EX-11 2 ex11-20041q.txt EXHIBIT 11 EXHIBIT 11 OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003 (Amounts in thousands, except per-share amounts)
Three Months Ended March 31 -------------------------- 2004 2003 ================================================================================= =========== =========== BASIC EARNINGS PER SHARE Earnings applicable to common stock $ 487,027 $ 325,157 =========== =========== Basic shares Weighted average common shares outstanding 389,386 378,409 Issued, unvested restricted stock (55) (206) Vested, unissued restricted stock 547 127 Deferred share units 1,610 753 ----------- ----------- Basic shares 391,488 379,083 =========== =========== Basic earnings per share Income from continuing operations $ 1.24 $ 1.04 Cumulative effect of changes in accounting principles, net of tax -- (.18) ----------- ----------- Basic earnings per common share $ 1.24 $ .86 =========== =========== DILUTED EARNINGS PER SHARE Earnings applicable to common stock $ 487,027 $ 325,157 =========== =========== Diluted shares Basic shares 391,488 379,083 Dilutive effect of exercise of options outstanding 4,491 3,079 Issued, unvested restricted stock 55 206 Deferred, restricted stock 1,172 796 ----------- ----------- Diluted shares 397,206 383,164 =========== =========== Diluted earnings per share Income before effect of changes in accounting principles $ 1.23 $ 1.03 Cumulative effect of changes in accounting principles, net of tax -- (.18) ----------- ----------- Diluted earnings per common share $ 1.23 $ .85 ================================================================================= =========== ===========
The following items were not included in the computation of diluted earnings per share because their effect was antidilutive (in thousands, except per-share amounts):
Three Months Ended March 31, 2004 2003 ================================================== ==================== ==================== Stock options Number of shares None 6 Price per share $ 29.438 Expiration date 12/01/07 ================================================== ==================== ====================