v2.4.0.8

Assets Held for Sale and Discontinued Operations | 12 Months Ended
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Dec. 31, 2013
Assets Held for Sale and Discontinued Operations |
Assets Held for Sale and Discontinued Operations | Note 5 Assets Held for Sale and Discontinued Operations Assets Held for Sale Assets held for sale included the following:
|  | December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |
|  | (In thousands) |
Oil and Gas |  | $ | 239,936 |  | $ | 377,625 |
Rig Services |  |  | 3,328 |  |  | 6,232 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | 243,264 |  | $ | 383,857 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Oil and Gas Properties The carrying value of our assets held for sale represents the lower of carrying value or fair value less costs to sell. We continue to market these properties at prices that are reasonable compared to current fair value. Also, we have deferred tax assets of approximately $15.0 million, which are included in long-term deferred income taxes in our consolidated balance sheet, associated with our oil and gas operations in Canada. We have contracts with pipeline companies to pay specified fees based on committed volumes for gas transport and processing. In December 2013, we entered into agreements to restructure these contracts, assigning a portion of the obligation to third parties and reducing our future payment commitments. At December 31, 2013, our undiscounted contractual commitments for these contracts approximated $171.2 million, and we had liabilities of $113.6 million, $64.4 million of which were classified as current and are included in accrued liabilities. At December 31, 2012, we had liabilities of $206 million, $69 million of which were classified as current and included in accrued liabilities. The amounts at December 31, 2013, and 2012 represented our best estimate of the fair value of the excess capacity of the pipeline commitments calculated using a discounted cash flow model, when considering our disposal plan, current production levels, natural gas prices and expected utilization of the pipeline over the remaining contractual term Discontinued Operations The operating results from the assets discussed above for all periods presented are retroactively presented and accounted for as discontinued operations in the accompanying audited consolidated statements of income (loss) and the respective accompanying notes to the consolidated financial statements. Our condensed statements of income (loss) from discontinued operations for each operating segment were as follows:
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
|  | (In thousands, except percentages) |
Operating revenues |  |  |  |  |  |  |  |  |  |
Oil and Gas |  | $ | 25,327 |  | $ | 27,363 |  | $ | 125,654 | (1)
Rig Services |  | $ | 127,154 |  | $ | 172,335 |  | $ | 76,584 |
Income (loss) from Oil & Gas discontinued operations: |  |  |  |  |  |  |  |  |  |
Income (loss) from discontinued operations |  |  | (17,371 | ) |  | (3,958 | ) |  | 18,880 |
Less: Impairment charges or other (gains) and losses on sale of wholly owned assets |  |  | 24,087 | (2) |  | 106,096 | (3) |  | 208,455 | (4)
Less: Income tax expense (benefit) |  |  | (14,062 | ) |  | (44,021 | ) |  | (98,181 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from Oil and Gas discontinued operations, net of tax |  |  | (27,396 | ) |  | (66,033 | ) |  | (91,394 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from Rig Services discontinued operations: |  |  |  |  |  |  |  |  |  |
Income (loss) from discontinued operations |  |  | 17,680 |  |  | 9,846 |  |  | 458 |
Less: Impairment charges or other (gains) and losses on sale of wholly owned assets |  |  | (4,368) | (5) |  | 9,087 | (6) |  | 8,800 | (6)
