EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(Amounts in millions, except per-share amounts)
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| Periods Ended September 30 |
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| Three Months |
| Nine Months |
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| 2008 |
| 2007 |
| 2008 |
| 2007 |
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BASIC EARNINGS PER SHARE |
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Earnings applicable to common stock |
| $ | 2,271 |
| $ | 1,324 |
| $ | 6,414 |
| $ | 3,948 |
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Basic shares |
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Weighted average common shares outstanding |
| 880.6 |
| 875.9 |
| 879.3 |
| 873.1 |
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Treasury stock |
| (65.9 | ) | (45.2 | ) | (60.1 | ) | (39.5 | ) | ||||
Vested, unissued shares |
| 0.6 |
| 2.4 |
| 0.9 |
| 3.4 |
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Basic shares |
| 815.3 |
| 833.1 |
| 820.1 |
| 837.0 |
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Basic earnings per share |
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Income from continuing operations |
| $ | 2.79 |
| $ | 1.58 |
| $ | 7.79 |
| $ | 4.34 |
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Discontinued operations, net |
| — |
| 0.01 |
| 0.03 |
| 0.38 |
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Basic earnings per common share |
| $ | 2.79 |
| $ | 1.59 |
| $ | 7.82 |
| $ | 4.72 |
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DILUTED EARNINGS PER SHARE |
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Earnings applicable to common stock |
| $ | 2,271 |
| $ | 1,324 |
| $ | 6,414 |
| $ | 3,948 |
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Diluted shares |
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Basic shares |
| 815.3 |
| 833.1 |
| 820.1 |
| 837.0 |
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Dilutive effect of stock options and unvested restricted shares |
| 2.4 |
| 3.9 |
| 3.7 |
| 3.9 |
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Diluted shares |
| 817.7 |
| 837.0 |
| 823.8 |
| 840.9 |
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Diluted earnings per share |
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Income from continuing operations |
| $ | 2.78 |
| $ | 1.57 |
| $ | 7.76 |
| $ | 4.31 |
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Discontinued operations, net |
| — |
| 0.01 |
| 0.03 |
| 0.38 |
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Diluted earnings per common share |
| $ | 2.78 |
| $ | 1.58 |
| $ | 7.79 |
| $ | 4.69 |
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