EXHIBIT 11
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
(Amounts in millions, except per-share amounts)
Three Months Ended Nine Months Ended
September 30 September 30
---------------------------- ----------------------------
1999 1998 1999 1998
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BASIC EARNINGS PER SHARE
Income from continuing operations $ 126.2 $ 38.4 $ 81.4 $ 362.6
Preferred stock dividends -- (4) (7.2) (12.9)
------------ ------------ ------------ ------------
Earnings from continuing operations
Applicable to common stock 126.2 34.4 74.2 349.7
Discontinued operations, net -- -- -- 38.4
Extraordinary loss, net -- -- (2.6) --
Cumulative effect of changes in
accounting principles, net -- -- (13.4) --
------------ ------------ ------------ ------------
Earnings applicable to common stock $ 126.2 $ 34.4 $ 58.2 $ 388.1
============ ============ ============ ============
Weighted average common shares outstanding 357.6 350 351.3 351.2
============ ============ ============ ============
Basic earnings per share
Income from continuing operations $ .35 $ .10 $ .22 $ 1.00
Discontinued operations, net -- -- -- .11
Extraordinary loss, net -- -- (.01) --
Cumulative effect of changes in
accounting principles, net -- -- (.04) --
------------ ------------ ------------ ------------
Basic earnings per common share $ .35 $ .10 $ .17 $ 1.11
============ ============ ============ ============
DILUTED EARNINGS PER SHARE
Earnings from continuing operations
Applicable to common stock $ 126.2 $ 34.4 $ 74.2 $ 349.7
Dividends applicable to dilutive preferred stock -- -- 7.2 12.9
------------ ------------ ------------ ------------
126.2 34.4 81.4 362.6
Discontinued operations, net -- -- -- 38.4
Extraordinary loss, net -- -- (2.6) --
Cumulative effect of changes in
accounting principles, net -- -- (13.4) --
------------ ------------ ------------ ------------
Earnings applicable to common stock $ 126.2 $ 34.4 $ 65.4 $ 401.0
============ ============ ============ ============
Weighted average common shares outstanding 357.6 350 351.3 351.2
Dilutive effect of exercise of options outstanding .1 .2 .1 .5
Dilutive effect of convertible preferred stock -- -- -- 15.2
------------ ------------ ------------ ------------
357.7 350.2 351.4 366.9
============ ============ ============ ============
Diluted earnings per share
Income from continuing operations $ .35 $ .10 $ .22 $ .99
Discontinued operations, net -- -- -- .10
Extraordinary loss, net -- -- (.01) --
Cumulative effect of changes in
accounting principles, net -- -- (.04) --
------------ ------------ ------------ ------------
Diluted earnings per common share $ .35 $ .10 $ .17 $ 1.09
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EXHIBIT 11 (CONTINUED)
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
(Amounts in millions, 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
---------------------------------------- ----------------------------------------
1999 1998 1999 1998
------------------- ------------------- ------------------- -------------------
STOCK OPTIONS
Number of shares 4.6 2.8 5.0 .2
Price range per share $22.000 -- $29.625 $23.125 -- $29.625 $19.875 -- $29.625 $26.000 -- $29.625
Expiration range 1/14/00 -- 7/8/08 8/20/99 -- 1/14/00 1/14/00 -- 7/8/08 8/20/99 -- 1/14/00
CONVERTIBLE PREFERRED
STOCK $3.00
Number of shares -- 5.4 -- 5.4
Dividends paid -- $4.0 $7.2 $12.9
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