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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2011
EARNINGS PER SHARE

NOTE 10—EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income attributable to McDermott International, Inc. by the weighted average number of common shares outstanding during the period. Diluted earnings per share equals net income attributable to McDermott International, Inc. divided by the weighted average common shares outstanding adjusted for the dilutive effect of our stock–based awards.

The diluted earnings per share calculation excludes 0.5 million, 0.2 million and 0.1 million shares underlying outstanding stock-based awards for the years ended December 31, 2011, 2010 and 2009, respectively, as they were antidilutive.

 

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

 

     Year Ended December 31,  
     2011     2010     2009  
     (In thousands, except shares and per share amounts)  

Basic:

   

Income from continuing operations less noncontrolling interest

    $ 151,542      $ 236,566      $ 206,158   

Income (loss) from discontinued operations, net of tax

      (12,812 )      (34,900 )      180,898   
  

 

 

    

 

 

    

 

 

  

Net income attributable to McDermott International, Inc.

    $ 138,730      $ 201,666      $ 387,056   
  

 

 

    

 

 

    

 

 

  

Weighted average common shares

      234,598,901        232,173,362        229,471,020   

Basic earnings per common share:

       

Income from continuing operations less noncontrolling interest

      0.65        1.02        0.90   

Income (loss) from discontinued operations, net of tax

      (0.05 )      (0.15 )      0.79   

Net income attributable to McDermott International, Inc.

      0.59        0.87        1.69   

Diluted:

       

Income from continuing operations less noncontrolling interest

    $ 151,542      $ 236,566      $ 206,158   

Income (loss) from discontinued operations, net of tax

      (12,812 )      (34,900 )      180,898   
  

 

 

    

 

 

    

 

 

  

Net income attributable to McDermott International, Inc.

    $ 138,730      $ 201,666      $ 387,056   
  

 

 

    

 

 

    

 

 

  

Weighted average common shares (basic)

      234,598,901        232,173,362        229,471,020   

Effect of dilutive securities:

       

Stock options, restricted stock and performance shares

      2,441,606        3,448,667        4,155,856   
  

 

 

    

 

 

    

 

 

  

Adjusted weighted average common shares

      237,040,507        235,622,029        233,626,876   

Diluted earnings per common share:

       

Income from continuing operations less noncontrolling interest

      0.64        1.00        0.88   

Income (loss) from discontinued operations, net of tax

      (0.05 )      (0.15 )      0.78   

Net income attributable to McDermott International, Inc.

      0.59        0.85        1.66