| Selected Quarterly Financial Data |
Note 17 — Selected
Quarterly Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Quarter |
|
|
Year
2012
|
|
First |
|
|
Second |
|
|
Third |
|
|
Fourth |
|
|
Total |
|
| |
|
(Dollars in Thousands
Except Per Share Amounts) |
|
| |
|
(Unaudited) |
|
|
Revenues
|
|
$ |
176,569 |
|
|
$ |
178,925 |
|
|
$ |
165,301 |
|
|
$ |
157,187 |
|
|
$ |
677,982 |
|
|
Operating gross
margin(2)
|
|
$ |
54,018 |
|
|
$ |
46,440 |
|
|
$ |
34,038 |
|
|
$ |
16,405 |
|
|
$ |
150,901 |
|
|
Operating income
|
|
$ |
49,013 |
|
|
$ |
40,388 |
|
|
$ |
25,739 |
|
|
$ |
(8,317 |
) |
|
$ |
106,823 |
|
|
Net income (loss)
attributable to controlling interest
|
|
$ |
26,392 |
|
|
$ |
20,083 |
|
|
$ |
10,936 |
|
|
$ |
(20,098 |
) |
|
$ |
37,313 |
|
|
Basic earnings per share
— net income (loss)(1)
|
|
$ |
0.23 |
|
|
$ |
0.17 |
|
|
$ |
0.09 |
|
|
$ |
(0.17 |
) |
|
$ |
0.32 |
|
|
Diluted earnings per share
— net income (loss)(1)
|
|
$ |
0.22 |
|
|
$ |
0.17 |
|
|
$ |
0.09 |
|
|
$ |
(0.17 |
) |
|
$ |
0.31 |
|
|
|
| |
|
Quarter |
|
|
Year
2011
|
|
First |
|
|
Second |
|
|
Third |
|
|
Fourth |
|
|
Total |
|
| |
|
(Dollars in Thousands
Except Per Share Amounts) |
|
| |
|
(Unaudited) |
|
|
Revenues
|
|
$ |
156,179 |
|
|
$ |
172,812 |
|
|
$ |
176,589 |
|
|
$ |
181,066 |
|
|
$ |
686,646 |
|
|
Operating gross
margin(2)
|
|
$ |
21,204 |
|
|
$ |
40,797 |
|
|
$ |
49,966 |
|
|
$ |
44,399 |
|
|
$ |
156,366 |
|
|
Operating income
|
|
$ |
15,402 |
|
|
$ |
33,215 |
|
|
$ |
41,959 |
|
|
$ |
(133,215 |
) |
|
$ |
(42,639 |
) |
|
Net income (loss)
attributable to controlling interest
|
|
$ |
4,827 |
|
|
$ |
14,173 |
|
|
$ |
20,725 |
|
|
$ |
(90,176 |
) |
|
$ |
(50,451 |
) |
|
Basic earnings per share
— net income (loss)(1)
|
|
$ |
0.04 |
|
|
$ |
0.12 |
|
|
$ |
0.18 |
|
|
$ |
(0.77 |
) |
|
$ |
(0.43 |
) |
|
Diluted earnings per share
— net income (loss)(1)
|
|
$ |
0.04 |
|
|
$ |
0.12 |
|
|
$ |
0.18 |
|
|
$ |
(0.77 |
) |
|
$ |
(0.43 |
) |
| 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 2012 year to date results. |
| 2) |
As the Company modified our
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. |
|