Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Willbros Group, Inc.\NEW\ | c16782e8vk.htm |
Exhibit 99
Unaudited pro forma financial information
On May 9, 2011, Willbros Group, Inc., a Delaware Corporation (the “Company”), publicly
announced its intention to exit the Canadian cross-country pipeline construction market and
liquidate its investment in the related business. Accordingly, all related assets, liabilities and
results of operations, which have previously been reported in continuing operations of the Company,
will be reported as discontinued operations of the Company subsequent to the period ended March 31,
2011. As such, the following unaudited pro forma financial information shows the impact of the
reclassification of the Canadian cross-country pipeline construction net assets and results of
operations from continuing operations to discontinued operations on the consolidated balance sheets
and consolidated statements of operations included in the Company’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2010 and Quarterly Report on Form 10-Q for the quarter ended
March 31, 2011.
WILLBROS GROUP, INC
Pro Forma Condensed Consolidated Balance Sheet
March 31, 2011
(In thousands)
Unaudited
Pro Forma Condensed Consolidated Balance Sheet
March 31, 2011
(In thousands)
Unaudited
| Pro forma | ||||||||||||
| As reported | adjustments(1) | Pro forma results | ||||||||||
ASSETS |
||||||||||||
Current assets: |
||||||||||||
Cash and cash equivalents |
$ | 79,289 | $ | (11,040 | ) | $ | 68,249 | |||||
Accounts receivable, net |
361,315 | (44,009 | ) | 317,306 | ||||||||
Contract cost and recognized income not yet billed |
62,163 | (8,043 | ) | 54,120 | ||||||||
Prepaid expenses |
43,144 | (269 | ) | 42,875 | ||||||||
Parts and supplies inventories |
13,281 | — | 13,281 | |||||||||
Deferred income taxes |
11,004 | — | 11,004 | |||||||||
Assets of discontinued operations |
394 | 77,433 | 77,827 | |||||||||
Assets held for sale |
12,128 | (5,778 | ) | 6,350 | ||||||||
Total current assets |
582,718 | 8,294 | 591,012 | |||||||||
Property, plant & equipment |
216,367 | (8,294 | ) | 208,073 | ||||||||
Goodwill |
202,665 | — | 202,665 | |||||||||
Other intangible assets, net |
191,577 | — | 191,577 | |||||||||
Deferred income taxes |
18,249 | — | 18,249 | |||||||||
Other assets |
57,467 | — | 57,467 | |||||||||
Total assets |
$ | 1,269,043 | $ | — | $ | 1,269,043 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||||||
Current liabilities: |
||||||||||||
Accounts payable and accrued liabilities |
$ | 289,131 | $ | (48,213 | ) | $ | 240,918 | |||||
Contract billings in excess of cost and recognized income |
15,188 | (760 | ) | 14,428 | ||||||||
Short-term borrowings under credit facility |
59,357 | — | 59,357 | |||||||||
Current portion of capital lease obligations |
3,078 | (2 | ) | 3,076 | ||||||||
Notes payable and current portion of other long-term debt |
12,009 | — | 12,009 | |||||||||
Current portion of government obligations |
6,575 | — | 6,575 | |||||||||
Accrued income taxes |
1,055 | — | 1,055 | |||||||||
Liabilities of discontinued operations |
279 | 48,975 | 49,254 | |||||||||
Other current liabilities |
3,605 | — | 3,605 | |||||||||
Total current liabilities |
390,277 | — | 390,277 | |||||||||
Long-term debt |
278,528 | — | 278,528 | |||||||||
Capital lease obligations |
2,240 | — | 2,240 | |||||||||
Contingent earnout |
4,000 | — | 4,000 | |||||||||
Long-term liabilities for unrecognized tax benefits |
5,040 | — | 5,040 | |||||||||
Deferred income taxes |
77,307 | — | 77,307 | |||||||||
Other long-term liabilities |
31,117 | — | 31,117 | |||||||||
Total liabilities |
788,509 | — | 788,509 | |||||||||
Stockholders’ equity |
||||||||||||
