Occidental Petroleum 2002 Annual Report Download - page 81

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of repurchase of Trust Preferred Securities by the weighted average number of
common shares outstanding during each year. The computation of diluted earnings
per share further assumes the dilutive effect of stock options.
The following are the share amounts used to compute the basic and diluted
earnings per share for the years ended December 31 (in millions):
2002 2001 2000
================================================================= ========== ========== ==========
BASIC EARNINGS PER SHARE
Weighted average common shares outstanding 376.1 372.4 369.0
Issued, unvested restricted stock (.2) (.4) (.2)
Deferred shares .3 .1 --
---------- ---------- ----------
Basic Shares Outstanding 376.2 372.1 368.8
========== ========== ==========
DILUTED EARNINGS PER SHARE
Basic shares outstanding 376.2 372.1 368.8
Dilutive effect of exercise of options outstanding 2.7 1.8 .2
Issued, unvested restricted stock .2 .4 .2
Dilutive effect of deferred, restricted shares .4 -- --
---------- ---------- ----------
Dilutive Shares 379.5 374.3 369.2
========== ========== ==========
The following items were not included in the computation of diluted
earnings per share because their effect was anti-dilutive for the years ended
December 31:
2002 2001 2000
======================================== ================= ================= ==================
STOCK OPTIONS
Number of shares (in millions) 0.02 0.02 5.64
Price range $29.063 - $29.438 $29.063 - $29.438 $21.250 - $29.438
Expiration range 12/1/07 - 4/29/08 12/1/07 - 4/29/08 4/28/03 - 11/10/09
---------------------------------------- ----------------- ----------------- ------------------
ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI)
AOCI consisted of the following (in millions):
Balance at December 31, 2002 2001
======================================================= ========== ==========
Foreign currency translation adjustments $ (56) $ (61)
Derivative mark-to-market adjustments (26) (20)
Minimum pension liability adjustments (10) (5)
Unrealized gains on securities 65 --
---------- ----------
TOTAL $ (27) $ (86)
======================================================= ========== ==========
60
NOTE 12 TRUST PREFERRED SECURITIES
--------------------------------------------------------------------------------
In January 1999, Oxy Capital Trust I, a wholly-owned subsidiary of
Occidental, issued 21,000,000 shares of 8.16 percent Trust Originated Preferred
Securities (Trust Preferred Securities) to the public and 649,485 shares of
Trust Originated Common Securities (Common Securities) to Occidental. The
proceeds of such issuances were invested by Oxy Capital Trust I in $541.2
million aggregate principal amount of Occidental's 8.16 percent Subordinated