EX-11 5 ex11-10q20020510.txt EXHIBIT 11 EXHIBIT 11 OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001 (Amounts in thousands, except per-share amounts)
Three Months Ended March 31 --------------------------- 2002 2001 =================================================================================== =========== =========== BASIC EARNINGS PER SHARE Income before extraordinary item and effect of changes in accounting principles $ 119,655 $ 509,959 Effect of repurchase of Trust Preferred Securities (32) 29 ----------- ----------- Earnings before extraordinary item and effect of changes in accounting principles 119,623 509,988 Extraordinary loss, net of tax -- (2,615) Cumulative effect of changes in accounting principles, net of tax (94,973) (23,613) ----------- ----------- Earnings applicable to common stock $ 24,650 $ 483,760 =========== =========== Weighted average common shares outstanding 374,466 370,234 =========== =========== Basic earnings per share Income before extraordinary item and effect of changes in accounting principles $ .32 $ 1.38 Extraordinary loss, net of tax -- (.01) Cumulative effect of changes in accounting principles, net of tax (.25) (.06) ----------- ----------- Basic earnings per common share $ .07 $ 1.31 =========== =========== DILUTED EARNINGS PER SHARE Earnings before extraordinary item and effect of changes in accounting principles $ 119,623 $ 509,988 Extraordinary loss, net of tax -- (2,615) Cumulative effect of changes in accounting principles, net of tax (94,973) (23,613) ----------- ----------- Earnings applicable to common stock $ 24,650 $ 483,760 =========== =========== Weighted average common shares outstanding 374,466 370,234 Dilutive effect of exercise of options outstanding 2,131 717 ----------- ----------- 376,597 370,951 =========== =========== Diluted earnings per share Income before extraordinary item and effect of changes in accounting principles $ .32 $ 1.37 Extraordinary loss, net of tax -- (.01) Cumulative effect of changes in accounting principles, net of tax (.25) (.06) ----------- ----------- Diluted earnings per common share $ .07 $ 1.30 =================================================================================== =========== ===========
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, 2002 2001 ----------------------------------------- ------------------- ------------------- STOCK OPTIONS Number of shares 21 4,124 Price range per share $29.063 -- $29.438 $23.875 -- $29.438 Expiration range 12/01/07 -- 4/29/08 7/10/06 -- 11/10/09