Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Data

v2.4.0.6
Selected Quarterly Financial Data
12 Months Ended
Dec. 31, 2011
Selected Quarterly Financial Data [Abstract]  
Selected Quarterly Financial Data

Note 17 — Selected Quarterly Financial Data

 

                                         
    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

 

                                         
    Quarter  

Year 2010

  First     Second     Third     Fourth     Total  
    (Dollars in Thousands Except Per Share Amounts)  
    (Unaudited)  

Revenues

  $ 157,605     $ 156,525     $ 172,029     $ 173,316     $ 659,475  

Operating gross margin

  $ 15,486     $ 18,538     $ 13,443     $ 25,700     $ 73,167  

Operating income (loss)

  $ 6,126     $ 13,313     $ 7,555     $ 18,113     $ 45,107  

Net income (loss) attributable to controlling interest

  $ (2,051   $ 507     $ 492     $ (13,409   $ (14,461

Basic earnings per share — net income (loss)(1)

  $ (0.02   $     $     $ (0.12   $ (0.13

Diluted earnings per share — net income (loss)(1)

  $ (0.02   $     $     $ (0.12   $ (0.13

 

(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 2011 YTD results.

 

(2) As the Company modified our reporting segments to be consistent with recent organizational changes to improve our drilling organization, certain human resource related 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.