss) from discontinued operations, net of tax

      0.01         (0.17 )      0.03         (0.14 ) 

Net income attributable to McDermott International, Inc.

      0.05         0.09        0.63         0.67   

 

(1) 

Approximately 0.6 million and 1.7 million and 0.5 million and 2.5 million shares underlying outstanding stock-based awards for the three-month and nine-month periods ended September 30, 2011 and 2010, respectively, were excluded from the computation of diluted earnings per share because they were antidilutive.