EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2006 AND 2005
(Amounts in millions, except per-share amounts)
Three Months | Six Months | ||||||||||||
2006 | 2005 | 2006 | 2005 | ||||||||||
BASIC EARNINGS PER SHARE | |||||||||||||
Earnings applicable to common stock | $ | 857 | $ | 1,536 | $ | 2,086 | $ | 2,382 | |||||
Basic shares | |||||||||||||
Weighted average common shares outstanding | 432.1 | 399.0 | 426.7 | 398.3 | |||||||||
Treasury stock | (5.9 | ) | — | (3.3 | ) | — | |||||||
Vested, unissued restricted stock | 2.0 | 1.2 | 2.0 | 1.2 | |||||||||
Deferred shares | 1.9 | 1.7 | 1.9 | 1.7 | |||||||||
Basic shares | 430.1 | 401.9 | 427.3 | 401.2 | |||||||||
Basic earnings per share | |||||||||||||
Income from continuing operations | $ | 2.80 | $ | 3.68 | $ | 5.51 | $ | 5.68 | |||||
Discontinued operations, net | (0.81 | ) | 0.14 | (0.63 | ) | 0.26 | |||||||
Basic earnings per common share | $ | 1.99 | $ | 3.82 | $ | 4.88 | $ | 5.94 | |||||
DILUTED EARNINGS PER SHARE | |||||||||||||
Earnings applicable to common stock | $ | 857 | $ | 1,536 | $ | 2,086 | $ | 2,382 | |||||
Diluted shares | |||||||||||||
Basic shares | 430.1 | 401.9 | 427.3 | 401.2 | |||||||||
Dilutive effect of exercise of options outstanding | 2.6 | 4.5 | 3.7 | 4.7 | |||||||||
Deferred, restricted stock | 1.2 | 0.9 | 1.2 | 0.9 | |||||||||
Diluted shares | 433.9 | 407.3 | 432.2 | 406.8 | |||||||||
Diluted earnings per share | |||||||||||||
Income from continuing operations | $ | 2.77 | $ | 3.63 | $ | 5.45 | $ | 5.60 | |||||
Discontinued operations, net | (0.80 | ) | 0.14 | (0.62 | ) | 0.26 | |||||||
Diluted earnings per common share | $ | 1.97 | $ | 3.77 | $ | 4.83 | $ | 5.86 | |||||