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Earnings Per Share and Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2022
Stockholders' Equity Note [Abstract] |
Schedule of Repurchase Agreements | The following table presents the effects of Occidental's share repurchases as part of the $3.0 billion stock repurchase plan announced in February 2022, along with other transactions in Occidental's stock:
Period |  | Exercise of Warrants and Options | (a) | Other | (b) | Treasury Stock Purchases | (c) | Common Stock Outstanding | (d)
December 31, 2021 |  |  |  |  |  |  |  | 934,074,700 |  |
First Quarter 2022 |  | 1,082,282 |  |  | 2,764,746 |  |  | (730,746) |  |  | 937,190,982 |  |
Second Quarter 2022 |  | 3,409,920 |  |  | 42,342 |  |  | (11,679,732) |  |  | 928,963,512 |  |
Third Quarter 2022 |  | 7,667,545 |  |  | 18,280 |  |  | (28,571,576) |  |  | 908,077,761 |  |
Total 2022 |  | 12,159,747 |  |  | 2,825,368 |  |  | (40,982,054) |  |  | 908,077,761 |  |
(a) Approximately $280 million of cash was received as a result of the exercise of common stock warrants and options. (b) Consists of issuances from the 2015 long-term incentive plan, the OPC savings plan, dividend reinvestment plan and Anadarko restricted stock awards. (c) In addition to the 39.6 million shares that Occidental repurchased under its share repurchase plan during the nine months ended September 30, 2022, Occidental subsequently repurchased an additional 2.2 million shares under its share repurchase plan in the period from October 1, 2022, through November 7, 2022. (d) As of September 30, 2022, Occidental has 104.1 million outstanding warrants with a strike of $22 per share and 83.9 million of warrants with a strike of $59.62 per share.
Calculation of Basic and Diluted EPS | The following table presents the calculation of basic and diluted EPS attributable to common stockholders:
|  | Three months ended September 30, |  | Nine months ended September 30,
millions except per-share amounts |  | 2022 |  | 2021 |  | 2022 |  | 2021
Income from continuing operations |  | $ | 2,746 |  |  | $ | 830 |  |  | $ | 11,377 |  |  | $ | 1,229 |
Loss from discontinued operations |  | — |  |  | (2) |  |  | — |  |  | (444) |
Net income |  | $ | 2,746 |  |  | $ | 828 |  |  | $ | 11,377 |  |  | $ | 785 |
Less: Preferred stock dividends |  | (200) |  |  | (200) |  |  | (600) |  |  | (600) |
Net income attributable to common stock |  | $ | 2,546 |  |  | $ | 628 |  |  | $ | 10,777 |  |  | $ | 185 |
Less: Net income allocated to participating securities |  | (18) |  |  | (5) |  |  | (76) |  |  | (1) |
Net income, net of participating securities |  | $ | 2,528 |  |  | $ | 623 |  |  | $ | 10,701 |  |  | $ | 184 |
Weighted-average number of basic shares |  | 922.0 |  | 935.4 |  | 933.0 |  | 934.4
Basic income per common share |  | $ | 2.74 |  |  | $ | 0.67 |  |  | $ | 11.47 |  |  | $ | 0.20 |
Net income attributable to common stock |  | $ | 2,546 |  |  | $ | 628 |  |  | $ | 10,777 |  |  | $ | 185 |
Less: Net income allocated to participating securities |  | (17) |  |  | (5) |  |  | (70) |  |  | (1) |
Net income, net of participating securities |  | 2,529 |  |  | 623 |  |  | 10,707 |  |  | 184 |
Weighted-average number of basic shares |  | 922.0 |  |  | 935.4 |  |  | 933.0 |  |  | 934.4 |
Dilutive securities |  | 80.5 |  |  | 22.3 |  |  | 72.9 |  |  | 19.8 |
Dilutive effect of potentially dilutive securities |  | 1,002.5 |  |  | 957.7 |  |  | 1,005.9 |  |  | 954.2 |
Diluted income per common share |  | $ | 2.52 |  |  | $ | 0.65 |  |  | $ | 10.64 |  |  | $ | 0.19 |

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
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