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Stock Split | 12 Months Ended
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Dec. 31, 2011
Stock Split | Note 13: Stock Split On January 24, 2012, RPC’s Board of Directors declared a three-for-two stock split of the Company’s common shares. The split will be effected by issuing an additional share of common stock for every two shares of common stock held. The additional shares will be distributed on March 9, 2012 to stockholders of record on February 10, 2012. The stock split will increase the Company’s outstanding shares from approximately 146,333,777 shares to 219,500,666 shares. Our historical outstanding shares will be recast upon the distribution. Below is an estimate of the pro forma effects of the stock split on the Company’s Stockholders’ equity.
(in thousands) |  | December 31, 2011 (Audited) |  |  | Adjustment (Unaudited) |  |  | December 31, 2011 (Pro forma) (Unaudited) |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Preferred stock, $0.10 par value, 1,000,000 shares authorized, none issued |  | $ | - |  |  | $ |  |  |  | $ | - |
Common stock, $0.10 par value, 349,000,000 shares authorized, Shares issued(1) and outstanding – 221,187,660 outstanding in 2011 and 222,263,993 outstanding in 2010 |  | $ | 14,746 |  |  |  | 7,373 |  |  |  | 22,119 |
Capital in excess of par value |  |  | - |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 760,492 |  |  |  | (7,373 | ) |  |  | 753,119 |
Accumulated other comprehensive loss |  |  | (12,646 | ) |  |  |  |  |  |  | (12,646 | )
Total stockholders’ equity |  | $ | 762,592 |  |  | $ | - |  |  | $ | 762,592 |
(1) Shares issued increased as follows: 2011- 73,729,220; 2010 – 74,087,998 Below is an estimate of the pro forma effects of the stock split on the Company’s earnings per share:
(in thousands, except per share amounts) |  | December 31, 2011 (Audited) |  |  | Adjustment (unaudited) |  |  | December 31,2011 (Pro forma) (unaudited) |
Net income |  | $ | 296,381 |  |  | $ | - |  |  | $ | 296,381 |
Basic Earnings Per Share |  |  | 2.04 |  |  |  | (0.68 | ) |  |  | 1.36 |
Diluted Earnings Per Share |  |  | 2.02 |  |  |  | (0.67 | ) |  |  | 1.35 |
Shares used for computation: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 145,122 |  |  |  | 72,561 |  |  |  | 217,683 |
Diluted |  |  | 146,833 |  |  |  | 73,417 |  |  |  | 220,250

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 146 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140864-122747 + Details
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