Annual Report 2011 - PGS

Notes to the consolidated financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 11 - Earnings Per Share
Earnings per share, to ordinary equity holders of PGS ASA, were calculated as follows:
Years ended December 31,
(In thousands of dollars)
2011 2010
2009
Restated(c) Restated(c)
Net income (loss) from continuing operations 34,469 (22,501) 164,580
Net income (loss) from discontinued operations 589 8,548 (8,248)
Non-controlling interests (1,367) (67) (2,094)
Net income (loss) to equity holders of PGS ASA 33,691 (14,020) 154,238
Effect of interest on convertible notes, net of tax --- --- ---
Net income (loss) for the purpose of diluted earnings per share 33,691 (14,020) 154,238
Earnings per share
- Basic $ 0.16 $ (0.07) $ 0.82
- Diluted $ 0.15 $ (0.07) $ 0.82
Earnings per share from continuing operations
- Basic $ 0.15 $ (0.11) $ 0.86
- Diluted $ 0.15 $ (0.11) $ 0.86
Earnings per share from discontinued operations
- Basic $ 0.01 $ 0.04 $ (0.04)
- Diluted $ 0.00 $ 0.04 $ (0.04)
Weighted average basic shares outstanding (a) 217,238,666 200,052,867 189,061,076
Dilutive potential shares (b) 879,061 --- 499
Weighted average diluted shares outstanding 218,117,727 200,052,867 189,061,575
(a) Weighted average basic shares outstanding for all the years have been reduced by the average numbers of treasury shares owned by the Company
during the period (see Note 31).
(b) For the years ended December 31, 2011, 2010 and 2009, respectively, share options equivalent to 6,358,530, 7,679,975 and 7,480,708 shares, were
excluded from the calculation of diluted earnings per share as they were anti-dilutive. In addition 8.0 million, 8.8 million and 8.8 million shares related
to the convertible notes (see Note 25) were excluded from the calculation for the years ended December 31, 2011, 2010 and 2009, respectively, due to
the anti-dilutive effect.
(c) See note 2.
Note 12 - Restricted Cash
Restricted cash consists of the following:
December 31,
(In thousands of dollars) 2011 2010
Current
Restricted payroll withholding taxes 3,777 3,887
Restricted under contracts (guarantees) 353 356
Restricted for health insurance 203 204
Deposits 192 217
Bid/performance bonds 39 65
Other 41 44
Total restricted cash, current
4,605 4,773
Long-term
Deposit ISS dispute (Note 27) 89,051 66,395
Total current and long-term 93,656 71,168
19 PGS ANNUAL REPORT 2011
90 PGS Annual Report 2011