Attributable to Willbros Group, Inc. |
479,724 | — | 479,724 | |||||||||
Noncontrolling interest |
810 | — | 810 | |||||||||
Total stockholders’ equity |
480,534 | — | 480,534 | |||||||||
Total liabilities and stockholders’ equity |
$ | 1,269,043 | $ | — | $ | 1,269,043 | ||||||
| (1) | Represents the reclassification of Canada cross-country pipeline construction assets from
continuing operations to discontinued operations. |
WILLBROS GROUP, INC
Pro Forma Condensed Consolidated Statement of Operations
For the Three Months Ended March 31, 2011
(In thousands, except share and per share amounts)
Unaudited
Pro Forma Condensed Consolidated Statement of Operations
For the Three Months Ended March 31, 2011
(In thousands, except share and per share amounts)
Unaudited
| Pro forma | ||||||||||||
| As reported | adjustments(1) | Pro forma results | ||||||||||
Contract Revenue |
$ | 412,325 | $ | (83,439 | ) | $ | 328,886 | |||||
Operating expenses: |
||||||||||||
Contract |
403,128 | (86,287 | ) | 316,841 | ||||||||
Amortization of intangibles |
3,917 | — | 3,917 | |||||||||
General and administrative |
40,444 | (147 | ) | 40,297 | ||||||||
Changes in fair value of contingent earnout liability |
(6,000 | ) | — | (6,000 | ) | |||||||
Other charges |
145 | — | 145 | |||||||||
| 441,634 | (86,434 | ) | 355,200 | |||||||||
Operating income (loss) |
(29,309 | ) | 2,995 | (26,314 | ) | |||||||
Other income (expense): |
||||||||||||
Interest expense, net |
(14,783 | ) | (17 | ) | (14,800 | ) | ||||||
Other, net |
387 | (287 | ) | 100 | ||||||||
| (14,396 | ) | (304 | ) | (14,700 | ) | |||||||
Income (loss) from continuing operations before income taxes |
(43,705 | ) | 2,691 | (41,014 | ) | |||||||
Provision for income taxes |
402 | 671 | 1,073 | |||||||||
Net income (loss) from continuing operations |
(44,107 | ) | 2,020 | (42,087 | ) | |||||||
Loss from discontinued operations net of provisions
for income taxes |
(791 | ) | (2,020 | ) | (2,811 | ) | ||||||
Net loss |
(44,898 | ) | — | (44,898 | ) | |||||||
Less: Income attributable to noncontrolling interest |
(271 | ) | — | (271 | ) | |||||||
Net loss attributable to Willbros Group, Inc. |
$ | (45,169 | ) | $ | — | $ | (45,169 | ) | ||||
Reconciliation of net loss attributable to
Willbros Group, Inc.: |
||||||||||||
Loss from continuing operations |
$ | (44,378 | ) | $ | 2,020 | $ | (42,358 | ) | ||||
Loss from discontinued operations |
(791 | ) | (2,020 | ) | (2,811 | ) | ||||||
Net loss |
$ | (45,169 | ) | $ | — | $ | (45,169 | ) | ||||
Basic loss per share attributable to Company Shareholders: |
||||||||||||
Loss from continuing operations |
$ | (0.94 | ) | $ | 0.04 | $ | (0.90 | ) | ||||
Loss from discontinued operations |
(0.02 | ) | (0.04 | ) | $ | (0.06 | ) | |||||
Net loss |
$ | (0.96 | ) | $ | — | $ | (0.96 | ) | ||||
Diluted loss per share attributable to Company Shareholders: |
||||||||||||
Loss from continuing operations |
$ | (0.94 | ) | $ | 0.04 | $ | (0.90 | ) | ||||
Loss from discontinued operations |
(0.02 | ) | (0.04 | ) | $ | (0.06 | ) | |||||
Net loss |
$ | (0.96 | ) | $ | — | $ | (0.96 | ) | ||||
Weighted average number of common shares outstanding |
||||||||||||
Basic |
47,315,990 | 47,315,990 | 47,315,990 | |||||||||
Diluted |
47,315,990 | 47,315,990 | 47,315,990 | |||||||||
| (1) | Represents the reclassification of Canada cross-country pipeline construction assets from
continuing operations to discontinued operations. |
WILLBROS GROUP, INC
Pro Forma Condensed Consolidated Balance Sheet
December 31, 2010
(In thousands)
Unaudited
Pro Forma Condensed Consolidated Balance Sheet
December 31, 2010
(In thousands)
Unaudited
| Pro forma | ||||||||||||
| As reported | adjustments(1) | Pro forma results | ||||||||||
