EXHIBIT 11
ROWAN COMPANIES, INC.
COMPUTATION OF BASIC AND
DILUTED INCOME PER SHARE
(in thousands except per share amounts)
| For the Year Ended December 31, | ||||||||||||
| 2004 | 2003 | 2002 | ||||||||||
Weighted average shares of common stock
outstanding |
105,472 | 93,820 | 93,764 | |||||||||
Stock options (treasury stock method) |
1,016 | 735 | ||||||||||
Shares issuable from assumed conversion of
floating rate subordinated debentures |
645 | 893 | ||||||||||
Weighted average shares for diluted
income per share calculation |
107,133 | 93,820 | 95,392 | |||||||||
Net income (loss) from continuing operations for basic calculation |
$ | 26,371 | $ | (3,940 | ) | $ | 77,649 | |||||
Charges related to dilutive securities |
||||||||||||
Net income (loss) from continuing operations for diluted calculation |
$ | 26,371 | $ | (3,940 | ) | $ | 77,649 | |||||
Basic income (loss) per share from continuing operations |
$ | .25 | $ | (.04 | ) | $ | .83 | |||||
Diluted income (loss) per share from continuing operations |
$ | .25 | $ | (.04 | ) | $ | .81 | |||||
Note: Reference is made to Note 1 to Consolidated Financial Statements regarding computation of per share amounts.