EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2002 AND 2001
(Amounts in millions, except per-share amounts)
Three Months Ended Six Months Ended
June 30 June 30
------------------------- -------------------------
2002 2001 2002 2001
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BASIC EARNINGS PER SHARE
Income before extraordinary item and effect
of changes in accounting principles $ 240 $ 473 $ 360 $ 984
Effect of repurchase of Trust Preferred Securities -- -- -- --
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Earnings before extraordinary item and effect of
changes in accounting principles 240 473 360 984
Extraordinary loss, net -- -- -- (3)
Cumulative effect of changes in
accounting principles, net -- -- (95) (24)
---------- ---------- ---------- ----------
Earnings applicable to common stock $ 240 $ 473 $ 265 $ 957
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Weighted average common shares outstanding 375.8 372.0 375.1 371.1
========== ========== ========== ==========
Basic earnings per share
Income before extraordinary item and effect
of changes in accounting principles $ .64 $ 1.27 $ .96 $ 2.65
Extraordinary loss, net -- -- -- (.01)
Cumulative effect of changes in
accounting principles, net -- -- (.25) (.06)
---------- ---------- ---------- ----------
Basic earnings per common share $ .64 $ 1.27 $ .71 $ 2.58
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DILUTED EARNINGS PER SHARE
Earnings before extraordinary item and effect of
changes in accounting principles $ 240 $ 473 $ 360 $ 984
Extraordinary loss, net -- -- -- (3)
Cumulative effect of changes in
accounting principles, net -- -- (95) (24)
---------- ---------- ---------- ----------
Earnings applicable to common stock $ 240 $ 473 $ 265 $ 957
========== ========== ========== ==========
Weighted average common shares outstanding 375.8 372.0 375.1 371.1
Dilutive effect of exercise of options outstanding 5.7 2.7 5.2 1.7
---------- ---------- ---------- ----------
381.5 374.7 380.3 372.8
========== ========== ========== ==========
Diluted earnings per share
Income before extraordinary item and effect
of changes in accounting principles $ .63 $ 1.26 $ .95 $ 2.64
Extraordinary loss, net -- -- -- (.01)
Cumulative effect of changes in
accounting principles, net -- -- (.25) (.06)
---------- ---------- ---------- ----------
Diluted earnings per common share $ .63 $ 1.26 $ .70 $ 2.57
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EXHIBIT 11 (CONTINUED)
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2002 AND 2001
(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 Six Months Ended
June 30 June 30
--------------------------------------------- ---------------------------------------------
2002 2001 2002 2001
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STOCK OPTIONS
Number of shares .006 .021 .021 .021
Price range per share $29.438 $29.063 -- $29.438 $29.063 -- $29.438 $29.063 -- $29.438
Expiration range 12/01/07 12/01/07 -- 04/29/08 12/01/07 -- 04/29/08 12/01/07 -- 04/29/08
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