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Earnings Per Share (Unaudited)
 6 Months Ended
Jun. 30, 2011
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE
FCX’s basic net income per share of common stock was calculated by dividing net income attributable to common stock by the weighted-average shares of common stock outstanding during the period. 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 Stocka
—


 
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 Stocka
—


 
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.


Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock. Excluded amounts were approximately 5 million stock options with a weighted-average exercise price of $55.77 per option for second-quarter 2011 and approximately 2 million stock options with a weighted-average exercise price of $55.90 for the six months ended June 30, 2011. Stock options for approximately 19 million shares with a weighted-average exercise price of $37.78 were excluded for second-quarter 2010, and stock options for approximately 11 million shares with a weighted-average exercise price of $38.77 were excluded for the six months ended June 30, 2010.