EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
(Amounts in thousands, except per-share amounts)
Three Months Ended
March 31
-------------------------
2003 2002
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BASIC EARNINGS PER SHARE
Income before taxes and other items $ 393,605 $ 122,655
Effect of repurchase of Trust Preferred Securities (18) (32)
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Income from continuing operations 393,587 122,623
Discontinued operations, net of tax -- (3,000)
Cumulative effect of changes in accounting principles, net of tax (68,430) (94,973)
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Earnings applicable to common stock $ 325,157 $ 24,650
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Basic shares
Weighted average common shares outstanding 378,409 374,466
Issued, unvested restricted stock (206) (357)
Vested, unissued restricted stock 127 --
Deferred shares 753 220
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Basic shares outstanding 379,083 374,329
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Basic earnings per share
Income from continuing operations $ 1.04 $ .33
Discontinued operations, net of tax -- (.01)
Cumulative effect of changes in accounting principles, net of tax (.18) (.25)
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Basic earnings per common share $ .86 $ .07
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DILUTED EARNINGS PER SHARE
Earnings applicable to common stock $ 325,157 $ 24,650
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Diluted shares
Basic shares outstanding 379,083 374,329
Dilutive effect of exercise of options outstanding 3,079 2,131
Issued, unvested restricted stock 206 357
Deferred, restricted stock 796 --
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Diluted shares 383,164 376,817
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Diluted earnings per share
Income before effect of changes in accounting principles $ 1.03 $ .33
Discontinued operations, net of tax -- (.01)
Cumulative effect of changes in accounting principles, net of tax (.18) (.25)
---------- ----------
Diluted earnings per common share $ .85 $ .07
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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, 2003 2002
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STOCK OPTIONS
Number of shares 6 21
Price range per share $ 29.438 $ 29.063 -- $ 29.438
Expiration range 12/01/07 12/01/07 -- 4/29/08
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