ASSETS |
||||||||||||
Current assets: |
||||||||||||
Cash and cash equivalents |
$ | 141,101 | $ | (6,951 | ) | $ | 134,150 | |||||
Accounts receivable, net |
319,874 | (14,581 | ) | 305,293 | ||||||||
Contract cost and recognized income not yet billed |
35,059 | (11,302 | ) | 23,757 | ||||||||
Prepaid expenses |
54,831 | (78 | ) | 54,753 | ||||||||
Parts and supplies inventories |
10,108 | — | 10,108 | |||||||||
Deferred income taxes |
11,004 | — | 11,004 | |||||||||
Assets of discontinued operations |
240 | 47,779 | 48,019 | |||||||||
Assets held for sale |
18,867 | (5,566 | ) | 13,301 | ||||||||
Total current assets |
591,084 | 9,301 | 600,385 | |||||||||
Property, plant & equipment |
229,179 | (9,301 | ) | 219,878 | ||||||||
Goodwill |
211,753 | — | 211,753 | |||||||||
Other intangible assets, net |
195,457 | — | 195,457 | |||||||||
Deferred income taxes |
16,570 | — | 16,570 | |||||||||
Other assets |
41,759 | — | 41,759 | |||||||||
Total assets |
$ | 1,285,802 | $ | — | $ | 1,285,802 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||||||
Current liabilities: |
||||||||||||
Accounts payable and accrued liabilities |
$ | 214,062 | $ | (25,676 | ) | $ | 188,386 | |||||
Contract billings in excess of cost and recognized income |
16,470 | (1,543 | ) | 14,927 | ||||||||
Current portion of capital lease obligations |
5,371 | (5 | ) | 5,366 | ||||||||
Notes payable and current portion of other long-term debt |
71,594 | — | 71,594 | |||||||||
Current portion of government obligations |
6,575 | — | 6,575 | |||||||||
Accrued income taxes |
2,356 | — | 2,356 | |||||||||
Other current liabilities |
4,832 | — | 4,832 | |||||||||
Liabilities of discontinued operations |
324 | 27,224 | 27,548 | |||||||||
Total current liabilities |
321,584 | — | 321,584 | |||||||||
Long-term debt |
305,227 | — | 305,227 | |||||||||
Capital lease obligations |
5,741 | — | 5,741 | |||||||||
Contingent earnout |
10,000 | — | 10,000 | |||||||||
Long-term liabilities for unrecognized tax benefits |
4,866 | — | 4,866 | |||||||||
Deferred income taxes |
76,020 | — | 76,020 | |||||||||
Other long-term liabilities |
38,824 | — | 38,824 | |||||||||
Total liabilities |
762,262 | — | 762,262 | |||||||||
Stockholders’ equity |
||||||||||||
Attributable to Willbros Group, Inc. |
522,669 | — | 522,669 | |||||||||
Noncontrolling interest |
871 | — | 871 | |||||||||
Total stockholders’ equity |
523,540 | — | 523,540 | |||||||||
Total liabilities and stockholders’ equity |
$ | 1,285,802 | $ | — | $ | 1,285,802 | ||||||
| (1) | Represents the reclassification of Canada cross-country pipeline construction assets from
continuing operations to discontinued operations. |
WILLBROS GROUP, INC
Pro Forma Condensed Consolidated Balance Sheet
December 31, 2009
(In thousands)
Unaudited
Pro Forma Condensed Consolidated Balance Sheet
December 31, 2009
(In thousands)
Unaudited
| Pro forma | ||||||||||||
| As reported | adjustments(1) | Pro forma results | ||||||||||
ASSETS |
||||||||||||
Current assets: |
||||||||||||
Cash and cash equivalents |
$ | 198,684 | $ | (1,781 | ) | $ | 196,903 | |||||
Short-term investments |
16,559 | — | 16,559 | |||||||||
Accounts receivable, net |
162,414 | (17,439 | ) | 144,975 | ||||||||
Contract cost and recognized income not yet billed |
45,009 | (5,919 | ) | 39,090 | ||||||||
Prepaid expenses |
15,416 | (284 | ) | 15,132 | ||||||||
Parts and supplies inventories |
4,666 | — | 4,666 | |||||||||
Deferred income taxes |
2,875 | — | 2,875 | |||||||||
Assets of discontinued operations |
692 | 43,276 | 43,968 | |||||||||
Total current assets |
446,315 | 17,853 | 464,168 | |||||||||
Property, plant & equipment |
132,879 | (17,786 | ) | 115,093 | ||||||||
Goodwill |