Less: Income tax expense (benefit) |  |  | 5,831 |  |  | 2,252 |  |  | (2,135 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from Rig Services discontinued operations, net of tax |  |  | 16,217 |  |  | (1,493 | ) |  | (6,207 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Oil and Gas (1) Includes approximately $83 million of equity in earnings during 2011 for our proportionate share of Remora's net income, inclusive of the gains recognized for asset sales during 2011. (2) Includes impairments during 2013 of $61.5 million to write down the carrying value of some of our wholly owned oil and gas-centered assets, partially offset by a gain related to our restructure of our future pipeline obligations. (3) Includes adjustments during 2012 to increase our pipeline contractual commitments by $128.1 million and other gains and losses related to the sale of our wholly owned oil and gas-centered assets. (4) Includes impairments during 2011 of $255.0 million to write down the carrying value of our wholly owned oil and gas-centered assets. In 2013, we sold some of our wholly owned oil and gas assets and received proceeds of $90.0 million. In 2012, we sold our remaining wholly owned oil and gas business in Colombia and sold additional wholly owned assets in the United States. In December 2012, we sold our 49.7% ownership interest in the U.S. unconsolidated oil and gas joint venture, to the remaining equity owners. During 2012, we received cumulative gross cash proceeds of $254.5 million from sales of oil and gas assets. In 2011, we sold some of our wholly owned oil and gas assets in Colombia and the United States. Additionally in 2011, Remora, a former unconsolidated oil and gas joint venture, completed sales of its oil and gas assets in Colombia. During 2011, we received gross cash proceeds of $303.8 million from sales of oil and gas assets. Rig Services (5) Represents the gains recognized from our sale of our logistics services and construction services. In April 2013, we sold the assets of one of our former Canadian subsidiaries that provided logistics services for proceeds of $9.3 million. In October 2013, we sold Peak, one of our businesses in Alaska, for which we received cash proceeds of $135.5 million. (6) Includes $7.8 million and $7.9 million, respectively, of impairment (a Level 3 measurement) in 2012 and 2011 to our aircraft and logistics assets as a result of the continued downturn in the oil and gas industry in Canada. Additional discussion of our policy pertaining to the calculations of our annual impairment tests, including any impairment to goodwill, is set forth in Note 2—Summary of Significant Accounting Policies. A further protraction of lower commodity prices or an inability to sell these assets in a timely manner could result in recognition of future impairment charges. The revised consolidated statements of income in Note 2—Revisions of Prior Period Financial Statements were updated to retroactively reclassify the results of Peak as discontinued operations. The table below sets forth a reconciliation between such presentation and the consolidated statements of income (loss) as they were previously filed for the years ended December 31, 2012 and 2011. In addition, the consolidated statements of income (loss) for the quarters ended March 31, 2013 and June 30, 2013 are presented within. There was no effect to our consolidated statements of other comprehensive income or cash flows for such periods.
|  | Year Ended |
--- | --- | --- | ---
|  | December 31, 2012 |  | December 31, 2011 |
(In thousands, except per share amounts) |  | As Previously Filed |  | Discontinued Operations(1) |  | As Reported(2) |  | As Previously Filed |  | Discontinued Operations(1) |  | As Reported(2) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Revenues |  | $ | 6,989,573 |  | $ | (146,522 | ) | $ | 6,843,051 |  | $ | 6,060,351 |  | $ | (46,871 | ) | $ | 6,013,480 |
Earnings from affiliates |  |  | (301,320 | ) |  | — |  |  | (301,320 | ) |  | 56,647 |  |  | 0 |  |  | 56,647 |
