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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2012
EARNINGS PER SHARE

NOTE 7 – EARNINGS PER 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,		  
     2012      2011      2012      2011  
     (Unaudited)  
     (In thousands, except share and per share amounts)  

Income from continuing operations less noncontrolling interests

    $ 50,612       $ 9,764       $ 162,612       $ 142,240   

Income from discontinued operations, net of tax

      —           1,187         3,497         6,459   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income attributable to McDermott International, Inc.

    $ 50,612       $ 10,951       $ 166,109       $ 148,699   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average common shares (basic)

      235,817,203         234,940,184         235,568,889         234,451,430   

Effect of dilutive securities:

            

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

      2,049,797         2,007,479         1,984,574         2,627,875   
  

 

 

     

 

 

     

 

 

     

 

 

  

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

      237,867,000         236,947,663         237,553,463         237,079,305   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic earnings per share:

            

Income from continuing operations less noncontrolling interests

      0.21         0.04         0.69         0.61   

Income from discontinued operations, net of tax

      —           0.01         0.01         0.03   

Net income attributable to McDermott International, Inc.

      0.21         0.05         0.70         0.63   

Diluted earnings per share:

            

Income from continuing operations less noncontrolling interests

      0.21         0.04         0.68         0.60   

Income from discontinued operations, net of tax

      —           0.01         0.01         0.03   

Net income attributable to McDermott International, Inc.

      0.21         0.05         0.69         0.63   

 

(1) 

Approximately 1.7 million and 1.8 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 nine-month periods ended September 30, 2012, respectively. Approximately 0.6 million and 1.7 million shares underlying outstanding stock-based awards were excluded from the computation of diluted earnings per share for each of the three-month and nine-month periods ended September 30, 2011.