85,775 | — | 85,775 | |||||||||
Other intangible assets, net |
36,772 | — | 36,772 | |||||||||
Deferred income taxes |
25,034 | — | 25,034 | |||||||||
Other assets |
1,603 | (67 | ) | 1,536 | ||||||||
Total assets |
$ | 728,378 | $ | — | $ | 728,378 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||||||
Current liabilities |
||||||||||||
Accounts payable and accrued liabilities |
$ | 81,470 | $ | (661 | ) | $ | 80,809 | |||||
Contract billings in excess of cost and recognized income |
11,336 | (160 | ) | 11,176 | ||||||||
Current portion of capital lease obligations |
5,824 | (120 | ) | 5,704 | ||||||||
Notes payable and current portion of other long-term debt |
31,450 | — | 31,450 | |||||||||
Current portion of government obligations |
6,575 | — | 6,575 | |||||||||
Accrued income taxes |
1,605 | — | 1,605 | |||||||||
Other current liabilities |
9,968 | — | 9,968 | |||||||||
Liabilities of discontinued operations |
351 | 983 | 1,334 | |||||||||
Total current liabilities |
148,579 | 42 | 148,621 | |||||||||
Long-term debt |
56,071 | — | 56,071 | |||||||||
Capital lease obligations |
10,692 | (42 | ) | 10,650 | ||||||||
Long-term portion of government obligations |
6,575 | — | 6,575 | |||||||||
Long-term liabilities for unrecognized tax benefits |
5,512 | — | 5,512 | |||||||||
Deferred income taxes |
11,356 | — | 11,356 | |||||||||
Other long-term liabilities |
1,598 | — | 1,598 | |||||||||
Total liabilities |
240,383 | — | 240,383 | |||||||||
Stockholders’ equity |
||||||||||||
Attributable to Willbros Group, Inc. |
487,196 | — | 487,196 | |||||||||
Noncontrolling interest |
799 | — | 799 | |||||||||
Total stockholders’ equity |
487,995 | — | 487,995 | |||||||||
Total liabilities and stockholders’ equity |
$ | 728,378 | $ | — | $ | 728,378 | ||||||
| (1) | Represents the reclassification of Canada cross-country pipeline construction assets from
continuing operations to discontinued operations. |
WILLBROS GROUP, INC
Pro Forma Condensed Consolidated Statement of Operations
For the Year Ended December 31, 2010
(In thousands, except share and per share amounts)
Unaudited
Pro Forma Condensed Consolidated Statement of Operations
For the Year Ended December 31, 2010
(In thousands, except share and per share amounts)
Unaudited
| Pro forma | ||||||||||||
| As reported | adjustments(1) | Pro forma results | ||||||||||
Contract Revenue |
$ | 1,192,412 | $ | (36,163 | ) | $ | 1,156,249 | |||||
Operating expenses: |
||||||||||||
Contract |
1,080,391 | (56,530 | ) | 1,023,861 | ||||||||
Amortization of intangibles |
9,724 | — | 9,724 | |||||||||
General and administrative |
118,427 | (449 | ) | 117,978 | ||||||||
Goodwill impairment |
60,000 | — | 60,000 | |||||||||
Changes in fair value of contingent earnout liability |
(45,340 | ) | — | (45,340 | ) | |||||||
Acquisition costs |
10,055 | — | 10,055 | |||||||||
Other charges |
3,771 | — | 3,771 | |||||||||
| 1,237,028 | (56,979 | ) | 1,180,049 | |||||||||
Operating income (loss) |
(44,616 | ) | 20,816 | (23,800 | ) | |||||||
Other income (expense): |
||||||||||||
Interest income |
755 | (118 | ) | 637 | ||||||||
Interest expense |
(28,320 | ) | 6 | (28,314 | ) | |||||||
Other, net |
5,474 | (1,594 | ) | 3,880 | ||||||||
| (22,091 | ) | (1,706 | ) | (23,797 | ) | |||||||
Income (loss) from continuing operations before income taxes |
(66,707 | ) | 19,110 | (47,597 | ) | |||||||
Provision (benefit) for income taxes |
(36,150 | ) | 5,328 | (30,822 | ) | |||||||
Net income (loss) from continuing operations |
(30,557 | ) | 13,782 | (16,775 | ) | |||||||
Loss from discontinued operations net of provisions
for income taxes |
(5,272 | ) | (13,782 | ) | (19,054 | ) | ||||||
Net loss |
(35,829 | ) | — | (35,829 | ) | |||||||
