QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2012

QUARTERLY FINANCIAL DATA (UNAUDITED)

NOTE 13—QUARTERLY FINANCIAL DATA (UNAUDITED)

The following tables set forth selected unaudited quarterly financial information for the years ended December 31, 2012 and 2011:

	Quarter Ended
	March 31, 2012		June 30, 2012(1)		September 30, 2012(2)		December 31, 2012(3)
	(In thousands, except per share amounts)
Revenues	$	727,678	$	889,248	$	1,028,745	$	995,953
Operating income	$	80,176	$	79,382	$	82,481	$	77,288
Income from continuing operations, less noncontrolling interest	$	59,261	$	52,739	$	50,612	$	40,544
Income (loss) from discontinued operations, net of tax		3,497		—		—		—
Net income	$	62,758	$	52,739	$	50,612	$	40,544
	Per Share Data Quarter Ended
	March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012
Basic earnings per common share:
Income from continuing operations, less noncontrolling interest		0.25		0.22		0.21		0.17
Income (loss) from discontinued operations, net of tax		0.01		—		—		—
Net income		0.27		0.22		0.21		0.17
Diluted earnings per common share:
Income from continuing operations, less noncontrolling interest		0.25		0.22		0.21		0.17
Income (loss) from discontinued operations, net of tax		0.01		—		—		—
Net income		0.26		0.22		0.21		0.17

(1) Operating income for the quarter ended June 30 2012 was influenced by increased fabrication activities partially offset by lower project close-outs and settlements.

(2) Revenues for the quarter ended September 30, 2012 were influenced by increased marine activity on certain of our Asia Pacific projects.

(3) Operating income for the quarter ended December 31, 2012 was influenced by significant cost savings on marine installation activities on an EPCI project, partially offset by project losses of approximately $52.0 million recognized across each segment. Income from continuing operations, less non-controlling interests was impacted by an increase in our provision for income taxes and sales, general & administrative expenses, partially offset by an increase in gain (loss) on foreign currency - net.

	Quarter Ended
	March 31, 2011		June 30, 2011(2)		September 30, 2011(3)		December 31, 2011
	(In thousands, except per share amounts)
Revenues	$	899,240	$	849,801	$	879,894	$	816,175
Operating income	$	100,298	$	83,779	$	35,216	$	31,430
Income from continuing operations, less noncontrolling interest	$	68,758	$	63,718	$	9,764	$	9,302
Income (loss) from discontinued operations, net of tax(1)		1,662		3,610		1,187		(19,271	)
Net income	$	70,420	$	67,328	$	10,951	$	(9,969	)

	Per Share Data Quarter Ended
	March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011
Basic earnings per common share:
Income from continuing operations, less noncontrolling interest		0.29		0.27		0.04		0.04
Income (loss) from discontinued operations, net of tax		0.01		0.02		0.01		(0.08	)
Net income		0.30		0.29		0.05		(0.04	)
Diluted earnings per common share:
Income from continuing operations, less noncontrolling interest		0.29		0.27		0.04		0.04
Income (loss) from discontinued operations, net of tax		0.01		0.02		0.01		(0.08	)
Net income		0.30		0.28		0.05		(0.04	)

(1) See Note 2 in the notes to the consolidated financial statements for a discussion of discontinued operations and other items.

(2) Operating income for the June 30, 2011 quarter was influenced by a $49.1 million decline in our Middle East segment as a result of reduced marine activity and the substantial completion of several higher margin projects in Saudi Arabia for which the marine activities were ongoing during the 2010 quarter but were complete prior to the 2011 quarter.

(3) Operating income for the September 30, 2011 quarter was influenced by the $75.4 million decline in the Middle East segment. The Middle East decline was primarily driven by reduced fabrication and marine activity levels, lower change orders, project close-outs and settlements on completed contracts. In addition, the September quarter was impacted by approximately $50.0 million of project charges recognized across segments.