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Earnings Per Share
 6 Months Ended
Jun. 30, 2011
Earnings Per Share  
Earnings Per Share

 

13.    Earnings Per Share

 

Occidental’s instruments containing rights to nonforfeitable dividends granted in share-based payment transactions are considered participating securities prior to vesting, and, therefore, have been included in the earnings allocations in computing basic and diluted EPS under the two-class method.

 

Basic EPS was computed by dividing net income attributable to common stock, net of income attributable to participating securities, by the weighted-average number of common shares outstanding during each period, net of treasury shares and including vested but unissued shares and share units. The computation of diluted EPS further reflected the dilutive effect of stock options and unvested stock awards.

 

The following table presents the calculation of basic and diluted EPS for the three and six months ended June 30, 2011 and 2010:

 

 

 

Periods Ended June 30

 

 

 

Three months

 

Six months

 

(in millions, except per-share amounts)

 

2011

 

2010

 

2011

 

2010

 

Basic EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

1,819

 

$

1,089

 

$

3,224

 

$

2,210

 

Less: Income from continuing operations attributable to noncontrolling interest

 

—

 

(12

)

—

 

(36

)

Income from continuing operations attributable to common stock

 

1,819

 

1,077

 

3,224

 

2,174

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations, net

 

(2

)

(14

)

142

 

(47

)

Net income attributable to common stock

 

1,817

 

1,063

 

3,366

 

2,127

 

 

 

 

 

 

 

 

 

 

 

Less: Net income allocated to participating securities

 

(3

)

(1

)

(6

)

(3

)

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stock, net of participating securities

 

$

1,814

 

$

1,062

 

$

3,360

 

$

2,124

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of basic shares

 

812.5

 

812.6

 

812.5

 

812.3

 

Basic EPS

 

$

2.23

 

$

1.31

 

$

4.14

 

$

2.61

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stock, net of participating securities

 

$

1,814

 

$

1,062

 

$

3,360

 

$

2,124

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of basic shares

 

812.5

 

812.6

 

812.5

 

812.3

 

 

 

 

 

 

 

 

 

 

 

Dilutive effect of potentially dilutive securities

 

0.8

 

1.2

 

0.8

 

1.4

 

 

 

 

 

 

 

 

 

 

 

Total diluted weighted average common shares

 

813.3

 

813.8

 

813.3

 

813.7

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

 

$

2.23

 

$

1.31

 

$

4.13

 

$

2.61