SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2013

The following table sets forth the components of Receivables - trade and other at December 31 (in thousands):



	2013		2012
Trade	$	323,679	$	322,100
Income tax	6,759		88,568
Other	14,108		13,171
Total receivables - trade and other	$	344,546	$	423,839

Schedule of asset estimated useful life and salvage value

Estimated useful lives and salvage values are presented below:



	Life (in years)	Salvage Value
Jack-up drilling rigs:
Hulls	35	20	%
Legs	30	20	%
Quarters	25	20	%
Drilling equipment	5 to 25	0% to 20%

Drill pipe and tubular equipment	4	10	%
Other property and equipment	3 to 30	various

Reconciliation of shares for basic and diluted income per share

A reconciliation of shares for basic and diluted income per share is set forth below. There were no income adjustments to the numerators of the basic or diluted computations for the periods presented (in thousands):



	2013	2012	2011
Average common shares outstanding	123,517	122,998	125,044
Add dilutive securities:
Nonvested restricted shares and restricted share units	542	457	765
Employee and director share options	121	160	298
Share appreciation rights	288	257	286
Average shares for diluted computations	124,468	123,872	126,393

Share options and appreciation rights are antidilutive and excluded from diluted earnings per share when their exercise or strike price exceeds the average market price during the period. The following table sets forth antidilutive shares excluded from diluted earnings per share. Such securities could potentially dilute earnings per share in the future (in thousands):



	2013	2012	2011
Employee and director share options	53	42	42
Share appreciation rights	1,012	616	266
Total potentially dilutive shares	1,065	658	308