EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Amounts in millions, except per-share amounts)
Three Months Ended Nine Months Ended
September 30 September 30
----------------------------- -----------------------------
2002 2001 2002 2001
- -------------------------------------------------- ------------ ------------ ------------ ------------
BASIC EARNINGS PER SHARE
Income from continuing operations $ 476 $ 443 $ 840 $ 1,426
Discontinued operations, net (74) 1 (78) 2
Extraordinary loss, net -- -- -- (3)
Cumulative effect of changes in
accounting principles, net -- -- (95) (24)
------------ ------------ ------------ ------------
Earnings applicable to common stock $ 402 $ 444 $ 667 $ 1,401
============ ============ ============ ============
Weighted average basic common shares 377.1 373.5 376.0 371.9
============ ============ ============ ============
Income from continuing operations $ 1.26 $ 1.19 $ 2.23 $ 3.83
Discontinued operations, net (.19) -- (.21) .01
Extraordinary loss, net -- -- -- (.01)
Cumulative effect of changes in
accounting principles, net -- -- (.25) (.06)
------------ ------------ ------------ ------------
Basic earnings per common share $ 1.07 $ 1.19 $ 1.77 $ 3.77
============ ============ ============ ============
DILUTED EARNINGS PER SHARE
Income from continuing operations $ 476 $ 443 $ 840 $ 1,426
Discontinued operations, net (74) 1 (78) 2
Extraordinary loss, net -- -- -- (3)
Cumulative effect of changes in
accounting principles, net -- -- (95) (24)
------------ ------------ ------------ ------------
Earnings applicable to common stock $ 402 $ 444 $ 667 $ 1,401
============ ============ ============ ============
Basic shares 377.1 373.5 376.0 371.9
Dilutive effect of options outstanding 2.7 2.2 2.6 1.9
Dilutive effect of unvested restricted shares .6 -- .2 --
------------ ------------ ------------ ------------
Dilutive shares 380.4 375.7 378.8 373.8
============ ============ ============ ============
Diluted earnings per share
Income from continuing operations $ 1.25 $ 1.18 $ 2.22 $ 3.81
Discontinued operations, net (.19) -- (.21) .01
Extraordinary loss, net -- -- -- (.01)
Cumulative effect of changes in
accounting principles, net -- -- (.25) (.06)
------------ ------------ ------------ ------------
Diluted earnings per common share $ 1.06 $ 1.18 $ 1.76 $ 3.75
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EXHIBIT 11 (CONTINUED)
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 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 Nine Months Ended
September 30 September 30
------------------------------------------- -------------------------------------------
2002 2001 2002 2001
------------------- ------------------- ------------------- -------------------
STOCK OPTIONS
Number of shares .02 .02 .02 .02
Price range per share $27.900 -- $29.438 $29.063 -- $29.438 $29.063 -- $29.438 $29.063 -- $29.438
Expiration range 12/01/07 -- 8/29/11 12/01/07 -- 4/29/08 12/01/07 -- 4/29/08 12/01/07 -- 4/29/08