EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2015

NOTE 13EARNINGS PER SHARE

On December 1, 2014, the Spin-off date, 381.4 million shares of our common stock were distributed, of which approximately 18.5% was retained by Occidental and will be divested on March 24, 2016. For comparative purposes, and to provide a more meaningful calculation of weighted-average shares outstanding, we have assumed this amount to be outstanding as of the beginning of each period prior to the Spin-off. In addition, we have assumed the vested stock awards granted in December 2014 were also outstanding for each of the periods presented prior to the Spin-off, resulting in a weighted-average basic share count of 381.8 million shares for those periods. The effect of stock options granted in August 2015 and December 2014 was anti-dilutive for the periods presented. For the year ended December 31, 2015, we issued approximately 2.1 million shares of common stock in connection with our employee stock purchase plan. The effect of the stock purchase plan was anti-dilutive for the year ended December 31, 2015.

The following table presents the calculation of basic and diluted EPS for the years ended December 31:

	2015		2014		2013
	(in millions, except per-share amounts)
Basic EPS calculation
Net income / (loss)	$	(3,554)	$	(1,434)	$	869
Net income / (loss) allocated to participating securities	—		—		(14)

Net income / (loss) available to common stockholders	$	(3,554)	$	(1,434)	$	855

Weighted-average common shares outstanding - basic	383.2		381.9		381.8

Basic EPS	$	(9.27)	$	(3.75)	$	2.24

Diluted EPS calculation
Net income / (loss)	$	(3,554)	$	(1,434)	$	869
Net income / (loss) allocated to participating securities	—		—		(14)

Net income / (loss) available to common stockholders	$	(3,554)	$	(1,434)	$	855

Weighted-average common shares outstanding - basic	383.2		381.9		381.8
Dilutive effect of potentially dilutive securities	—		—		—

Weighted-average common shares outstanding - diluted	383.2		381.9		381.8

Diluted EPS	$	(9.27)	$	(3.75)	$	2.24