XML 56 R22.htm IDEA: XBRL DOCUMENT v3.6.0.2
Earnings (Loss) Per Share
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share
Note 14. Earnings (Loss) Per Share Attributable to Noble Energy
Noble Energy's basic earnings (loss) per share of common stock is computed by using net income (loss) attributable to Noble Energy divided by the weighted average number of shares of Noble Energy common stock outstanding during each period. The diluted earnings (loss) per share of common stock includes the effect of outstanding stock options, shares of restricted stock, or shares of our common stock held in a rabbi trust (when dilutive). The following table summarizes the calculation of basic and diluted earnings (loss) per share:
 
 
Year Ended December 31,
(millions, except per share amounts)
 
2016
 
2015
 
2014
Net Income (Loss) Attributable to Noble Energy
 
$
(998
)
 
$
(2,441
)
 
$
1,214

Earnings Adjustment from Assumed Conversion of Dilutive Shares of Common Stock in Rabbi Trust (1)
 
—

 
—

 
(17
)
Net Income (Loss) Used for Diluted Earnings (Loss) Per Share Calculation
 
$
(998
)
 
$
(2,441
)
 
$
1,197

 
 
 
 
 
 
 
Weighted Average Number of Shares Outstanding, Basic(2)
 
430

 
402

 
361

Incremental Shares From Assumed Conversion of Dilutive Stock Options, Restricted Stock, and Shares of Common Stock in Rabbi Trust(1)
 
—

 
—

 
6

Weighted Average Number of Shares Outstanding, Diluted
 
430

 
402

 
367

Earnings (Loss) Attributable to Noble Energy Per Share, Basic
 
$
(2.32
)
 
$
(6.07
)
 
$
3.36

Earnings (Loss) Attributable to Noble Energy Per Share, Diluted
 
(2.32
)
 
(6.07
)
 
3.27

 
 
 
 
 
 
 
Additional Information
 
 
 
 
 
 
Number of antidilutive stock options, shares of restricted stock and shares of common stock in rabbi trust excluded from calculation above
 
14

 
10

 
3

Weighted average option exercise price per share
 
$
45.69

 
$
52.39

 
$
60.30


(1) 
For the years ended December 31, 2016 and 2015, all outstanding options and non-vested restricted shares have been excluded from the calculation of diluted earnings (loss) per share as Noble Energy incurred a loss. Therefore, inclusion of outstanding options and non-vested restricted shares in the calculation of diluted earnings (loss) per share would be anti-dilutive.
Consistent with GAAP, when dilutive, deferred compensation gains or losses, net of tax, are excluded from net income while our common shares held in the rabbi trust are included in the diluted share count. For this reason, the diluted earnings (loss) per share calculation for the year ended December 31, 2014 excludes deferred compensation gains, net of tax.
(2) 
The weighted average number of shares outstanding for the year ended December 31, 2015 includes the weighted average shares of common stock issued in connection with the underwritten public offering of 24.15 million shares of Noble Energy common stock in first quarter 2015 and issued in connection with the exchange of approximately 41 million shares for all outstanding shares of Rosetta common stock on July 20, 2015.