Earnings Per Share (Unaudited)

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

FCX’s basic net loss per share of common stock was computed by dividing net loss attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. Diluted net income per share of common stock was computed using the most dilutive of (a) the two-class method or (b) the treasury stock method. Under the two-class method, net income is allocated to each class of common stock and participating securities as if all of the earnings for the period had been distributed. FCX’s participating securities consist of vested restricted stock units (RSUs) for which the underlying common shares are not yet issued and entitle holders to non-forfeitable dividends.

A reconciliation of net loss and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net loss per share follows (in millions, except per share amounts):

	Three Months Ended
	March 31,
	2016				2015
Net loss	$	(4,101	)		$	(2,406	)
Net income attributable to noncontrolling interests	(72		)		(58		)
Preferred dividends on redeemable noncontrolling interest	(11		)		(10		)
Undistributed earnings allocable to participating securities	(3		)		(3		)
Net loss allocable to common stockholders	$	(4,187	)		$	(2,477	)
Basic weighted-average shares of common stock outstanding	1,251				1,040
Add shares issuable upon exercise or vesting of dilutive stock options and RSUs	—			a	—			a
Diluted weighted-average shares of common stock outstanding	1,251				1,040
Basic and diluted net loss per share attributable to common stockholders	$	(3.35	)		$	(2.38	)

a. Excludes approximately 10 million shares of common stock for first-quarter2016and14 million for first-quarter2015 associated with outstanding stock options with exercise prices less than the average market price of FCX's common stock and RSUs that were anti-dilutive.

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. Stock options for 47 million shares of common stock were excluded for first-quarter2016and40 million were excluded for first-quarter2015.