Quarterly report pursuant to Section 13 or 15(d)

Consolidated Condensed Statements of Operations (Unaudited)

 v2.3.0.11
Consolidated Condensed Statements of Operations (Unaudited) (USD $)
In Thousands, except Share data
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues:        
International Drilling $ 42,671 $ 52,932 $ 84,755 $ 116,807
U.S. Drilling 26,060 15,336 41,980 30,423
Rental Tools 58,490 41,359 110,809 75,174
Project Management and Engineering Services 45,591 26,363 81,809 50,804
Construction Contract   20,535 9,638 40,922
Total revenues 172,812 156,525 328,991 314,130
Operating expenses:        
International Drilling 33,915 39,423 68,603 86,596
U.S. Drilling 16,859 13,540 30,878 26,514
Rental Tools 17,719 14,268 35,856 26,894
Project Management and Engineering Services 37,559 21,701 67,625 41,262
Construction Contract (1,515) 20,043 8,867 41,240
Depreciation and amortization 27,332 29,012 54,931 57,600
Total operating expenses 131,869 137,987 266,760 280,106
Total operating gross margin 40,943 18,538 62,231 34,024
General and administration expense (8,094) (6,937) (14,982) (16,969)
Gain on disposition of assets, net 366 1,712 1,370 2,384
Total operating income 33,215 13,313 48,619 19,439
Other income and (expense):        
Interest expense (5,755) (7,386) (11,616) (14,118)
Interest income 133 78 179 152
Gain (Loss) on fair value of derivative contracts (137)   (137)  
Loss on extinguishment of debt   (3,989)   (7,209)
Other 123 115 134 257
Total other expense (5,636) (11,182) (11,440) (20,918)
Income (loss) before income taxes 27,579 2,131 37,179 (1,479)
Income tax expense (benefit):        
Current 7,090 4,992 11,109 8,640
Deferred 6,374 (3,368) 7,194 (8,575)
Total income tax expense (benefit) 13,464 1,624 18,303 65
Net income (loss) 14,115 507 18,876 (1,544)
Less: Net (loss) attributable to noncontrolling interest (58)   (125)  
Net income (loss) attributable to controlling interest $ 14,173 $ 507 $ 19,001 $ (1,544)
Basic earnings (loss) per share:        
Net income (loss) $ 0.12 $ 0 $ 0.16 $ (0.01)
Diluted earnings (loss) per share:        
Net income (loss) $ 0.12 $ 0 $ 0.16 $ (0.01)
Weighted average shares outstanding:        
Basic 116,144,818 114,298,319 115,634,881 113,909,798
Diluted 117,253,588 115,428,649 116,750,717 113,909,798