EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
(Amounts in thousands, except per-share amounts)
Three Months Ended Nine Months Ended
September 30 September 30
----------------------------------- -----------------------------------
2004 2003 2004 2003
================================================== =============== =============== =============== ===============
BASIC EARNINGS PER SHARE
Income after taxes $ 757,966 $ 445,689 $ 1,826,041 $ 1,213,127
Effect of repurchase of Trust Preferred
Securities -- (22) -- (41)
--------------- --------------- --------------- ---------------
Income from continuing operations 757,966 445,667 1,826,041 1,213,086
Cumulative effect of changes in
accounting principles, net -- 2 -- (68,428)
--------------- --------------- --------------- ---------------
Earnings applicable to common stock $ 757,966 $ 445,669 $ 1,826,041 $ 1,144,658
=============== =============== =============== ===============
Basic shares
Weighted average basic common shares
outstanding 393,617 384,109 391,499 381,287
Issued, unvested restricted stock (14) (95) (14) (95)
Vested, unissued restricted stock 863 330 863 330
Deferred shares 1,804 1,192 1,731 1,046
--------------- --------------- --------------- ---------------
Basic shares outstanding 396,270 385,536 394,079 382,568
=============== =============== =============== ===============
Basic earnings per share
Income from continuing operations $ 1.91 $ 1.16 $ 4.63 $ 3.17
Cumulative effect of changes in
accounting principles, net -- -- -- (.18)
--------------- --------------- --------------- ---------------
Basic earnings per common share $ 1.91 $ 1.16 $ 4.63 $ 2.99
=============== =============== =============== ===============
DILUTED EARNINGS PER SHARE
Earnings applicable to common stock $ 757,966 $ 445,669 $ 1,826,041 $ 1,144,658
=============== =============== =============== ===============
Diluted shares
Basic shares outstanding 396,270 385,536 394,079 382,568
Dilutive effect of exercise of options 5,628 4,403 4,661 3,585
outstanding
Issued, unvested restricted shares 14 95 14 95
Deferred, restricted stock 1,340 1,096 1,017 761
--------------- --------------- --------------- ---------------
Diluted shares 403,252 391,130 399,771 387,009
=============== =============== =============== ===============
Diluted earnings per share
Income from continuing operations $ 1.88 $ 1.14 $ 4.57 $ 3.14
Cumulative effect of changes in
accounting principles, net -- -- -- (.18)
--------------- --------------- --------------- ---------------
Diluted earnings per common share $ 1.88 $ 1.14 $ 4.57 $ 2.96
================================================== =============== =============== =============== ===============
There were no antidilutive options for any of the periods presented above.