Investment income |  |  | 63,137 |  |  | — |  |  | 63,137 |  |  | 19,940 |  |  | (1 | ) |  | 19,939 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total revenues and other income |  |  | 6,751,390 |  |  | (146,522 | ) |  | 6,604,868 |  |  | 6,136,938 |  |  | (46,872 | ) |  | 6,090,066 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct Costs |  |  | 4,483,320 |  |  | (114,618 | ) |  | 4,368,702 |  |  | 3,775,964 |  |  | (39,054 | ) |  | 3,736,910 |
General and administrative expenses |  |  | 532,568 |  |  | (4,615 | ) |  | 527,953 |  |  | 489,892 |  |  | (2,084 | ) |  | 487,808 |
Depreciation and amortization |  |  | 1,055,517 |  |  | (15,594 | ) |  | 1,039,923 |  |  | 924,094 |  |  | (5,972 | ) |  | 918,122 |
Interest Expense |  |  | 251,552 |  |  | 352 |  |  | 251,904 |  |  | 256,633 |  |  | (1 | ) |  | 256,632 |
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net |  |  | (136,510 | ) |  | (126 | ) |  | (136,636 | ) |  | 4,514 |  |  | (40 | ) |  | 4,474 |
Impairments and other charges |  |  | 290,260 |  |  | — |  |  | 290,260 |  |  | 198,072 |  |  | — |  |  | 198,072 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total costs and other deductions |  |  | 6,476,707 |  |  | (134,601 | ) |  | 6,342,106 |  |  | 5,649,169 |  |  | (47,151 | ) |  | 5,602,018 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income taxes |  |  | 274,683 |  |  | (11,921 | ) |  | 262,762 |  |  | 487,769 |  |  | 279 |  |  | 488,048 |
Income tax expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 142,994 |  |  | — |  |  | 142,994 |  |  | 109,702 |  |  | — |  |  | 109,702 |
Deferred |  |  | (110,366 | ) |  | (5,047 | ) |  | (115,413 | ) |  | 32,903 |  |  | 118 |  |  | 33,021 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total income tax expense |  |  | 32,628 |  |  | (5,047 | ) |  | 27,581 |  |  | 142,605 |  |  | 118 |  |  | 142,723 |
Subsidiary preferred stock dividend |  |  | 3,000 |  |  | — |  |  | 3,000 |  |  | 3,000 |  |  | — |  |  | 3,000 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from continuing operations, net of tax |  |  | 239,055 |  |  | (6,874 | ) |  | 232,181 |  |  | 342,164 |  |  | 161 |  |  | 342,325 |
Income from discontinued operations, net of tax |  |  | (74,400 | ) |  | 6,874 |  |  | (67,526 | ) |  | (97,440 | ) |  | (161 | ) |  | (97,601 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) |  |  | 164,655 |  |  | — |  |  | 164,655 |  |  | 244,724 |  |  | — |  |  | 244,724 |
Less: Net (income) loss attributable to noncontrolling interest |  |  | (621 | ) |  | — |  |  | (621 | ) |  | (1,045 | ) |  | — |  |  | (1,045 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) attributable to Nabors |  | $ | 164,034 |  | $ | — |  | $ | 164,034 |  | $ | 243,679 |  | $ | — |  | $ | 243,679 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per share:(3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic from continuing operations |  | $ | 0.82 |  | $ | (0.02 | ) | $ | 0.80 |  | $ | 1.19 |  | $ | — |  | $ | 1.19 |
Basic from discontinued operations |  |  | (0.25 | ) |  | 0.02 |  |  | (0.23 | ) |  | (0.34 | ) |  | — |  |  | (0.34 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Basic |  | $ | 0.57 |  | $ | — |  | $ | 0.57 |  | $ | 0.85 |  | $ | — |  | $ | 0.85 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted from continuing operations |  | $ | 0.82 |  | $ | (0.02 | ) | $ | 0.79 |  | $ | 1.17 |  | $ | — |  | $ | 1.17 |
Diluted from discontinued operations |  |  | (0.26 | ) |  | 0.02 |  |  | (0.23 | ) |  | (0.34 | ) |  | — |  |  | (0.34 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Diluted |  | $ | 0.56 |  | $ | — |  | $ | 0.56 |  | $ | 0.83 |  | $ | — |  | $ | 0.83 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) Amounts represents the operating results from Peak, as discussed above. (2) Amounts reflect discontinued operations presentation for Peak prior to adjustments required as a result of our revisions to our consolidated statements of income (loss) for the years ended December 31, 2012 and 2011. (3) Earnings per share is computed independently for each of the columns presented. Therefore, the sum of the earnings per share may not equal the total revised.
