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EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended
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Mar. 31, 2023
Stockholders' Equity Note [Abstract] |
Schedule of Calculation of Basic and Diluted EPS | The following table presents the calculation of basic and diluted EPS attributable to common stockholders:
| Three months ended March 31, |
millions except per-share amounts | 2023 | 2022 |  |  |
Net income | $ | 1,263 |  | $ | 4,876 |  |  |  |
Less: Preferred stock dividends and redemption premiums | (280) |  | (200) |  |  |  |
Net income attributable to common stock | $ | 983 |  | $ | 4,676 |  |  |  |
Less: Net income allocated to participating securities | (6) |  | (34) |  |  |  |
Net income, net of participating securities | $ | 977 |  | $ | 4,642 |  |  |  |
Weighted-average number of basic shares | 901.2 | 936.7 |  |  |
Basic income per common share | $ | 1.08 |  | $ | 4.96 |  |  |  |
Net income attributable to common stock | $ | 983 |  | $ | 4,676 |  |  |  |
Less: Net income allocated to participating securities | (6) |  | (34) |  |  |  |
Net income, net of participating securities | 977 |  | 4,642 |  |  |  |
Weighted-average number of basic shares | 901.2 |  | 936.7 |  |  |  |
Dilutive securities | 74.1 |  | 61.0 |  |  |  |
Dilutive effect of potentially dilutive securities | 975.3 |  | 997.7 |  |  |  |
Diluted income per common share | $ | 1.00 |  | $ | 4.65 |  |  |  |
Schedule of Repurchase Agreements | The following table presents Occidental's common share activity, including its $3.0 billion stock repurchase plan announced in February 2023, exercises of options and warrants, and other transactions in Occidental's common stock in the first quarter of 2023:
Period | Exercise of Warrants and Options (a) | Other (b) | Treasury Stock Purchases | Common Stock Outstanding (c)
December 31, 2022 |  |  |  | 899,858,944 |
First Quarter 2023 | 268,371 |  | 3,935,166 |  | (12,511,237) |  | 891,551,244 |
(a) Approximately $9 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 and the dividend reinvestment plan. (c) As of March 31, 2023, Occidental has 103.9 million outstanding warrants with a strike of $22.00 per share and 83.9 million of warrants with a strike of $59.62 per share.
Schedule of Obligated Preferred Stock Redemptions | The following table presents the number of shares of preferred stock which were obligated to be redeemed as of March 31, 2023.
shares of Preferred stock | Three months ended March 31, 2023
Preferred stock, as of December 31, 2022 | 100,000 |
Less: Obligated redemptions | (6,468) |
Preferred stock, as of March 31, 2023 | 93,532 |
Components of Preferred Stock Dividends and Redemptions | The following presents the components of preferred stock dividends and redemptions:
millions | March 31, 2023
Preferred dividends | $ | 200 |
Redemption premium | 65 |
Redemption value in excess of carrying value | 15 |
Preferred dividend and redemption premiums | $ | 280 |

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