EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2003 AND 2002
(Amounts in thousands, except per-share amounts)
Three Months Ended Six Months Ended
June 30 June 30
------------------------- -------------------------
2003 2002 2003 2002
- ------------------------------------------------------- ---------- ---------- ---------- ----------
BASIC EARNINGS PER SHARE
Income after taxes $ 373,833 $ 241,388 $ 767,438 $ 364,043
Effect of repurchase of Trust Preferred Securities (1) (21) (19) (53)
---------- ---------- ---------- ----------
Income from continuing operations 373,832 241,367 767,419 363,990
Discontinued operations, net -- (928) -- (3,928)
Cumulative effect of changes in
accounting principles, net -- -- (68,430) (94,973)
---------- ---------- ---------- ----------
Earnings applicable to common stock $ 373,832 $ 240,439 $ 698,989 $ 265,089
========== ========== ========== ==========
Basic shares
Weighted average common shares outstanding 381,343 375,792 379,876 375,129
Issued, unvested restricted stock (167) (319) (167) (319)
Vested, unissued restricted stock 197 -- 197 --
Deferred shares 1,191 315 972 268
---------- ---------- ---------- ----------
Basic shares outstanding 382,564 375,788 380,878 375,078
========== ========== ========== ==========
Basic earnings per share
Income from continuing operations $ 0.98 $ 0.64 $ 2.02 $ 0.97
Discontinued operations, net -- -- -- (0.01)
Cumulative effect of changes in
accounting principles, net -- -- (0.18) (0.25)
---------- ---------- ---------- ----------
Basic earnings per common share $ 0.98 $ 0.64 $ 1.84 $ 0.71
========== ========== ========== ==========
DILUTED EARNINGS PER SHARE
Earnings applicable to common stock $ 373,832 $ 240,439 $ 698,989 $ 265,089
========== ========== ========== ==========
Diluted shares
Basic shares outstanding 382,564 375,788 380,878 375,078
Dilutive effect of exercise of options outstanding 3,274 3,021 3,176 2,576
Issued, unvested restricted stock 167 319 167 319
Deferred, restricted stock 726 -- 726 --
---------- ---------- ---------- ----------
Diluted shares 386,731 379,128 384,947 377,973
========== ========== ========== ==========
Diluted earnings per share
Income from continuing operations $ 0.97 $ 0.63 $ 1.99 $ 0.96
Discontinued operations, net -- -- -- (0.01)
Cumulative effect of changes in
accounting principles, net -- -- (0.18) (0.25)
---------- ---------- ---------- ----------
Diluted earnings per common share $ 0.97 $ 0.63 $ 1.81 $ 0.70
======================================================= ========== ========== ========== ==========
EXHIBIT 11 (CONTINUED)
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2003 AND 2002
(Amounts in thousands, 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
--------------------------------------------- ---------------------------------------------
2003 2002 2003 2002
-------------------- -------------------- -------------------- --------------------
STOCK OPTIONS
Number of shares None 6 None 21
Price range per share 29.438 29.062 - 29.438
Expiration range 12/01/07 12/01/07 - 04/29/08
- ------------------------------ -------------------- -------------------- -------------------- --------------------