A reconciliation of net income and weighted-average shares of common stock outstanding for purposes of calculating diluted net income per share for the years ended December 31 follows:



	2012				2011				2010
Net income	$	3,980			$	5,747			$	5,544
Net income attributable to noncontrolling interests	(939		)		(1,187		)		(1,208		)
Preferred dividends	—				—				(63		)
Net income attributable to FCX common stockholders	3,041				4,560				4,273
Plus income impact of assumed conversion of
6¾% Mandatory Convertible Preferred Stock^a	—				—				63
Diluted net income attributable to FCX common
stockholders	$	3,041			$	4,560			$	4,336

Weighted-average shares of common stock outstanding	949				947				915
Add shares issuable upon conversion, exercise or vesting
of (refer to Note 11):
6¾% Mandatory Convertible Preferred Stock^a	—				—				26
Dilutive stock options	4			^b	7			^b	6
Restricted stock units	1				1				2
Weighted-average shares of common stock outstanding for
purposes of calculating diluted net income per share	954				955				949

Diluted net income per share attributable to FCX
common stockholders	$	3.19			$	4.78			$	4.57


a.	All outstanding 6¾% Mandatory Convertible Preferred Stock automatically converted on May 1, 2010, into FCX common stock at a conversion rate of 2.7432 shares of FCX common stock.


b.	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 one million for the year ended December 31, 2012, and two million for the year ended December 31, 2011.