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EARNINGS PER SHARE AND STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, | Nine months ended September 30,
millions except per-share amounts | 2023 | 2022 | 2023 |  | 2022
Net income | $ | 1,375 |  | $ | 2,746 |  | $ | 3,498 |  |  | $ | 11,377 |
Less: Preferred stock dividends and redemption premiums | (219) |  | (200) |  | (754) |  |  | (600) |
Net income attributable to common stock | $ | 1,156 |  | $ | 2,546 |  | $ | 2,744 |  |  | $ | 10,777 |
Less: Net income allocated to participating securities | (7) |  | (18) |  | (17) |  |  | (76) |
Net income, net of participating securities | $ | 1,149 |  | $ | 2,528 |  | $ | 2,727 |  |  | $ | 10,701 |
Weighted-average number of basic shares | 884.0 | 922.0 | 891.9 |  | 933.0
Basic income per common share | $ | 1.30 |  | $ | 2.74 |  | $ | 3.06 |  |  | $ | 11.47 |
Net income attributable to common stock | $ | 1,156 |  | $ | 2,546 |  | $ | 2,744 |  |  | $ | 10,777 |
Less: Net income allocated to participating securities | (6) |  | (17) |  | (16) |  |  | (70) |
Net income, net of participating securities | $ | 1,150 |  | $ | 2,529 |  | $ | 2,728 |  |  | $ | 10,707 |
Weighted-average number of basic shares | 884.0 |  | 922.0 |  | 891.9 |  |  | 933.0 |
Dilutive securities | 74.2 |  | 80.5 |  | 72.5 |  |  | 72.9 |
Dilutive effect of potentially dilutive securities | 958.2 |  | 1,002.5 |  | 964.4 |  |  | 1,005.9 |
Diluted income per common share | $ | 1.20 |  | $ | 2.52 |  | $ | 2.83 |  |  | $ | 10.64 |
Schedule of Repurchase Agreements | The following table presents Occidental's common share activity, including exercises of options and warrants, other transactions in Occidental's common stock in 2023 and treasury stock purchased both under its $3.0 billion stock repurchase plan announced in February 2023 and from the trustee of Occidental's defined contribution savings plan:
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 |
Second Quarter 2023 | 205,631 |  | 158,473 |  | (7,233,460) |  | 884,681,888 |
Third Quarter 2023 | 2,468,799 |  | 19,248 |  | (9,468,451) |  | 877,701,484 |
Total 2023 | 2,942,801 |  | 4,112,887 |  | (29,213,148) |  | 877,701,484 |
(a) Approximately $70 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 September 30, 2023, Occidental has 101.4 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 preferred stock redemption activity for the nine months ended September 30, 2023:
shares of preferred stock |
Preferred stock, as of December 31, 2022 | 100,000 |
Less: Preferred redemptions | (15,103) |
Preferred stock, as of September 30, 2023 | 84,897 |
Components of Preferred Stock Dividends and Redemptions | The following presents the components of preferred stock dividends and redemptions:
millions | Three months ended September 30, 2023 | Nine months ended September 30, 2023
Preferred dividends | $ | 177 |  | $ | 567 |
Redemption premium | 34 |  | 151 |
Redemption value in excess of carrying value | 8 |  | 36 |
Preferred dividend and redemption premiums | $ | 219 |  | $ | 754 |

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