| Selected Quarterly Financial Data |
Note 19 — Selected Quarterly Financial Data
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Quarter |
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Year 2013
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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)
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Revenues
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$ |
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
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$ |
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
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$ |
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 |
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Year 2012
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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)
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Revenues
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$ |
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
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$ |
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
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$ |
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. |
| 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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