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SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended
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Sep. 30, 2016
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | NOTE 16 SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
|  | (in thousands, except per share amounts) |
2016 |  | 1 st Quarter |  | 2 nd Quarter |  | 3 rd Quarter |  | 4 th Quarter |
Operating revenues |  | $ | 487,847 |  | $ | 438,191 |  | $ | 366,486 |  | $ | 331,708 |
Operating income (loss) |  |  | 38,670 |  |  | 41,621 |  |  | (13,256 | ) |  | (93,001 | )
Income (loss) from continuing operations |  |  | 15,898 |  |  | 25,174 |  |  | (21,193 | ) |  | (72,869 | )
Net income (loss) |  |  | 16,002 |  |  | 21,205 |  |  | (21,200 | ) |  | (72,835 | )
Basic earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  |  | 0.15 |  |  | 0.23 |  |  | (0.20 | ) |  | (0.68 | )
Net income (loss) |  |  | 0.15 |  |  | 0.19 |  |  | (0.20 | ) |  | (0.68 | )
Diluted earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  |  | 0.15 |  |  | 0.23 |  |  | (0.20 | ) |  | (0.68 | )
Net income (loss) |  |  | 0.15 |  |  | 0.19 |  |  | (0.20 | ) |  | (0.68 | )
2015, as adjusted |  | 1 st Quarter |  | 2 nd Quarter |  | 3 rd Quarter |  | 4 th Quarter (1) |
Operating revenues |  | $ | 1,060,787 |  | $ | 885,670 |  | $ | 661,445 |  | $ | 553,800 |
Operating income (loss) |  |  | 330,371 |  |  | 231,326 |  |  | 135,049 |  |  | (24,783 | )
Income (loss) from continuing operations |  |  | 203,623 |  |  | 153,542 |  |  | 90,899 |  |  | (27,590 | )
Net income (loss) |  |  | 203,608 |  |  | 153,543 |  |  | 90,872 |  |  | (27,596 | )
Basic earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  |  | 1.87 |  |  | 1.42 |  |  | 0.84 |  |  | (0.26 | )
Net income (loss) |  |  | 1.87 |  |  | 1.42 |  |  | 0.84 |  |  | (0.26 | )
Diluted earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  |  | 1.86 |  |  | 1.41 |  |  | 0.83 |  |  | (0.26 | )
Net income (loss) |  |  | 1.86 |  |  | 1.41 |  |  | 0.83 |  |  | (0.26 | )
(1) | The fourth quarter of fiscal 2015 has been adjusted for the change in accounting principle to eliminate the one-month lag for foreign subsidiaries as described in Note 1 of these financial statements. The impact to the fourth quarter was an increase in net loss of $6.4 million and an increase in diluted loss per common share of $0.06. The impact to the first, second and third quarters of fiscal 2015 have been previously disclosed in our Form 10-Q filings during fiscal 2016.
The sum of earnings per share for the four quarters may not equal the total earnings per share for the year due to changes in the average number of common shares outstanding. In the first quarter of fiscal 2016, net income includes an after-tax gain from the sale of assets of $2.9 million, $0.03 per share on a diluted basis and an after-tax loss related to currency exchange losses of approximately $5.4 million, $0.05 per share on a diluted basis. In the second quarter of fiscal 2016, net income includes an after-tax gain from the sale of assets of $1.5 million, $0.01 per share on a diluted basis. In the third quarter of fiscal 2016, net loss includes an after-tax impairment charge, primarily related to used drilling equipment, of approximately $2.9 million, $0.03 per share on a diluted basis. In the fourth quarter of fiscal 2016, net loss includes an after-tax gain from the sale of assets of $1.4 million, $0.01 per share on a diluted basis. In the fourth quarter of fiscal 2016, net loss includes an after-tax loss from an other-than-temporary impairment of available-for-sale securities of $15.9 million, $0.15 loss per share on a diluted basis. In the fourth quarter of fiscal 2016, net loss includes an after-tax loss from a litigation settlement of $12.0 million, $0.11 loss per share on a diluted basis. In the first quarter of fiscal 2015, net income includes an after-tax gain from the sale of assets of $2.6 million, $0.02 per share on a diluted basis. In the second quarter of fiscal 2015, net income includes an after-tax gain from the sale of assets of $1.8 million, $0.02 per share on a diluted basis, and an after-tax abandonment charge, primarily related to the decommission of 17 SCR powered Flexrigs, of approximately $6.7 million, $0.06 per share on a diluted basis. In the third quarter of fiscal 2015, net income includes an after-tax gain from the sale of assets of $1.1 million, $0.01 per share on a diluted basis. In the fourth quarter of fiscal 2015, net income includes an after-tax gain from the sale of assets of $1.9 million, $0.02 per share on a diluted basis, as adjusted.

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