EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(Amounts in millions, except per-share amounts)
Three Months Ended Nine Months Ended
September 30 September 30
---------------------------- ----------------------------
2001 2000 2001 2000
- ----------------------------------------------------- ------------ ------------ ------------ ------------
BASIC EARNINGS PER SHARE
Income before extraordinary items and effect of
changes in accounting principles $ 444 $ 401 $ 1,428 $ 1,236
Effect of repurchase of Trust Preferred Securities -- -- -- 1
------------ ------------ ------------ ------------
Earnings before extraordinary items and effect of
changes in accounting principles 444 401 1,428 1,237
Extraordinary gain (loss), net -- 1 (3) 1
Cumulative effect of changes in
accounting principles, net -- -- (24) --
------------ ------------ ------------ ------------
Earnings applicable to common stock $ 444 $ 402 $ 1,401 $ 1,238
============ ============ ============ ============
Weighted average common shares outstanding 373.5 369.2 371.9 368.7
============ ============ ============ ============
Basic earnings per share
Income before extraordinary items and effect of
changes in accounting principles $ 1.19 $ 1.09 $ 3.84 $ 3.36
Extraordinary loss, net -- -- (.01) --
Cumulative effect of changes in
accounting principles, net -- -- (.06) --
------------ ------------ ------------ ------------
Basic earnings per common share $ 1.19 $ 1.09 $ 3.77 $ 3.36
============ ============ ============ ============
DILUTED EARNINGS PER SHARE
Earnings before extraordinary items and effect of
changes in accounting principles applicable
to common stock $ 444 $ 401 $ 1,428 $ 1,237
Extraordinary gain (loss), net -- 1 (3) 1
Cumulative effect of changes in
accounting principles, net -- -- (24) --
------------ ------------ ------------ ------------
Earnings applicable to common stock $ 444 $ 402 $ 1,401 $ 1,238
============ ============ ============ ============
Weighted average common shares outstanding 373.5 369.2 371.9 368.7
Dilutive effect of exercise of options outstanding 2.2 .3 1.9 .2
------------ ------------ ------------ ------------
375.7 369.5 373.8 368.9
============ ============ ============ ============
Diluted earnings per share
Income before extraordinary items and effect of
changes in accounting principles $ 1.18 $ 1.09 $ 3.82 $ 3.36
Extraordinary loss, net -- -- (.01) --
Cumulative effect of changes in
accounting principles, net -- -- (.06) --
------------ ------------ ------------ ------------
Diluted earnings per common share $ 1.18 $ 1.09 $ 3.75 $ 3.36
===================================================== ============ ============ ============ ============
EXHIBIT 11 (CONTINUED)
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(Amounts in millions, except per-share amounts)
The following items were not included in the computation of diluted earnings per
share because their effect was antidilutive:
Three Months Ended Nine Months Ended
September 30 September 30
------------------------------------------- -------------------------------------------
2001 2000 2001 2000
-------------------- ------------------- -------------------- -------------------
STOCK OPTIONS
Number of shares 0.02 5.61 0.02 5.63
Price range per share $29.063 -- $29.438 $22.000 -- $29.438 $29.063 -- $29.438 $21.250 -- $29.438
Expiration range 12/1/07 -- 4/29/08 4/28/03 -- 11/10/09 12/1/07 -- 4/29/08 4/28/03 -- 11/10/09