1
EXHIBIT 11.1
DIAMOND OFFSHORE DRILLING, INC.
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED JUNE 30,
---------------------------------------------------------------------------------
1999 1998
------------------------------------- ---------------------------------------
WEIGHTED WEIGHTED
AVERAGE AVERAGE
INCOME SHARES PER SHARE INCOME SHARES PER SHARE
(NUMERATOR) (DENOMINATOR) AMOUNT (NUMERATOR) (DENOMINATOR) AMOUNT
------------------------------------- ---------------------------------------
BASIC EPS
Net income ............................... $ 53,227 135,824 $ 0.39 $111,665 139,328 $ 0.80
EFFECT OF DILUTIVE POTENTIAL SHARES
Convertible notes issued 2/4/97 .......... 1,293 9,876 2,458 9,876
DILUTED EPS
-------- ------- ------- -------- ------- ---------
Net income + assumed conversions ......... $ 54,520 145,700 $ 0.37 $114,123 149,204 $ 0.76
======== ======= ======= ======== ======= =========
SIX MONTHS ENDED JUNE 30,
---------------------------------------------------------------------------------
1999 1998
------------------------------------ --------------------------------------
WEIGHTED WEIGHTED
AVERAGE AVERAGE
INCOME SHARES PER SHARE INCOME SHARES PER SHARE
(NUMERATOR) (DENOMINATOR) AMOUNT (NUMERATOR) (DENOMINATOR) AMOUNT
------------------------------------ --------------------------------------
BASIC EPS
Net income ............................... $105,045 135,820 $ 0.77 $192,387 139,326 $ 1.38
EFFECT OF DILUTIVE POTENTIAL SHARES
Convertible notes issued 2/4/97 .......... 3,459 9,876 4,956 9,876
DILUTED EPS
-------- ------- ------- -------- ------- ---------
Net income + assumed conversions ......... $108,504 145,696 $ 0.74 $197,343 149,202 $ 1.32
======== ======= ======= ======== ======= =========