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Earnings Per Share and Stockholders' Equity | 9 Months Ended
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Sep. 30, 2022
Stockholders' Equity Note [Abstract] |
Earnings Per Share and Stockholders' Equity |
NOTE 10 - EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY
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. 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 |
For the three and nine months ended 2022, there were no Occidental common stock warrants nor options that were excluded from diluted shares. For the three and nine months ended 2021, warrants and options covering approximately 87 million shares of Occidental common stock were excluded from diluted shares as their effect would have been anti-dilutive.

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