EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
(Amounts in thousands, except per-share amounts)
Three Months Ended Nine Months Ended
September 30 September 30
-------------------------- --------------------------
2003 2002 2003 2002
- --------------------------------------------------- ----------- ----------- ----------- -----------
BASIC EARNINGS PER SHARE
Income after taxes $ 445,689 $ 476,027 $ 1,213,127 $ 840,070
Effect of repurchase of Trust Preferred
Securities (22) (41) (41) (95)
----------- ----------- ----------- -----------
Income from continuing operations 445,667 475,986 1,213,086 839,975
Discontinued operations, net -- (73,762) -- (77,690)
Cumulative effect of changes in
accounting principles, net 2 -- (68,428) (94,973)
----------- ----------- ----------- -----------
Earnings applicable to common stock $ 445,669 $ 402,224 $ 1,144,658 $ 667,312
=========== =========== =========== ===========
Basic shares
Weighted average basic common shares
outstanding 384,109 376,755 381,287 375,671
Issued, unvested restricted stock (95) (282) (95) (282)
Vested, unissued restricted stock 330 -- 330 --
Deferred shares 1,192 315 1,046 284
----------- ----------- ----------- -----------
Basic shares outstanding 385,536 376,788 382,568 375,673
=========== =========== =========== ===========
Basic earnings per share
Income from continuing operations $ 1.16 $ 1.26 $ 3.17 $ 2.23
Discontinued operations, net -- (.19) -- (.21)
Cumulative effect of changes in
accounting principles, net -- -- (.18) (.25)
----------- ----------- ----------- -----------
Basic earnings per common share $ 1.16 $ 1.07 $ 2.99 $ 1.77
=========== =========== =========== ===========
DILUTED EARNINGS PER SHARE
Earnings applicable to common stock $ 445,669 $ 402,224 $ 1,144,658 $ 667,312
=========== =========== =========== ===========
Diluted shares
Basic shares outstanding 385,536 376,788 382,568 375,673
Dilutive effect of exercise of options outstanding 4,403 2,746 3,585 2,632
Issued, unvested restricted shares 95 282 95 282
Deferred, restricted stock 1,096 582 761 194
----------- ----------- ----------- -----------
Diluted shares 391,130 380,398 387,009 378,781
=========== =========== =========== ===========
Diluted earnings per share
Income from continuing operations $ 1.14 $ 1.25 $ 3.14 $ 2.22
Discontinued operations, net -- (.19) -- (.21)
Cumulative effect of changes in
accounting principles, net -- -- (.18) (.25)
----------- ----------- ----------- -----------
Diluted earnings per common share $ 1.14 $ 1.06 $ 2.96 $ 1.76
=================================================== =========== =========== =========== ===========
EXHIBIT 11 (continued)
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 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 Nine Months Ended
September 30 September 30
--------------------------------------------- ---------------------------------------------
2003 2002 2003 2002
-------------------- -------------------- -------------------- --------------------
STOCK OPTIONS
Number of shares None 23 None 21
Price range per share $27.900 -- $29.438 $29.063-- $29.438
Expiration range 12/01/07 -- 8/29/11 12/01/07-- 4/29/08