Less: Income attributable to noncontrolling interest |
(1,207 | ) | — | (1,207 | ) | |||||||
Net loss attributable to Willbros Group, Inc. |
$ | (37,036 | ) | $ | — | $ | (37,036 | ) | ||||
Reconciliation of net loss attributable to
Willbros Group, Inc.: |
||||||||||||
Income (loss) from continuing operations |
$ | (31,764 | ) | $ | 13,782 | $ | (17,982 | ) | ||||
Loss from discontinued operations |
(5,272 | ) | (13,782 | ) | (19,054 | ) | ||||||
Net loss |
$ | (37,036 | ) | $ | — | $ | (37,036 | ) | ||||
Basic income (loss) per share attributable to Company Shareholders: |
||||||||||||
Income (loss) from continuing operations |
$ | (0.74 | ) | $ | 0.32 | $ | (0.42 | ) | ||||
Loss from discontinued operations |
(0.12 | ) | (0.32 | ) | $ | (0.44 | ) | |||||
Net loss |
$ | (0.86 | ) | $ | — | $ | (0.86 | ) | ||||
Diluted income (loss) per share attributable to Company Shareholders: |
||||||||||||
Income (loss) from continuing operations |
$ | (0.74 | ) | $ | 0.32 | $ | (0.42 | ) | ||||
Loss from discontinued operations |
$ | (0.12 | ) | (0.32 | ) | $ | (0.44 | ) | ||||
Net loss |
$ | (0.86 | ) | $ | — | $ | (0.86 | ) | ||||
Weighted average number of common shares outstanding |
||||||||||||
Basic |
43,013,934 | 43,013,934 | 43,013,934 | |||||||||
Diluted |
43,013,934 | 43,013,934 | 43,013,934 | |||||||||
| (1) | Represents the reclassification of Canada cross-country pipeline construction assets from
continuing operations to discontinued operations. |
WILLBROS GROUP, INC
Pro Forma Condensed Consolidated Statement of Operations
For the Year Ended December 31, 2009
(In thousands, except share and per share amounts)
Unaudited
Pro Forma Condensed Consolidated Statement of Operations
For the Year Ended December 31, 2009
(In thousands, except share and per share amounts)
Unaudited
| Pro forma | ||||||||||||
| As reported | adjustments(1) | Pro forma results | ||||||||||
Contract Revenue |
$ | 1,259,773 | $ | (73,964 | ) | $ | 1,185,809 | |||||
Operating expenses: |
||||||||||||
Contract |
1,115,224 | (69,080 | ) | 1,046,144 | ||||||||
Amortization of intangibles |
6,515 | — | 6,515 | |||||||||
General and administrative |
82,345 | (817 | ) | 81,528 | ||||||||
Acquisition costs |
2,499 | — | 2,499 | |||||||||
Other charges |
12,694 | — | 12,694 | |||||||||
| 1,219,277 | (69,897 | ) | 1,149,380 | |||||||||
Operating income (loss) |
40,496 | (4,067 | ) | 36,429 | ||||||||
Other income (expense): |
||||||||||||
Interest income |
1,966 | (55 | ) | 1,911 | ||||||||
Interest expense |
(10,294 | ) | 23 | (10,271 | ) | |||||||
Other, net |
819 | 64 | 883 | |||||||||
| (7,509 | ) | 32 | (7,477 | ) | ||||||||
Income (loss) from continuing operations before income taxes |
32,987 | (4,035 | ) | 28,952 | ||||||||
Provision (benefit) for income taxes |
8,734 | (1,297 | ) | 7,437 | ||||||||
Net income (loss) from continuing operations |
24,253 | (2,738 | ) | 21,515 | ||||||||
Income (loss) from discontinued operations net of provisions
for income taxes |
(4,613 | ) | 2,738 | (1,875 | ) | |||||||
Net income |
19,640 | — | 19,640 | |||||||||
Less: Income attributable to noncontrolling interest |
(1,817 | ) | — | (1,817 | ) | |||||||
Net income attributable to Willbros Group, Inc. |
$ | 17,823 | $ | — | $ | 17,823 | ||||||
Reconciliation of net loss attributable to
Willbros Group, Inc.: |
||||||||||||
Income (loss) from continuing operations |
$ | 22,436 | $ | (2,738 | ) | $ | 19,698 | |||||
Income (loss) from discontinued operations |
(4,613 | ) | 2,738 | (1,875 | ) | |||||||
Net income |
$ | 17,823 | $ | — | $ | 17,823 | ||||||
Basic income (loss) per share attributable to Company Shareholders: |
||||||||||||
Income (loss) from continuing operations |
