EX-11 3 ex11-20033q.txt EXHIBIT 11 EXHIBIT 11 OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002 (Amounts in thousands, except per-share amounts)
Three Months Ended Nine Months Ended September 30 September 30 -------------------------- -------------------------- 2003 2002 2003 2002 --------------------------------------------------- ----------- ----------- ----------- ----------- BASIC EARNINGS PER SHARE Income after taxes $ 445,689 $ 476,027 $ 1,213,127 $ 840,070 Effect of repurchase of Trust Preferred Securities (22) (41) (41) (95) ----------- ----------- ----------- ----------- Income from continuing operations 445,667 475,986 1,213,086 839,975 Discontinued operations, net -- (73,762) -- (77,690) Cumulative effect of changes in accounting principles, net 2 -- (68,428) (94,973) ----------- ----------- ----------- ----------- Earnings applicable to common stock $ 445,669 $ 402,224 $ 1,144,658 $ 667,312 =========== =========== =========== =========== Basic shares Weighted average basic common shares outstanding 384,109 376,755 381,287 375,671 Issued, unvested restricted stock (95) (282) (95) (282) Vested, unissued restricted stock 330 -- 330 -- Deferred shares 1,192 315 1,046 284 ----------- ----------- ----------- ----------- Basic shares outstanding 385,536 376,788 382,568 375,673 =========== =========== =========== =========== Basic earnings per share Income from continuing operations $ 1.16 $ 1.26 $ 3.17 $ 2.23 Discontinued operations, net -- (.19) -- (.21) Cumulative effect of changes in accounting principles, net -- -- (.18) (.25) ----------- ----------- ----------- ----------- Basic earnings per common share $ 1.16 $ 1.07 $ 2.99 $ 1.77 =========== =========== =========== =========== DILUTED EARNINGS PER SHARE Earnings applicable to common stock $ 445,669 $ 402,224 $ 1,144,658 $ 667,312 =========== =========== =========== =========== Diluted shares Basic shares outstanding 385,536 376,788 382,568 375,673 Dilutive effect of exercise of options outstanding 4,403 2,746 3,585 2,632 Issued, unvested restricted shares 95 282 95 282 Deferred, restricted stock 1,096 582 761 194 ----------- ----------- ----------- ----------- Diluted shares 391,130 380,398 387,009 378,781 =========== =========== =========== =========== Diluted earnings per share Income from continuing operations $ 1.14 $ 1.25 $ 3.14 $ 2.22 Discontinued operations, net -- (.19) -- (.21) Cumulative effect of changes in accounting principles, net -- -- (.18) (.25) ----------- ----------- ----------- ----------- Diluted earnings per common share $ 1.14 $ 1.06 $ 2.96 $ 1.76 =================================================== =========== =========== =========== ===========
EXHIBIT 11 (continued) OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002 (Amounts in thousands, 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 --------------------------------------------- --------------------------------------------- 2003 2002 2003 2002 -------------------- -------------------- -------------------- -------------------- STOCK OPTIONS Number of shares None 23 None 21 Price range per share $27.900 -- $29.438 $29.063-- $29.438 Expiration range 12/01/07 -- 8/29/11 12/01/07-- 4/29/08