SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Sep. 30, 2016

Schedule of Revenue by Major Customers by Reporting Segments

Revenues from individual clients that are 10% or more of our total revenues are as follows:



(In thousands)	Fiscal 2016		Fiscal 2015		Fiscal 2014
Shell Offshore Inc.	$	213,785	$	201,190	$	179,763
Kosmos Energy	184,475		142,701		12,933
Noble Energy Inc.	179,545		227,682		169,851
Chevron Australia Pty. Ltd.	118,471		156,099		175,334
Woodside Energy Ltd.	109,236		166,796		68,484
Apache Energy Ltd.	—		39,233		209,871

Schedule of Accounts Receivable by Major Customers

In addition, we have certain clients that make up a significant portion of our Accounts Receivable at September 30, 2016, as indicated in the table below:



	Percentage of Accounts Receivable
Shell Offshore Inc.	31%
Kosmos Energy Ltd.	26%
Woodside Energy Ltd.	15%
Noble Energy Inc.	11%

Estimated Useful Lives of Assets

Our estimated useful lives of our various classifications of assets are as follows:



	Years
Drilling vessels and related equipment	5-35
Drill pipe	3
Furniture and other	3-10

A summary of property and equipment by classification is as follows:



	September 30,
(In thousands)	2016			2015
Drilling vessels and equipment	$	3,898,686		$	4,003,483
Construction work in progress	857,572			720,852
Drill pipe	52,543			55,248
Office equipment and other	39,213			36,379
Total cost	4,848,014			4,815,962
Less: Accumulated depreciation	(720,318		)	(643,830		)
Property and equipment, net	$	4,127,696		$	4,172,132

Computation of Basic and Diluted Earnings Per Share

The computation of basic and diluted earnings per share for each of the past three fiscal years is as follows:



(In thousands, except per share amounts)	Net Income		Weighted Average Shares	Per Share Amount
Fiscal 2016
Basic earnings per share	$	265,272	64,789	$	4.09
Effect of dilutive securities:
Restricted stock and performance units	—		50	—
Diluted earnings per share	$	265,272	64,839	$	4.09
Fiscal 2015
Basic earnings per share	$	432,573	64,581	$	6.70
Effect of dilutive securities:
Stock options	—		61	—
Restricted stock and performance units	—		388	(0.05		)
Diluted earnings per share	$	432,573	65,030	$	6.65
Fiscal 2014
Basic earnings per share	$	340,822	64,240	$	5.31
Effect of dilutive securities:
Stock options	—		239	(0.01		)
Restricted stock and performance units	—		595	(0.06		)
Diluted earnings per share	$	340,822	65,074	$	5.24