Occidental Petroleum 2003 Annual Report Download - page 72
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-------------------------------------------------------------------------------- --------------
Balance, December 31, 2001 374,126
Issued 1,027
Options exercised and other, net 2,707
-------------------------------------------------------------------------------- --------------
Balance, December 31, 2002 377,860
Issued 1,156
Options exercised and other, net 8,032
-------------------------------------------------------------------------------- --------------
BALANCE, DECEMBER 31, 2003 387,048
================================================================================ ==============
55
NONREDEEMABLE PREFERRED STOCK
Occidental has authorized 50,000,000 shares of preferred stock with a par
value of $1.00 per share. At December 31, 2003, 2002 and 2001, Occidental had no
outstanding shares of preferred stock.
EARNINGS PER SHARE AND ANTI-DILUTIVE COMPUTATIONS
Basic earnings per share was computed by dividing net income plus the
effect 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 2003 2002 2001
=========================================================================== ========== ========== ==========
BASIC EARNINGS PER SHARE
Basic Shares Outstanding 383.9 376.2 372.1
========== ========== ==========
DILUTED EARNINGS PER SHARE
Basic shares outstanding 383.9 376.2 372.1
Dilutive effect of exercise of options outstanding 3.9 2.7 1.8
Other .8 .6 .4
---------- ---------- ----------
Dilutive Shares 388.6 379.5 374.3
=========================================================================== ========== ========== ==========
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:
2003 2002 2001
=================================================================== ================ ================ ================
STOCK OPTIONS
Number of anti-dilutive options (in millions) NONE 0.02 0.02
Price range -- $29.063-$29.438 $29.063-$29.438
Expiration range -- 12/1/07-4/29/08 12/1/07-4/29/08
------------------------------------------------------------------- ---------------- ---------------- ----------------
ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI)
AOCI consisted of the following:
Balance at December 31, (in millions) 2003 2002
================================================================================ ========== ==========
Foreign currency translation adjustments $ (18) $ (56)
Derivative mark-to-market adjustments (24) (26)
Minimum pension liability adjustments 3 (10)