EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2004 AND 2003
(Amounts in thousands, except per-share amounts)
Three Months Ended Six Months Ended
June 30 June 30
---------------------------- ----------------------------
2004 2003 2004 2003
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BASIC EARNINGS PER SHARE
Income after taxes $ 581,048 $ 373,833 $ 1,068,075 $ 767,438
Effect of repurchase of Trust Preferred Securities -- (1) -- (19)
------------ ------------ ------------ ------------
Income from continuing operations 581,048 373,832 1,068,075 767,419
Discontinued operations, net -- -- -- --
Cumulative effect of changes in
accounting principles, net -- -- -- (68,430)
------------ ------------ ------------ ------------
Earnings applicable to common stock $ 581,048 $ 373,832 $ 1,068,075 $ 698,989
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Basic shares
Weighted average common shares outstanding 391,494 381,343 390,440 379,876
Issued, unvested restricted stock (34) (167) (34) (167)
Vested, unissued restricted stock 665 197 665 197
Deferred shares 1,803 1,191 1,695 972
------------ ------------ ------------ ------------
Basic shares outstanding 393,928 382,564 392,766 380,878
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Basic earnings per share
Income from continuing operations $ 1.48 $ 0.98 $ 2.72 $ 2.02
Cumulative effect of changes in
accounting principles, net -- -- -- (0.18)
------------ ------------ ------------ ------------
Basic earnings per common share $ 1.48 $ 0.98 $ 2.72 $ 1.84
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DILUTED EARNINGS PER SHARE
Earnings applicable to common stock $ 581,048 $ 373,832 $ 1,068,075 $ 698,989
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Diluted shares
Basic shares outstanding 393,928 382,564 392,766 380,878
Dilutive effect of exercise of options outstanding 3,862 3,274 4,176 3,176
Issued, unvested restricted stock 34 167 34 167
Deferred, restricted stock 1,054 726 1,054 726
------------ ------------ ------------ ------------
Diluted shares 398,878 386,731 398,030 384,947
============ ============ ============ ============
Diluted earnings per share
Income from continuing operations $ 1.46 $ 0.97 $ 2.68 $ 1.99
Cumulative effect of changes in
accounting principles, net -- -- -- (0.18)
------------ ------------ ------------ ------------
Diluted earnings per common share $ 1.46 $ 0.97 $ 2.68 $ 1.81
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There were no antidulutive options included in the computation of diluted
earnings per share for all periods presented.