EX-11 3 h03442exv11.txt COMPUTATION OF BASIC AND DILUTED INCOME PER SHARE EXHIBIT 11 ROWAN COMPANIES, INC. COMPUTATION OF BASIC AND DILUTED INCOME PER SHARE (in thousands except per share amounts)
For the Year Ended December 31, ---------------------------------------------------- 2002 2001 2000 ------------- ------------- ------------- Weighted average shares of common stock outstanding 93,764 94,173 92,562 Stock options (treasury stock method) 735 702 1,007 Shares issuable from assumed conversion of floating rate subordinated debentures 893 936 1,068 ---------------------------------------------------- Weighted average shares for diluted income per share calculation 95,392 95,811 94,637 ==================================================== Net income for basic calculation $ 86,278 $ 76,998 $ 70,213 Charges related to dilutive securities ---------------------------------------------------- Net income for diluted calculation $ 86,278 $ 76,998 $ 70,213 ==================================================== Basic income per share $ .92 $ .82 $ .76 ==================================================== Diluted income per share $ .90 $ .80 $ .74 ====================================================
Note: Reference is made to Note 1 to Consolidated Financial Statements regarding computation of per share amounts.