EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2018

NOTE 22—EARNINGS PER SHARE

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

	Year ended December 31,
	2018 ⁽¹⁾			2017 ⁽²⁾		2016 ⁽²⁾
	(In millions, except per share amounts)
Net (loss) income attributable to McDermott	$	(2,687	)	$	179	$	34
Dividends on redeemable preferred stock		(3	)		-		-
Accretion of redeemable preferred stock		(1	)		-		-
Net (loss) income attributable to common stockholders	$	(2,691	)	$	179	$	34

Weighted average common stock (basic)		150			91		80
Effect of dilutive securities:
Restricted stock and tangible equity units		-			4		15
Warrants and preferred stock		-			-		-
Potential dilutive common stock		150			95		95

Net (loss) income per share attributable to common stockholders
Basic:	$	(17.94	)	$	1.97	$	0.43
Diluted:	$	(17.94	)	$	1.88	$	0.36

⁽¹⁾	^{The effects of restricted stock, warrants and redeemable preferred stock were not included in the calculation of diluted earnings per share for 2018 due to the net loss for the period.}

⁽²⁾

^{Approximately 0.5 million and 0.7 million shares underlying outstanding stock-based awards in 2017 and 2016 were excluded from the computation of diluted earnings per share during those periods because the exercise price of those awards was greater than the average market price of our common stock, and the inclusion of such shares would have been antidilutive in each of those years.}