| Schedule of Selected Quarterly Financial Data |
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Quarter |
Year 2013 |
First |
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Second |
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Third |
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Fourth |
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Total |
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(Dollars in Thousands Except Per Share Amounts) |
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(Unaudited) |
Revenues |
$ |
167,135 |
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|
$ |
225,954 |
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|
$ |
237,762 |
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$ |
243,321 |
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$ |
874,172 |
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Operating gross margin(2)
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$ |
20,877 |
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$ |
50,273 |
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$ |
48,733 |
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$ |
48,564 |
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$ |
168,447 |
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Operating income |
$ |
9,180 |
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$ |
28,587 |
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$ |
35,589 |
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$ |
28,516 |
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$ |
101,872 |
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Net income attributable to controlling interest |
$ |
592 |
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$ |
8,281 |
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$ |
7,970 |
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$ |
10,172 |
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$ |
27,015 |
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Basic earnings per share — net income(1)
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$ |
0.00 |
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$ |
0.07 |
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$ |
0.07 |
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$ |
0.08 |
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$ |
0.23 |
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Diluted earnings per share — net income(1)
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$ |
0.00 |
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$ |
0.07 |
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$ |
0.07 |
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$ |
0.08 |
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$ |
0.22 |
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Quarter |
Year 2012 |
First |
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Second |
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Third |
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Fourth |
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Total |
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(Dollars in Thousands Except Per Share Amounts) |
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(Unaudited) |
Revenues |
$ |
176,495 |
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$ |
178,895 |
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$ |
165,200 |
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$ |
157,171 |
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$ |
677,761 |
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Operating gross margin(2)
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$ |
53,744 |
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$ |
46,914 |
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$ |
34,261 |
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$ |
16,637 |
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$ |
151,556 |
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Operating income |
$ |
48,689 |
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$ |
40,978 |
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$ |
25,903 |
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$ |
(8,297 |
) |
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$ |
107,273 |
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Net income (loss) attributable to controlling interest |
$ |
26,392 |
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$ |
20,083 |
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$ |
10,936 |
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$ |
(20,098 |
) |
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$ |
37,313 |
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Basic earnings per share — net income (loss)(1)
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$ |
0.23 |
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$ |
0.17 |
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$ |
0.09 |
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$ |
(0.17 |
) |
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$ |
0.32 |
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Diluted earnings per share — net income (loss)(1)
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$ |
0.22 |
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$ |
0.17 |
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$ |
0.09 |
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$ |
(0.17 |
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$ |
0.31 |
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1) |
As a result of shares issued during the year, earnings per share for each of the year’s four quarters, which are based on weighted average shares outstanding during each quarter, may not equal the annual earnings per share, which is based on the weighted average shares outstanding during the year. Additionally, as a result of rounding to the thousands, revenues, operating gross margin, operating income, and net income (loss) attributable to controlling interest may not equal the 2013 year to date results.
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2) |
As the Company modified its reporting segments to be consistent with recent organizational changes to improve our drilling organization, expenses related to our U.S. Barge Drilling segment were found to be incorrectly included in our general and administrative expense during the first through third quarters of the current year. These expenses have been appropriately reclassified to be included as part of the segment operating expenses, therefore our operating gross margin for each of the first three quarters will not agree to the respective 10-Q reports for the current year only. |
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