EX-11 4 ex11-20020809.txt EXHIBIT 11 EXHIBIT 11 OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2002 AND 2001 (Amounts in millions, except per-share amounts)
Three Months Ended Six Months Ended June 30 June 30 ------------------------- ------------------------- 2002 2001 2002 2001 ----------------------------------------------------- ---------- ---------- ---------- ---------- BASIC EARNINGS PER SHARE Income before extraordinary item and effect of changes in accounting principles $ 240 $ 473 $ 360 $ 984 Effect of repurchase of Trust Preferred Securities -- -- -- -- ---------- ---------- ---------- ---------- Earnings before extraordinary item and effect of changes in accounting principles 240 473 360 984 Extraordinary loss, net -- -- -- (3) Cumulative effect of changes in accounting principles, net -- -- (95) (24) ---------- ---------- ---------- ---------- Earnings applicable to common stock $ 240 $ 473 $ 265 $ 957 ========== ========== ========== ========== Weighted average common shares outstanding 375.8 372.0 375.1 371.1 ========== ========== ========== ========== Basic earnings per share Income before extraordinary item and effect of changes in accounting principles $ .64 $ 1.27 $ .96 $ 2.65 Extraordinary loss, net -- -- -- (.01) Cumulative effect of changes in accounting principles, net -- -- (.25) (.06) ---------- ---------- ---------- ---------- Basic earnings per common share $ .64 $ 1.27 $ .71 $ 2.58 ========== ========== ========== ========== DILUTED EARNINGS PER SHARE Earnings before extraordinary item and effect of changes in accounting principles $ 240 $ 473 $ 360 $ 984 Extraordinary loss, net -- -- -- (3) Cumulative effect of changes in accounting principles, net -- -- (95) (24) ---------- ---------- ---------- ---------- Earnings applicable to common stock $ 240 $ 473 $ 265 $ 957 ========== ========== ========== ========== Weighted average common shares outstanding 375.8 372.0 375.1 371.1 Dilutive effect of exercise of options outstanding 5.7 2.7 5.2 1.7 ---------- ---------- ---------- ---------- 381.5 374.7 380.3 372.8 ========== ========== ========== ========== Diluted earnings per share Income before extraordinary item and effect of changes in accounting principles $ .63 $ 1.26 $ .95 $ 2.64 Extraordinary loss, net -- -- -- (.01) Cumulative effect of changes in accounting principles, net -- -- (.25) (.06) ---------- ---------- ---------- ---------- Diluted earnings per common share $ .63 $ 1.26 $ .70 $ 2.57 ===================================================== ========== ========== ========== ==========
EXHIBIT 11 (CONTINUED) OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2002 AND 2001 (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 --------------------------------------------- --------------------------------------------- 2002 2001 2002 2001 -------------------- -------------------- -------------------- -------------------- STOCK OPTIONS Number of shares .006 .021 .021 .021 Price range per share $29.438 $29.063 -- $29.438 $29.063 -- $29.438 $29.063 -- $29.438 Expiration range 12/01/07 12/01/07 -- 04/29/08 12/01/07 -- 04/29/08 12/01/07 -- 04/29/08 ------------------------- -------------------- -------------------- -------------------- --------------------