Occidental Petroleum Corporatio (OXY) 10-Q 2008 Q2 Quarterly report

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EXHIBIT 11

OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2008 AND 2007
(Amounts in millions, except per-share amounts)

			Periods Ended June 30
			Three Months						Six Months
			2008			2007			2008			2007
BASIC EARNINGS PER SHARE
Earnings applicable to common stock			$	2,297		$	1,412		$	4,143		$	2,624
Basic shares
	Weighted average common shares outstanding			879.3			872.1			878.7			871.6
	Treasury stock			(58.9	)		(38.9	)		(57.2	)		(36.6	)
	Vested, unissued shares			0.9			4.5			1.0			4.3
		Basic shares		821.3			837.7			822.5			839.3
Basic earnings per share
	Income from continuing operations		$	2.80		$	1.36		$	5.01		$	2.76
	Discontinued operations, net			—			0.32			0.03			0.37
		Basic earnings per common share	$	2.80		$	1.68		$	5.04		$	3.13
DILUTED EARNINGS PER SHARE
Earnings applicable to common stock			$	2,297		$	1,412		$	4,143		$	2,624
Diluted shares
	Basic shares			821.3			837.7			822.5			839.3
	Dilutive effect of stock options and unvested restricted shares			4.2			4.1			4.4			3.9
		Diluted shares		825.5			841.8			826.9			843.2
Diluted earnings per share
	Income from continuing operations		$	2.78		$	1.36		$	4.98		$	2.74
	Discontinued operations, net			—			0.32			0.03			0.37
		Diluted earnings per common share	$	2.78		$	1.68		$	5.01		$	3.11

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EXHIBIT 11