| EARNINGS PER SHARE |
NOTE 7 – EARNINGS
PER SHARE
The following
table sets forth the computation of basic and diluted earnings per
common share:
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Three Months Ended
June 30, |
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Six Months
Ended
June 30, |
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|
2012 |
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2011 |
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|
2012 |
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|
2011 |
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| |
|
(Unaudited) |
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|
(In thousands, except
share and per share amounts) |
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Income from continuing
operations less noncontrolling interests
|
|
$ |
52,739 |
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|
$ |
63,718 |
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|
$ |
112,000 |
|
|
$ |
132,476 |
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|
Income from discontinued
operations, net of tax
|
|
|
— |
|
|
|
3,610 |
|
|
|
3,497 |
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|
|
5,272 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net income attributable to
McDermott International, Inc.
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|
$ |
52,739 |
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|
$ |
67,328 |
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|
$ |
115,497 |
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|
$ |
137,748 |
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Weighted average common
shares (basic)
|
|
|
235,681,213 |
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|
|
234,573,031 |
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|
|
235,444,733 |
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|
|
234,207,053 |
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Effect of dilutive
securities:
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|
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|
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Stock options, restricted
stock and restricted stock units(1)
|
|
|
1,779,552 |
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|
2,971,643 |
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|
1,951,964 |
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2,938,073 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Adjusted weighted average
common shares and assumed exercises of stock options and vesting of
stock awards (diluted)
|
|
|
237,460,765 |
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|
|
237,544,674 |
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|
|
237,396,697 |
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|
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237,145,126 |
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|
|
|
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|
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Basic earnings per
share:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations less noncontrolling interests
|
|
|
0.22 |
|
|
|
0.27 |
|
|
|
0.48 |
|
|
|
0.57 |
|
|
Income from discontinued
operations, net of tax
|
|
|
— |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
Net income attributable to
McDermott International, Inc.
|
|
|
0.22 |
|
|
|
0.29 |
|
|
|
0.49 |
|
|
|
0.59 |
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations less noncontrolling interests
|
|
|
0.22 |
|
|
|
0.27 |
|
|
|
0.47 |
|
|
|
0.56 |
|
|
Income from discontinued
operations, net of tax
|
|
|
— |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
Net income attributable to
McDermott International, Inc.
|
|
|
0.22 |
|
|
|
0.28 |
|
|
|
0.49 |
|
|
|
0.58 |
|
| (1) |
Approximately 1.8 million and 3.6 million 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, 2012, respectively. Approximately 0.4 million
shares underlying outstanding stock-based awards were excluded from
the computation of diluted earnings per share for each of the
three-month and six-month periods ended June 30,
2011.
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