EX-11 3 ex11-20012q.txt EXHIBIT 11 EXHIBIT 11 OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2001 AND 2000 (Amounts in millions, except per-share amounts)
Three Months Ended Six Months Ended June 30 June 30 ---------------------------- ---------------------------- 2001 2000 2001 2000 ----------------------------------------------------- ------------ ------------ ------------ ------------ BASIC EARNINGS PER SHARE Income before extraordinary item and effect of changes in accounting principles $ 473 $ 564 $ 984 $ 835 Effect of repurchase of Trust Preferred Securities -- -- -- 1 ------------ ------------ ------------ ------------ Earnings before extraordinary item and effect of changes in accounting principles 473 564 984 836 Extraordinary loss, net -- -- (3) -- Cumulative effect of changes in accounting principles, net -- -- (24) -- ------------ ------------ ------------ ------------ Earnings applicable to common stock $ 473 $ 564 $ 957 $ 836 ============ ============ ============ ============ Weighted average common shares outstanding 372.0 368.8 371.1 368.5 ============ ============ ============ ============ Basic earnings per share Income before extraordinary item and effect of changes in accounting principles $ 1.27 $ 1.53 $ 2.65 $ 2.27 Extraordinary loss, net -- -- (.01) -- Cumulative effect of changes in accounting principles, net -- -- (.06) -- ------------ ------------ ------------ ------------ Basic earnings per common share $ 1.27 $ 1.53 $ 2.58 $ 2.27 ============ ============ ============ ============ DILUTED EARNINGS PER SHARE Earnings before extraordinary item and effect of changes in accounting principles $ 473 $ 564 $ 984 $ 836 Extraordinary loss, net -- -- (3) -- Cumulative effect of changes in accounting principles, net -- -- (24) -- ------------ ------------ ------------ ------------ Earnings applicable to common stock $ 473 $ 564 $ 957 $ 836 ============ ============ ============ ============ Weighted average common shares outstanding 372.0 368.8 371.1 368.5 Dilutive effect of exercise of options outstanding 2.7 .3 1.7 .2 ------------ ------------ ------------ ------------ 374.7 369.1 372.8 368.7 ============ ============ ============ ============ Diluted earnings per share Income before extraordinary item and effect of changes in accounting principles $ 1.26 $ 1.53 $ 2.64 $ 2.27 Extraordinary loss, net -- -- (.01) -- Cumulative effect of changes in accounting principles, net -- -- (.06) -- ------------ ------------ ------------ ------------ Diluted earnings per common share $ 1.26 $ 1.53 $ 2.57 $ 2.27 ===================================================== ============ ============ ============ ============
EXHIBIT 11 (CONTINUED) OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2001 AND 2000 (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 ----------------------------------------- ----------------------------------------- 2001 2000 2001 2000 ------------------- ------------------ ------------------- ------------------ STOCK OPTIONS Number of shares .02 4.16 .02 4.61 Price range per share $29.063 -- $29.438 $23.125 -- $29.438 $29.063 -- $29.438 $21.250 -- $29.438 Expiration range 12/01/07 -- 4/29/08 8/18/00 -- 7/08/08 12/01/07 -- 4/29/08 8/18/00 -- 7/08/08 --------------------------- ------------------- ------------------ ------------------- ------------------