Income (Loss) Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Income (Loss) Per Share

Note 6— Income (Loss) Per Share

The following table presents the computation of basic and diluted loss per share for Noble:

	Successor				Predecessor
			Period From		Period From
	Three Months		February 6, 2021		January 1, 2021		Three Months		Nine Months
	Ended		through		through		Ended		Ended
	September 30, 2021		September 30, 2021		February 5, 2021		September 30, 2020		September 30, 2020
Numerator:
Basic
Net income (loss) from continuing operations	$	(23,665)	$	(21,454)	$	250,228	$	(50,868)	$	(1,155,739)
Net loss from discontinued operations, net of tax	—		—		—		—		—
Net income (loss)	$	(23,665)	$	(21,454)	$	250,228	$	(50,868)	$	(1,155,739)
Diluted
Net income (loss)	$	(23,665)	$	(21,454)	$	250,228	$	(50,868)	$	(1,155,739)
Denominator:
Weighted average shares outstanding - basic	66,623		61,847		251,115		251,058		250,696
Dilutive effect of share-based awards	—		—		5,456		—		—
Weighted average shares outstanding - diluted	66,623		61,847		256,571		251,058		250,696
Per share data
Basic:
Net income (loss)	$	(0.36)	$	(0.35)	$	1.00	$	(0.20)	$	(4.61)
Diluted:
Net income (loss)	$	(0.36)	$	(0.35)	$	0.98	$	(0.20)	$	(4.61)

Only those items having a dilutive impact on our basic loss per share are included in diluted loss per share. The following table displays the share-based instruments that have been excluded from diluted income or loss per share since the effect would have been anti-dilutive:

	Successor		Predecessor
		Period From	Period From
		February 6, 2021	January 1, 2021
	Three Months Ended	through	through	Three Months Ended	Nine Months Ended
	September 30, 2021	September 30, 2021	February 5, 2021	September 30, 2020	September 30, 2020
Share-based awards	3,124	3,124	556	6,431	6,431
Warrants (1)	19,412	19,412	—	—	—

(1) Represents the total number of warrants outstanding which did not have a dilutive effect. In periods where the warrants are determined to be dilutive, the number of shares which will be included in the computation of diluted shares is determined using the treasury stock method, adjusted for mandatory exercise provisions under the warrant agreements if applicable.

Share capital

Successor Share capital

On the Effective Date, pursuant to the Plan, Noble issued 50 million Ordinary Shares. Subsequent to the Effective Date, approximately 6.5 million Ordinary Shares were exchanged for Penny Warrants to purchase up to approximately 6.5 million Ordinary shares, with an exercise price of $0.01 per share. Ordinary Shares issuable upon the exercise of Penny Warrants were included in the number of outstanding shares used for the computation of basic net loss per share prior to the exercise of those warrants. As of September 30, 2021, Noble had approximately 60.2 million Ordinary Shares outstanding as compared to approximately 251.1 million Legacy Noble ordinary shares outstanding and trading at December 31, 2020. Pursuant to the Memorandum of Association of Noble Corporation, the share capital of Noble is $6,000 divided into 500,000,000 ordinary shares of a par value of $0.00001 each and 100,000,000 shares of a par value of $0.00001, each of such class or classes having the rights as the board of directors of Noble (the “Board”) may determine from time to time.

Predecessor Share capital

As discussed in “Note 2— Chapter 11 Emergence,” on the Effective Date and pursuant to the terms of the Plan, all of the Predecessor’s ordinary shares were cancelled. In accordance with the Plan, all agreements, instruments and other documents evidencing, relating to or otherwise connected with any of Legacy Noble’s equity interests outstanding prior to the Effective Date, including all equity-based awards, were cancelled and all such equity interests have no further force or effect after the Effective Date. Pursuant to the Plan, the holders of Legacy Noble’s ordinary shares outstanding prior to the Effective Date received their pro rata share of the Tranche 3 Warrants to acquire Ordinary Shares.