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EARNINGS PER SHARE AND EQUITY | 9 Months Ended
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Sep. 30, 2024
Stockholders' Equity Note [Abstract] |
EARNINGS PER SHARE AND EQUITY |
NOTE 10 - EARNINGS PER SHARE AND EQUITY
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 | 2024 | 2023 | 2024 | 2023
Income from continuing operations | $ | 1,140 |  | $ | 1,375 |  | $ | 3,016 |  | $ | 3,498 |
Discontinued operations, net of taxes (a) | — |  | — |  | 182 |  | — |
Net income | $ | 1,140 |  | $ | 1,375 |  | $ | 3,198 |  | $ | 3,498 |
Less: Income attributable to noncontrolling interest | (7) |  | — |  | (15) |  | — |
Less: Preferred stock dividends and redemption premiums | (169) |  | (219) |  | (509) |  | (754) |
Net income attributable to common stock | $ | 964 |  | $ | 1,156 |  | $ | 2,674 |  | $ | 2,744 |
Less: Net income allocated to participating securities | (5) |  | (7) |  | (15) |  | (17) |
Net income, net of participating securities | $ | 959 |  | $ | 1,149 |  | $ | 2,659 |  | $ | 2,727 |
Weighted-average number of basic shares | 927.5 | 884.0 | 902.1 | 891.9
Basic income per common share | $ | 1.03 |  | $ | 1.30 |  | $ | 2.95 |  | $ | 3.06 |
Net income attributable to common stock | $ | 964 |  | $ | 1,156 |  | $ | 2,674 |  | $ | 2,744 |
Less: Net income allocated to participating securities | (4) |  | (6) |  | (14) |  | (16) |
Net income, net of participating securities | $ | 960 |  | $ | 1,150 |  | $ | 2,660 |  | $ | 2,728 |
Weighted-average number of basic shares | 927.5 |  | 884.0 |  | 902.1 |  | 891.9 |
Dilutive securities | 48.2 |  | 74.2 |  | 59.3 |  | 72.5 |
Dilutive effect of potentially dilutive securities | 975.7 |  | 958.2 |  | 961.4 |  | 964.4 |
Diluted income per common share | $ | 0.98 |  | $ | 1.20 |  | $ | 2.77 |  | $ | 2.83 |
(a) See Note 9 - Lawsuits, Claims, Commitments and Contingencies. For the three months ended September 30, 2024 warrants for 83.9 million shares of Occidental common stock were excluded from diluted shares as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2023, there were no Occidental common stock warrants nor options that were excluded from diluted shares. The following table presents Occidental's common share activity, including exercises of warrants, and other transactions in Occidental's common stock in 2024:
Period | Exercise of Warrants (a) | CrownRock Acquisition | Other (b) | Treasury Stock Purchases (c) | Common Stock Outstanding (d)
December 31, 2023 |  |  |  |  | 879,463,103 |
First Quarter 2024 | 3,277,628 |  | — |  | 3,978,999 |  | — |  | 886,719,730 |
Second Quarter 2024 | 18,875,864 |  | — |  | 94,789 |  | (130,424) |  | 905,559,959 |
Third Quarter 2024 | 3,032,136 |  | 29,560,619 |  | 21,504 |  | — |  | 938,174,218 |
Total | 25,185,628 |  | 29,560,619 |  | 4,095,292 |  | (130,424) |  | 938,174,218 |
(a) $554 million of cash was received in the first nine months of 2024 from of the exercise of common stock warrants. (b) Consists of issuances from the 2015 long-term incentive plan, the OPC savings plan and the dividend reinvestment plan. (c) Included purchases of shares from the trustee of Occidental's defined contribution savings plan that are not part of publicly announced plans or programs. (d) As of September 30, 2024, Occidental had 74.3 million outstanding warrants with a strike of $22.00 per share and 83.9 million of Berkshire warrants with a strike of $59.62 per share.

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