Occidental Petroleum 2006 Annual Report Download - page 71
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In 2006, the Board of Directors authorized a treasury stock purchase program under which Occidental was authorized to purchase up to 40
million shares of its common stock, increased to 55 million in February 2007. Additionally, Occidental purchased shares from the trustee of its
defined contribution savings plan. In 2006, Occidental purchased 30.6 million shares under the programs at an average cost of $48.20 per share.
Occidental has authorized 50,000,000 shares of preferred stock with a par value of $1.00 per share. At December 31, 2006, 2005 and 2004,
Occidental had no outstanding shares of preferred stock.
Basic earnings per share was computed by dividing net income by the weighted average number of common shares outstanding during each
year, including vested but unissued share and share units. The computation of diluted earnings per share further reflects the dilutive effect of
stock options and stock-settled SARs.
The following are the share amounts used to compute the basic and diluted earnings per share for the years ended December 31:
Accumulated other comprehensive loss consisted of the following after-tax (losses) gains:
NOTE 12 STOCK-BASED INCENTIVE PLANS
Occidental has established several Plans that provide for stock-based awards in the form of Options, restricted stock, RSUs, stock bonuses,
SARs, PSAs, PRSUs and dividend equivalents. These awards were granted under the 1995 Incentive Stock Plan (1995 ISP), 2001 Incentive
Compensation Plan (2001 ICP) and the 2005 Long-Term Incentive Plan (2005 LTIP). No further awards will be granted under the 1995 ISP and
2001 ICP; however, certain 1995 ISP and 2001 ICP award grants were outstanding at December 31, 2006. An aggregate of 34 million shares of
Occidental common stock are reserved for issuance under the 2005 LTIP and at December 31, 2006, approximately 14.5 million shares of
Occidental common stock were available for future awards. Occidental also has a 1996 Restricted Stock Plan for Non-Employee Directors (1996
DRSP), under which non-employee directors received awards of restricted stock as additional compensation for their services as members of the
Board of Directors. No further awards will be granted under the 1996 DRSP. All non-employee director awards are now granted under the 2005
LTIP. During 2006, non-employee directors were granted awards for 59,800 shares of restricted stock that fully vested on the grant date. No awards
that have been granted to directors may be sold or transferred during the director’s period of service as a member of the Board. Compensation
expense for these awards was measured using the quoted market price of Occidental's common stock on the grant date and was recognized at
grant date.
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