|  | Quarter Ended |
--- | --- | --- | ---
|  | March 31, 2012 |  | June 30, 2012 |
(In thousands, except per share amounts) |  | As Previously Filed |  | Discontinued Operations(1) |  | As Reported(2) |  | As Previously Filed |  | Discontinued Operations(1) |  | As Reported(2) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Revenues |  | $ | 1,890,426 |  | $ | (45,738 | ) | $ | 1,844,688 |  | $ | 1,737,114 |  | $ | (39,210 | ) | $ | 1,697,904 |
Earnings from affiliates |  |  | (68,669 | ) |  | — |  |  | (68,669 | ) |  | (134,317 | ) |  | — |  |  | (134,317 | )
Investment income |  |  | 20,252 |  |  | — |  |  | 20,252 |  |  | 5,368 |  |  | — |  |  | 5,368 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total revenues and other income |  |  | 1,842,009 |  |  | (45,738 | ) |  | 1,796,271 |  |  | 1,608,165 |  |  | (39,210 | ) |  | 1,568,955 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct Costs |  |  | 1,184,816 |  |  | (30,703 | ) |  | 1,154,113 |  |  | 1,123,256 |  |  | (30,881 | ) |  | 1,092,375 |
General and administrative expenses |  |  | 136,346 |  |  | (878 | ) |  | 135,468 |  |  | 133,612 |  |  | (1,227 | ) |  | 132,385 |
Depreciation and amortization |  |  | 247,621 |  |  | (4,074 | ) |  | 243,547 |  |  | 261,016 |  |  | (3,759 | ) |  | 257,257 |
Interest Expense |  |  | 62,654 |  |  | 11 |  |  | 62,665 |  |  | 63,459 |  |  | 168 |  |  | 63,627 |
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net |  |  | (1,840 | ) |  | (5 | ) |  | (1,845 | ) |  | 13,414 |  |  | (8 | ) |  | 13,406 |
Impairments and other charges |  |  | — |  |  | — |  |  | — |  |  | 147,503 |  |  | — |  |  | 147,503 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total costs and other deductions |  |  | 1,629,597 |  |  | (35,649 | ) |  | 1,593,948 |  |  | 1,742,260 |  |  | (35,707 | ) |  | 1,706,553 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income taxes |  |  | 212,412 |  |  | (10,089 | ) |  | 202,323 |  |  | (134,095 | ) |  | (3,503 | ) |  | (137,598 | )
Income tax expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 26,006 |  |  | — |  |  | 26,006 |  |  | 34,698 |  |  | — |  |  | 34,698 |
Deferred |  |  | 43,038 |  |  | (4,271 | ) |  | 38,767 |  |  | (70,890 | ) |  | (1,483 | ) |  | (72,373 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total income tax expense |  |  | 69,044 |  |  | (4,271 | ) |  | 64,773 |  |  | (36,192 | ) |  | (1,483 | ) |  | (37,675 | )
Subsidiary preferred stock dividend |  |  | 750 |  |  | — |  |  | 750 |  |  | 750 |  |  | — |  |  | 750 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from continuing operations, net of tax |  |  | 142,618 |  |  | (5,818 | ) |  | 136,800 |  |  | (98,653 | ) |  | (2,020 | ) |  | (100,673 | )
Income from discontinued operations, net of tax |  |  | (8,795 | ) |  | 5,818 |  |  | (2,977 | ) |  | 24,690 |  |  | 2,020 |  |  | 26,710 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) |  |  | 133,823 |  |  | — |  |  | 133,823 |  |  | (73,963 | ) |  | — |  |  | (73,963 | )
Less: Net (income) loss attributable to noncontrolling interest |  |  | 267 |  |  | — |  |  | 267 |  |  | 1,174 |  |  | — |  |  | 1,174 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) attributable to Nabors |  | $ | 134,090 |  | $ | — |  | $ | 134,090 |  | $ | (72,789 | ) | $ | — |  | $ | (72,789 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per share:(3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic from continuing operations |  | $ | 0.50 |  | $ | (0.02 | ) | $ | 0.48 |  | $ | (0.34 | ) | $ | — |  | $ | (0.34 | )
Basic from discontinued operations |  |  | (0.04 | ) |  | 0.02 |  |  | (0.02 | ) |  | 0.09 |  |  | — |  |  | 0.09 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Basic |  | $ | 0.46 |  | $ | — |  | $ | 0.46 |  | $ | (0.25 | ) | $ | — |  | $ | (0.25 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted from continuing operations |  | $ | 0.49 |  | $ | (0.02 | ) | $ | 0.47 |  | $ | (0.34 | ) | $ | — |  | $ | (0.34 | )
