EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Amounts in thousands, except per-share amounts)
Three Months Ended
March 31
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2000 1999
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BASIC EARNINGS PER SHARE
Income (loss) $ 271,001 $ (56,400)
Effect of repurchase of Trust Preferred Securities 611 --
Preferred stock dividends -- (3,639)
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Earnings (loss) before effect of changes in accounting principles 271,612 (60,039)
Cumulative effect of changes in accounting principles, net -- (13,368)
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Earnings (loss) applicable to common stock $ 271,612 $ (73,407)
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Weighted average common shares outstanding 368,125 347,839
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Basic earnings per share
Income (loss) before effect of changes in accounting principles $ .74 $ (.17)
Cumulative effect of changes in accounting principles, net -- (.04)
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Basic earnings (loss) per common share $ .74 $ (.21)
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DILUTED EARNINGS PER SHARE
Earnings (loss) from continuing operations applicable to common stock $ 271,612 $ (60,039)
Cumulative effect of changes in accounting principles, net -- (13,368)
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Earnings (loss) applicable to common stock $ 271,612 $ (73,407)
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Weighted average common shares outstanding 368,125 347,839
Dilutive effect of exercise of options outstanding 111 --
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368,236 347,839
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Diluted earnings per share
Income (loss) before effect of changes in accounting principles $ .74 $ (.17)
Cumulative effect of changes in accounting principles, net -- (.04)
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Diluted earnings (loss) per common share $ .74 $ (.21)
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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, 2000 1999
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STOCK OPTIONS
Number of shares 4,969 4,404
Price range per share $19.875 -- $29.438 $17.750 -- $29.625
Expiration range 8/18/00 -- 7/8/08 8/20/99 -- 1/2/08
CONVERTIBLE PREFERRED STOCK $3.00
Number of shares -- 11,946
Dividends paid -- $3,639
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