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						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Net income	$	1,294		$	1,533		$	4,881		$	3,580
Net income attributable to noncontrolling interests	(241		)	(355		)	(961		)	(793		)
Preferred dividends	—			—			—			(63		)
Net income attributable to FCX common stockholders	1,053			1,178			3,920			2,724
Plus income impact of assumed conversion of 6¾% Mandatory Convertible Preferred Stock^a	—			—			—			63
Diluted net income attributable to FCX common stockholders	$	1,053		$	1,178		$	3,920		$	2,787

Weighted-average shares of common stock outstanding	948			941			947			906
Add stock issuable upon conversion, exercise or vesting of:
6¾% Mandatory Convertible Preferred Stock^a	—			—			—			34
Dilutive stock options^b	6			4			7			5
Restricted stock	1			2			1			2
Weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share	955			947			955			947
Diluted net income per share attributable to FCX common stockholders	$	1.10		$	1.24		$	4.10		$	2.94


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 for the three months ended September 30, 2011, none for the three months ended September 30, 2010, and two million for the nine months ended September 30, 2011 and 2010.