Diluted from discontinued operations |  |  | (0.03 | ) |  | 0.02 |  |  | (0.01 | ) |  | 0.09 |  |  | — |  |  | 0.09 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Diluted |  | $ | 0.46 |  | $ | — |  | $ | 0.46 |  | $ | (0.25 | ) | $ | — |  | $ | (0.25 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | Six Months Ended |
--- | --- | --- | ---
|  | June 30, 2012 |
(In thousands, except per share amounts) |  | As Previously Filed |  | Discontinued Operations(1) |  | As Reported(2) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |
Operating Revenues |  | $ | 3,627,540 |  |  | (84,948 | ) | $ | 3,542,592 |
Earnings from affiliates |  |  | (202,986 | ) |  | — |  |  | (202,986 | )
Investment income |  |  | 25,620 |  |  | — |  |  | 25,620 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total revenues and other income |  |  | 3,450,174 |  |  | (84,948 | ) |  | 3,365,226 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |
Direct Costs |  |  | 2,308,072 |  |  | (61,584 | ) |  | 2,246,488 |
General and administrative expenses |  |  | 269,958 |  |  | (2,105 | ) |  | 267,853 |
Depreciation and amortization |  |  | 508,637 |  |  | (7,833 | ) |  | 500,804 |
Interest Expense |  |  | 126,113 |  |  | 179 |  |  | 126,292 |
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net |  |  | 11,574 |  |  | (13 | ) |  | 11,561 |
Impairments and other charges |  |  | 147,503 |  |  | — |  |  | 147,503 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total costs and other deductions |  |  | 3,371,857 |  |  | (71,356 | ) |  | 3,300,501 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income taxes |  |  | 78,317 |  |  | (13,592 | ) |  | 64,725 |
Income tax expense: |  |  |  |  |  |  |  |  |  |
Current |  |  | 60,704 |  |  | — |  |  | 60,704 |
Deferred |  |  | (27,852 | ) |  | (5,754 | ) |  | (33,606 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total income tax expense |  |  | 32,852 |  |  | (5,754 | ) |  | 27,098 |
Subsidiary preferred stock dividend |  |  | 1,500 |  |  | — |  |  | 1,500 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from continuing operations, net of tax |  |  | 43,965 |  |  | (7,838 | ) |  | 36,127 |
Income from discontinued operations, net of tax |  |  | 15,895 |  |  | 7,838 |  |  | 23,733 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) |  |  | 59,860 |  |  | — |  |  | 59,860 |
Less: Net (income) loss attributable to noncontrolling interest |  |  | 1,441 |  |  | — |  |  | 1,441 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) attributable to Nabors |  | $ | 61,301 |  | $ | — |  | $ | 61,301 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per share:(3) |  |  |  |  |  |  |  |  |  |
Basic from continuing operations |  | $ | 0.16 |  | $ | (0.03 | ) | $ | 0.13 |
Basic from discontinued operations |  |  | 0.05 |  |  | 0.03 |  |  | 0.08 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Basic |  | $ | 0.21 |  | $ | — |  | $ | 0.21 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted from continuing operations |  | $ | 0.16 |  | $ | (0.03 | ) | $ | 0.13 |
Diluted from discontinued operations |  |  | 0.05 |  |  | 0.03 |  |  | 0.08 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Diluted |  | $ | 0.21 |  | $ | — |  | $ | 0.21 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) Amounts represents the operating results from Peak, as discussed above. (2) Amounts reflect discontinued operations presentation for Peak prior to adjustments required as a result of our revisions to our consolidated statements of income (loss) for the quarters ended March 31, 2012 and June 30, 2012 and the six months ended June 30, 2012. (3) Earnings per share is computed independently for each of the columns presented. Therefore, the sum of the earnings per share may not equal the total revised

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