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EXHIBIT II
McDERMOTT INTERNATIONAL, INC.
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS (LOSS)
FOR THE THREE FISCAL YEARS ENDED MARCH 31, 1995
(In thousands, except shares and per share amounts)
PRIMARY AND FULLY DILUTED
1995 1994 1993
---- ---- ----
Income before extraordinary
items and cumulative effect
of accounting changes $ 10,876 $ 89,956 $ 67,323
Less dividend requirements of preferred stock,
Series C (8,266) (6,084) -
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Income applicable to common stock 2,610 83,872 67,323
Extraordinary items - - (10,431)
Cumulative effect of accounting changes (1,765) (100,750) (245,624)
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Net income (loss) for primary computation $ 845 $ (16,878) $ (188,732)
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Weighted average number of common
shares outstanding during the year 53,645,256 52,945,193 51,665,331
Common stock equivalents of stock
options and stock appreciation
rights based on "treasury stock"
method 103,133 522,740 339,017
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Weighted average number of common and
common equivalent shares outstanding
during the year for primary computation 53,748,389 53,467,933 52,004,348
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Earnings (loss) per common and
common equivalent share: (1)
Income before extraordinary
items and cumulative effect
of accounting changes $ 0.05 $ 1.57 $ 1.29
Extraordinary items - - (0.20)
Accounting changes (0.03) (1.89) (4.72)
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Net income (loss) $ 0.02 $ (0.32) $ (3.63)
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(1) Earnings (loss) per common and common equivalent share assuming full
dilution are the same for the fiscal years presented.