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Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues:        
Contract drilling $ 869,646 $ 811,739 $ 1,658,519 $ 1,656,177
Revenues related to reimbursable expenses 19,850 10,864 37,366 26,107
Total revenues 889,496 822,603 1,695,885 1,682,284
Operating expenses:        
Contract drilling, excluding depreciation 388,006 351,769 750,370 657,996
Reimbursable expenses 19,287 10,379 36,237 25,084
Depreciation 101,175 100,746 202,348 198,148
General and administrative 16,372 16,849 34,097 33,503
Bad debt recovery (1,700) (2,798) (10,147) (3,898)
Gain on disposition of assets (1,240) (149) (3,881) (1,033)
Total operating expenses 521,900 476,796 1,009,024 909,800
Operating income 367,596 345,807 686,861 772,484
Other income (expense):        
Interest income 1,091 477 1,541 1,759
Interest expense (22,226) (21,333) (44,270) (43,654)
Foreign currency transaction gain (loss) (1,555) (3,991) (3,161) (3,530)
Other, net (880) (34) (96) (121)
Income before income tax expense 344,026 320,926 640,875 726,938
Income tax expense (77,440) (96,533) (123,677) (211,692)
Net income $ 266,586 $ 224,393 $ 517,198 $ 515,246
Income per share:        
Basic $ 1.92 $ 1.61 $ 3.72 $ 3.71
Diluted $ 1.92 $ 1.61 $ 3.72 $ 3.70
Weighted-average shares outstanding:        
Shares of common stock 139,027 139,026 139,027 139,026
Dilutive potential shares of common stock 25 53 25 78
Total weighted-average shares outstanding 139,052 139,079 139,052 139,104
Cash dividends declared per share of common stock $ 0.875 $ 1.50 $ 1.75 $ 3.50