$ | 0.58 | $ | (0.07 | ) | $ | 0.51 | |||||
Income (loss) from discontinued operations |
(0.12 | ) | 0.07 | $ | (0.05 | ) | ||||||
Net income |
$ | 0.46 | $ | — | $ | 0.46 | ||||||
Diluted income (loss) per share attributable to Company Shareholders: |
||||||||||||
Income (loss) from continuing operations |
$ | 0.58 | $ | (0.07 | ) | $ | 0.51 | |||||
Income (loss) from discontinued operations |
$ | (0.12 | ) | 0.07 | $ | (0.05 | ) | |||||
Net income |
$ | 0.46 | $ | — | $ | 0.46 | ||||||
Weighted average number of common shares outstanding: |
||||||||||||
Basic |
38,657,594 | 38,657,594 | 38,657,594 | |||||||||
Diluted |
38,883,077 | 38,883,077 | 38,883,077 | |||||||||
| (1) | Represents the reclassification of Canada cross-country pipeline construction assets from continuing
operations to discontinued operations. |
WILLBROS GROUP, INC
Pro Forma Condensed Consolidated Statement of Operations
For the Year Ended December 31, 2008
(In thousands, except share and per share amounts)
Unaudited
Pro Forma Condensed Consolidated Statement of Operations
For the Year Ended December 31, 2008
(In thousands, except share and per share amounts)
Unaudited
| Pro forma | ||||||||||||
| As reported | adjustments(1) | Pro forma results | ||||||||||
Contract Revenue |
$ | 1,912,704 | $ | (182,037 | ) | $ | 1,730,667 | |||||
Operating expenses: |
||||||||||||
Contract |
1,650,156 | (151,072 | ) | 1,499,084 | ||||||||
Amortization of intangibles |
10,420 | — | 10,420 | |||||||||
General and administrative |
118,027 | (871 | ) | 117,156 | ||||||||
| 1,840,898 | (151,943 | ) | 1,688,955 | |||||||||
Operating income (loss) |
71,806 | (30,094 | ) | 41,712 | ||||||||
Other income (expense): |
||||||||||||
Interest income |
3,547 | (232 | ) | 3,315 | ||||||||
Interest expense |
(12,579 | ) | 215 | (12,364 | ) | |||||||
Other, net |
7,891 | 92 | 7,983 | |||||||||
| (1,141 | ) | 75 | (1,066 | ) | ||||||||
Income (loss) from continuing operations before income taxes |
70,665 | (30,019 | ) | 40,646 | ||||||||
Provision (benefit) for income taxes |
25,942 | (7,346 | ) | 18,596 | ||||||||
Net income (loss) from continuing operations |
44,723 | (22,673 | ) | 22,050 | ||||||||
Income from discontinued operations net of provisions
for income taxes |
745 | 22,673 | 23,418 | |||||||||
Net income |
45,468 | — | 45,468 | |||||||||
Less: Income attributable to noncontrolling interest |
(1,836 | ) | — | (1,836 | ) | |||||||
Net income attributable to Willbros Group, Inc. |
$ | 43,632 | $ | — | $ | 43,632 | ||||||
Reconciliation of net income attributable to
Willbros Group, Inc.: |
||||||||||||
Income (loss) from continuing operations |
$ | 42,887 | $ | (22,673 | ) | $ | 20,214 | |||||
Income (loss) from discontinued operations |
745 | 22,673 | 23,418 | |||||||||
| $ | 43,632 | $ | — | $ | 43,632 | |||||||
Basic income (loss) per share attributable to Company Shareholders: |
||||||||||||
Income (loss) from continuing operations |
$ | 1.12 | $ | (0.59 | ) | $ | 0.53 | |||||
Income from discontinued operations |
0.02 | 0.59 | $ | 0.61 | ||||||||
Net Income |
$ | 1.14 | $ | — | $ | 1.14 | ||||||
Diluted income (loss) per share attributable to Company Shareholders: |
||||||||||||
Income (loss) from continuing operations |
$ | 1.11 | $ | (0.58 | ) | $ | 0.53 | |||||
Income from discontinued operations |
$ | 0.02 | 0.58 | $ | 0.60 | |||||||
Net Income |
$ | 1.13 | $ | — | $ | 1.13 | ||||||
Weighted average number of common shares outstanding: |
||||||||||||
Basic |
38,269,248 | 38,269,248 | 38,269,248 | |||||||||
Diluted |
38,764,167 | 38,764,167 | 38,764,167 | |||||||||
| (1) | Represents the reclassification of Canada cross-country pipeline construction assets from continuing
operations to discontinued operations. |