EX-11 2 0002.txt COMPUTATION OF EARNINGS PER SHARE EXHIBIT 11 OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2000 AND 1999 (Amounts in millions, except per-share amounts)
Three Months Ended Six Months Ended June 30 June 30 --------------------------- --------------------------- 2000 1999 2000 1999 ------------------------------------------------------- ------------ ------------ ------------ ------------ BASIC EARNINGS PER SHARE Income (loss) before extraordinary item and effect of changes in accounting principles $ 564 $ 12 $ 835 $ (45) Effect of repurchase of Trust Preferred Securities -- -- 1 -- Preferred stock dividends -- (3) -- (7) ------------ ------------ ------------ ------------ Earnings (loss) before extraordinary item and effect of changes in accounting principles applicable to common stock 564 9 836 (52) Extraordinary loss, net -- (3) -- (3) Cumulative effect of changes in accounting principles, net -- -- -- (13) ------------ ------------ ------------ ------------ Earnings (loss) applicable to common stock $ 564 $ 6 $ 836 $ (68) ============ ============ ============ ============ Weighted average common shares outstanding 368.8 348.4 368.5 348.1 ============ ============ ============ ============ Basic earnings per share Income (loss) before extraordinary item and effect of changes in accounting principles $ 1.53 $ .03 $ 2.27 $ (.15) Extraordinary loss, net -- (.01) -- (.01) Cumulative effect of changes in accounting principles, net -- -- -- (.04) ------------ ------------ ------------ ------------ Basic earnings (loss) per common share $ 1.53 $ .02 $ 2.27 $ (.20) ============ ============ ============ ============ DILUTED EARNINGS PER SHARE Earnings (loss) before extraordinary item and effect of changes in accounting principles applicable to common stock $ 564 $ 9 $ 836 $ (52) Extraordinary loss, net -- (3) -- (3) Cumulative effect of changes in accounting principles, net -- -- -- (13) ------------ ------------ ------------ ------------ Earnings (loss) applicable to common stock $ 564 $ 6 $ 836 $ (68) ============ ============ ============ ============ Weighted average common shares outstanding 368.8 348.4 368.5 348.1 Dilutive effect of exercise of options outstanding .3 .1 .2 -- ------------ ------------ ------------ ------------ 369.1 348.5 368.7 348.1 ============ ============ ============ ============ Diluted earnings per share Income (loss) before extraordinary item and effect of changes in accounting principles $ 1.53 $ .03 $ 2.27 $ (.15) Extraordinary loss, net -- (.01) -- (.01) Cumulative effect of changes in accounting principles, net -- -- -- (.04) ------------ ------------ ------------ ------------ Diluted earnings (loss) per common share $ 1.53 $ .02 $ 2.27 $ (.20) ======================================================= ============ ============ ============ ============
EXHIBIT 11 (CONTINUED) OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2000 AND 1999 (Amounts in millions, except per-share amounts) The following items were not included in the computation of diluted earnings per share because their effect was antidilutive:
Three Months Ended Six Months Ended June 30 June 30 ------------------------------------------- ------------------------------------------- 2000 1999 2000 1999 -------------------- -------------------- -------------------- -------------------- STOCK OPTIONS Number of shares 4.2 3.3 4.6 4.4 Price range per share $23.125 -- $29.438 $21.250-- $29.625 $21.250-- $29.438 $17.750-- $29.625 Expiration range 8/18/00 --7/08/08 8/20/99-- 4/29/08 8/18/00-- 4/29/08 8/20/99-- 4/29/08 CONVERTIBLE PREFERRED STOCK $3.00 Number of shares -- 11.5 -- 11.5 Dividends paid -- $3 -- $7 --------------------------- -------------------- -------------------- -------------------- --------------------