EX-11 15 ex11-2form8k_020404.txt EXHIBIT 11.2 EXHIBIT 11.2 ------------ NEXEN INC. COMPUTATION OF EARNINGS PER SHARE - U.S. GAAP FOR THE YEAR ENDED DECEMBER 31, 2003 (Amounts in Cdn$ millions except per share amounts)
2003 2002 2001 ------------------------------------------------------- ------ ------ Quarter 1 Quarter 2 Quarter 3 Quarter 4 Annual Annual Annual ------------------------------------------------------ ------ ------ Net income (loss) from continuing operations available to common stockholders (U.S. GAAP) $219 $159 $167 ($70) $475 $338 $348 ------------------------------------------------------ ------ ------ Net income (loss) available to common stockholders (U.S. GAAP) $189 $164 $137 ($70) $420 $352 $365 ------------------------------------------------------ ------ ------ BASIC Weighted average number of common shares outstanding (thousands) 123.1 123.3 123.8 124.8 123.8 122.4 120.7 BASIC EARNINGS PER SHARE FROM CONTINUING OPERATIONS $1.78 $1.29 $1.35 ($0.56) $3.83 $2.77 $2.89 ====================================================== ======= ====== BASIC EARNINGS PER SHARE $1.53 $1.33 $1.11 ($0.56) $3.39 $2.88 $3.03 ====================================================== ======= ====== DILUTED Weighted average number of common 123.1 123.3 123.8 124.8 123.8 122.4 120.7 shares outstanding (thousands) Net additional shares issuable pursuant to stock options (thousands): Issuable on exercise 5.1 5.1 8.9 8.1 6.2 8.1 4.7 Re-purchasable from proceeds (4.4) (4.4) (7.4) (6.3) (5.1) (6.7) (3.3) ------------------------------------------------------ ------ ------ Net dilutive effect of stock options (thousands) 0.7 0.7 1.5 1.8 1.1 1.4 1.4 ------------------------------------------------------ ------ ------ Adjusted number of common shares (thousands) 123.8 124.0 125.3 126.6 124.9 123.8 122.1 DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS $1.77 $1.28 $1.33 ($0.55) $3.80 $2.73 $2.85 ====================================================== ======= ====== DILUTED EARNINGS PER SHARE $1.53 $1.32 $1.09 ($0.55) $3.36 $2.84 $2.99 ====================================================== ======= ======