EXHIBIT 11
McDERMOTT INTERNATIONAL, INC. STATEMENT RE COMPUTATION OF PER SHARE EARNINGS (LOSS)
FOR THE THREE FISCAL YEARS ENDED MARCH 31, 1997
(In thousands, except shares and per share amounts)
PRIMARY AND FULLY DILUTED
1997 1996 1995
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Income (loss) before cumulative
effect of accounting change $ (206,105) $ 20,625 $ 10,876
Less dividend requirements of preferred stock,
Series C (8,266) (8,266) (8,266)
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Income (loss) applicable to common stock (214,371) 12,359 2,610
Cumulative effect of accounting change - - (1,765)
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Net income (loss) for primary computation $ (214,371) $ 12,359 $ 845
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Weighted average number of common
shares outstanding during the year 54,706,394 54,223,051 53,645,256
Common stock equivalents of stock
options and stock appreciation
rights based on "treasury stock"
method - 149,033 103,133
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Weighted average number of common and
common equivalent shares outstanding
during the year for primary computation 54,706,394 54,372,084 53,748,389
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Earnings (loss) per common and
common equivalent share: (1)
Income before cumulative effect
of accounting change $ (3.92) $ 0.23 $ 0.05
Accounting change - - (0.03)
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Net income (loss) $ (3.92) $ 0.23 $ 0.02
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(1) Earnings (loss) per common and common equivalent share assuming full
dilution are the same for the fiscal years presented.