Following is a reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share (in millions, except per share amounts):



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net income	$	1,726		$	832		$	3,587		$	2,047
Net income attributable to noncontrolling interests	(358		)	(168		)	(720		)	(438		)
Preferred dividends	—			(15		)	—			(63		)
Net income attributable to FCX common stockholders	1,368			649			2,867			1,546
Plus income impact of assumed conversion of 6¾% Mandatory Convertible Preferred Stock^a	—			15			—			63
Diluted net income attributable to FCX common stockholders	$	1,368		$	664		$	2,867		$	1,609

Weighted-average shares of common stock outstanding	947			915			947			888
Add stock issuable upon conversion, exercise or vesting of:
6¾% Mandatory Convertible Preferred Stock^a	—			26			—			52
Dilutive stock options	8			4			8			5			^b
Restricted stock	1			2			1			2
Weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share	956			947			956			947
Diluted net income per share attributable to FCX common stockholders	$	1.43		$	0.70		$	3.00		$	1.70


a.	All outstanding 6¾% Mandatory Convertible Preferred Stock automatically converted on May 1, 2010, into FCX common stock.


b.	Potential additional shares of common stock that were anti-dilutive totaled approximately three million.