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Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2011
Estimated useful lives

The estimated useful lives, in years, are shown below:

 

     Useful Lives  

Drilling rigs and other equipment

      1.5-15   

Buildings

      15-20   

Other

      3-12
Calculation of Income Per Share From Continuing and Discontinued Operations

The following table presents information necessary to calculate income (loss) from continuing operations per share, loss from discontinued operations per share and net income (loss) per share for the years ended December 31, 2011, 2010 and 2009, as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive (in thousands, except per share amounts):

 

     2011     2010     2009  

BASIC EPS:

       

Income (loss) from continuing operations

    $ 322,780      $ 117,898      $ (33,960 ) 

Adjust for (income) loss attributed to holders of non-vested restricted stock

      (2,545 )      (884 )      313   
  

 

 

    

 

 

    

 

 

  

Income (loss) from continuing operations attributed to common stockholders

    $ 320,235      $ 117,014      $ (33,647 ) 
  

 

 

    

 

 

    

 

 

  

Loss from discontinued operations, net

    $ (367 )    $ (956 )    $ (4,330 ) 

Adjust for loss attributed to holders of non-vested restricted stock

      3        7        38   
  

 

 

    

 

 

    

 

 

  

Loss from discontinued operations attributed to common stockholders

    $ (364 )    $ (949 )    $ (4,292 ) 
  

 

 

    

 

 

    

 

 

  

Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock

      153,871        152,772        152,069   
  

 

 

    

 

 

    

 

 

  

Basic income (loss) from continuing operations per common share

    $ 2.08      $ 0.77      $ (0.22 ) 

Basic loss from discontinued operations per common share

    $ 0.00      $ (0.01 )    $ (0.03 ) 

Basic net income (loss) per common share

    $ 2.08      $ 0.76      $ (0.25 ) 

DILUTED EPS:

       

Income (loss) from continuing operations attributed to common stockholders

    $ 320,235      $ 117,014      $ (33,647 ) 

Add incremental earnings related to potential common shares

      —        —        —   
  

 

 

    

 

 

    

 

 

  

Adjusted income (loss) from continuing operations attributed to common stockholders

    $ 320,235      $ 117,014      $ (33,647 ) 
  

 

 

    

 

 

    

 

 

  

Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock

      153,871        152,772        152,069   

Add dilutive effect of potential common shares

      1,433        504        —   
  

 

 

    

 

 

    

 

 

  

Weighted average number of diluted common shares outstanding

      155,304        153,276        152,069   
  

 

 

    

 

 

    

 

 

  

Diluted income (loss) from continuing operations per common share

    $ 2.06      $ 0.76      $ (0.22 ) 

Diluted loss from discontinued operations per common share

    $ 0.00      $ (0.01 )    $ (0.03 ) 

Diluted net income (loss) per common share

    $ 2.06      $ 0.76      $ (0.25 ) 

Potentially dilutive securities excluded as anti-dilutive

      1,641        4,164        8,090