Before turning the call over to Bill, I would like to remind our audience that today's comments may include forward-looking statements, reflecting KBR's views about future events and their potential impact on performance. These matters involve risks and uncertainties that could impact operations and financial results and cause our actual results to differ from our forward-looking statements. These risks are discussed in KBR's Form 10-K for the year ended December 31, 2010, KBR's quarterly reports on Form 10-Q and KBR's current reports on Form 8-K. You can find all these documents at kbr.com.
Now, I'll turn the call over to Bill. Bill?
William P. Utt
Thanks, Zach, and good morning, everyone. First off, I'd like to start by saying how pleased I am with KBR's results for the fourth quarter and for the full year 2011, with earnings per fully diluted share of $0.60 and $3.16, respectively. KBR's full year 2011 net revenue of $9.3 billion was in line with our expectations and when excluding the LogCAP project, was up 4% compared to 2010. We ended 2011 with a strong cash flow from operations of $650 million, a cash balance of $966 million and we return approximately $148 million back to our shareholders.KBR's execution across our legacy businesses remain strong. Business unit income margins continue to strengthen and are 8.5% for 2011. Good overhead management and cost control within our business units contributed to the margin expansion. KBR's backlog at December 31 was $10.9 billion. While fourth quarter backlog was down sequentially, KBR's backlog at the conclusion of the 2012 first quarter will increase significantly, driven primarily by the booking of the Ichthys LNG project. As we close the fourth quarter, I was disappointed by the $25 million in additional cost and schedule charges for 3 legacy international projects at Roberts & Schaefer. The projects were impacted by supplier delivery issues, damage to on-site equipment and related schedule delays. We are dedicating extra management time and focus to get these projects back on track, with 2 of the projects now scheduled for completion at the end of the 2012 first quarter and the third for completion by the end of 2012. With Roberts & Schaefer now fully integrated into KBR, we expect to see significant improvements in project execution going forward.
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