EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(Amounts in millions, except per-share amounts)
Three Months Ended | Nine Months Ended | ||||||||||||
September 30 | September 30 | ||||||||||||
2005 | 2004 | 2005 | 2004 | ||||||||||
BASIC EARNINGS PER SHARE | |||||||||||||
Earnings applicable to common stock | $ | 1,747 | $ | 758 | $ | 4,129 | $ | 1,826 | |||||
Basic shares | |||||||||||||
Weighted average common shares outstanding | 401.1 | 393.6 | 399.3 | 391.5 | |||||||||
Vested, unissued restricted stock | 1.4 | 0.9 | 1.4 | 0.9 | |||||||||
Deferred shares | 1.8 | 1.8 | 1.7 | 1.7 | |||||||||
Basic shares outstanding | 404.3 | 396.3 | 402.4 | 394.1 | |||||||||
Basic earnings per share | |||||||||||||
Income from continuing operations | $ | 4.31 | $ | 1.91 | $ | 10.25 | $ | 4.65 | |||||
Discontinued operations, net | — | — | — | (0.02 | ) | ||||||||
Cumulative effect of changes in | |||||||||||||
accounting principles, net | 0.01 | — | 0.01 | — | |||||||||
Basic earnings per common share | $ | 4.32 | $ | 1.91 | $ | 10.26 | $ | 4.63 | |||||
DILUTED EARNINGS PER SHARE | |||||||||||||
Earnings applicable to common stock | $ | 1,747 | $ | 758 | $ | 4,129 | $ | 1,826 | |||||
Diluted shares | |||||||||||||
Basic shares outstanding | 404.3 | 396.3 | 402.4 | 394.1 | |||||||||
Dilutive effect of exercise of options outstanding | 5.5 | 5.6 | 4.9 | 4.7 | |||||||||
Deferred, restricted stock | 1.4 | 1.3 | 1.0 | 1.0 | |||||||||
Diluted shares | 411.2 | 403.2 | 408.3 | 399.8 | |||||||||
Diluted earnings per share | |||||||||||||
Income from continuing operations | $ | 4.24 | $ | 1.88 | $ | 10.10 | $ | 4.58 | |||||
Discontinued operations, net | — | — | — | (0.01 | ) | ||||||||
Cumulative effect of changes in | |||||||||||||
accounting principles, net | 0.01 | — | 0.01 | — | |||||||||
Diluted earnings per common share | $ | 4.25 | $ | 1.88 | $ | 10.11 | $ | 4.57 |