EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
(Amounts in thousands, except per-share amounts)
Three Months Ended | ||||||||||
March 31 | ||||||||||
2001 | 2000 | |||||||||
BASIC EARNINGS PER SHARE | ||||||||||
Income before extraordinary item and effect of changes in accounting principles | $ | 509,959 | $ | 271,001 | ||||||
Effect of repurchase of Trust Preferred Securities | 29 | 611 | ||||||||
Earnings before extraordinary item and effect of changes in accounting principles | 509,988 | 271,612 | ||||||||
Extraordinary loss, net | (2,615 | ) | — | |||||||
Cumulative effect of changes in accounting principles, net | (23,613 | ) | — | |||||||
Earnings applicable to common stock | $ | 483,760 | $ | 271,612 | ||||||
Weighted average common shares outstanding | 370,234 | 368,125 | ||||||||
Basic earnings per share | ||||||||||
Income before extraordinary item and effect of changes in accounting principles | $ | 1.38 | $ | .74 | ||||||
Extraordinary loss, net | (.01 | ) | — | |||||||
Cumulative effect of changes in accounting principles, net | (.06 | ) | — | |||||||
Basic earnings per common share | $ | 1.31 | $ | .74 | ||||||
DILUTED EARNINGS PER SHARE | ||||||||||
Earnings before extraordinary item and effect of changes in accounting principles | $ | 509,988 | $ | 271,612 | ||||||
Extraordinary loss, net | (2,615 | ) | — | |||||||
Cumulative effect of changes in accounting principles, net | (23,613 | ) | — | |||||||
Earnings applicable to common stock | $ | 483,760 | $ | 271,612 | ||||||
Weighted average common shares outstanding | 370,234 | 368,125 | ||||||||
Dilutive effect of exercise of options outstanding | 717 | 111 | ||||||||
370,951 | 368,236 | |||||||||
Diluted earnings per share | ||||||||||
Income before extraordinary item and effect of changes in accounting principles | $ | 1.37 | $ | .74 | ||||||
Extraordinary loss, net | (.01 | ) | — | |||||||
Cumulative effect of changes in accounting principles, net | (.06 | ) | — | |||||||
Diluted earnings per common share | $ | 1.30 | $ | .74 | ||||||
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, | 2001 | 2000 | |||||||
Stock options | |||||||||
Number of shares | 4,124 | 4,969 | |||||||
Price range per share | $ | 23.875—$29.438 | $ | 19.875—$29.438 | |||||
Expiration range | 7/10/06—11/10/09 | 8/18/00—7/8/08 |