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Earnings Per Share (Unaudited)
 9 Months Ended
Sep. 30, 2012
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 FCX common stockholders 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
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2012
 
2011
 
2012
 
2011
 
Net income
$
1,140

 
$
1,294

 
$
3,035

 
$
4,881

 
Net income attributable to noncontrolling interests
(316
)
 
(241
)
 
(737
)
 
(961
)
 
Net income attributable to FCX common stockholders
$
824

 
$
1,053

 
$
2,298

 
$
3,920

 
 
 
 
 
 
 
 
 
 
Weighted-average shares of common stock outstanding
949

 
948

 
949

 
947

 
Add shares issuable upon exercise or vesting of:
 
 
 
 
 
 
 
 
 Dilutive stock options
3

 
6

a 
3

a 
7

a 
 Restricted stock units
1

 
1

 
1

 
1

 
Weighted-average shares of common stock outstanding
 
 
 
 
 
 
 
 
for purposes of calculating diluted net income per share
953

 
955

 
953

 
955

 
 
 
 
 
 
 
 
 
 
Diluted net income per share attributable to FCX
  common stockholders
$
0.86

 
$
1.10

 
$
2.41

 
$
4.10

 
a.
Excluded shares of common stock associated with outstanding stock options with exercise prices less than the average market price of FCX's common stock that were anti-dilutive based on the treasury stock method of approximately three million for the third-quarter 2011, one million for the nine months ended September 30, 2012, and two million for the nine months ended September 30, 2011.

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 24 million stock options with a weighted-average exercise price of $42.52 per option for third-quarter 2012 and approximately 19 million stock options with a weighted-average exercise price of $43.80 per option for the nine months ended September 30, 2012. Approximately 5 million stock options with a weighted-average exercise price of $55.57 per option were excluded for third-quarter 2011, and approximately 3 million stock options with a weighted-average exercise price of $55.74 per option were excluded for the nine months ended September 30, 2011.