EX-11 2 ox3q-x11.txt EXHIBIT 11 EXHIBIT 11 OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999 (Amounts in millions, except per-share amounts)
Three Months Ended Nine Months Ended September 30 September 30 --------------------------- --------------------------- 2000 1999 2000 1999 ------------------------------------------------------- ------------ ------------ ------------ ------------ BASIC EARNINGS PER SHARE Income before extraordinary items and effect of changes in accounting principles $ 401 $ 126 $ 1,236 $ 81 Effect of repurchase of Trust Preferred Securities -- -- 1 -- Preferred stock dividends -- -- -- (7) ------------ ------------ ------------ ------------ Earnings before extraordinary items and effect of changes in accounting principles applicable to common stock 401 126 1,237 74 Extraordinary gain (loss), net 1 -- 1 (3) Cumulative effect of changes in accounting principles, net -- -- -- (13) ------------ ------------ ------------ ------------ Earnings applicable to common stock $ 402 $ 126 $ 1,238 $ 58 ============ ============ ============ ============ Weighted average common shares outstanding 369.2 357.6 368.7 351.3 ============ ============ ============ ============ Basic earnings per share Income before extraordinary items and effect of $ 1.09 $ .35 $ 3.36 $ .22 changes in accounting principles Extraordinary gain (loss), net -- -- -- (.01) Cumulative effect of changes in accounting principles, net -- -- -- (.04) ------------ ------------ ------------ ------------ Basic earnings per common share $ 1.09 $ .35 $ 3.36 $ .17 ============ ============ ============ ============ DILUTED EARNINGS PER SHARE Earnings before extraordinary items and effect of changes in accounting principles applicable to common stock $ 401 $ 126 $ 1,237 $ 74 Dividends applicable to dilutive preferred stock -- -- -- 7 ------------ ------------ ------------ ------------ 401 126 1,237 81 Extraordinary gain (loss), net 1 -- 1 (3) Cumulative effect of changes in accounting principles, net -- -- -- (13) ------------ ------------ ------------ ------------ Earnings applicable to common stock $ 402 $ 126 $ 1,238 $ 65 ============ ============ ============ ============ Weighted average common shares outstanding 369.2 357.6 368.7 351.3 Dilutive effect of exercise of options outstanding .3 .1 .2 .1 ------------ ------------ ------------ ------------ 369.5 357.7 368.9 351.4 ============ ============ ============ ============ Diluted earnings per share Income before extraordinary items and effect of $ 1.09 $ .35 $ 3.36 $ .22 changes in accounting principles Extraordinary gain (loss), net -- -- -- (.01) Cumulative effect of changes in accounting principles, net -- -- -- (.04) ------------ ------------ ------------ ------------ Diluted earnings per common share $ 1.09 $ .35 $ 3.36 $ .17 ======================================================= ============ ============ ============ ============
EXHIBIT 11 (CONTINUED) OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 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 Nine Months Ended September 30 September 30 ------------------------------------------- ------------------------------------------- 2000 1999 2000 1999 -------------------- -------------------- -------------------- -------------------- STOCK OPTIONS Number of shares 5.6 4.6 5.6 5.0 Price range per share $22.000 -- $29.438 $22.000 -- $29.625 $21.250 -- $29.438 $19.875 -- $29.625 Expiration range 4/28/03 -- 11/10/09 1/14/00 -- 7/8/08 4/28/03 -- 11/10/09 1/14/00 -- 7/8/08 CONVERTIBLE PREFERRED STOCK $3.00 Number of shares -- -- -- -- Dividends paid -- -- -- 7.2 --------------------------- -------------------- -------------------- -------------------- --------------------