Earnings per Share (Unaudited) Earnings per Share (Notes)

3 Months Ended

Mar. 31, 2022

EARNINGS PER SHARE

FCX calculates its basic net income per share of common stock under the two-class method and calculates its diluted net income per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income per share of common stock was computed by dividing net income attributable to common stockholders (after deducting accumulated dividends and undistributed earnings to participating securities) by the weighted-average shares of common stock outstanding during the period. Diluted net income per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be antidilutive.

Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow (in millions, except per share amounts):


	Three Months Ended
	March 31,
	2022		2021
Net income	$	1,904	$	953
Net income attributable to noncontrolling interests	(377)		(235)

Undistributed earnings allocated to participating securities	(5)		(4)







Net income attributable to common stockholders	$	1,522	$	714


Basic weighted-average shares of common stock outstanding	1,455		1,462
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	14		15
Diluted weighted-average shares of common stock outstanding	1,469		1,477




Basic net income per share attributable to common stockholders	$	1.05	$	0.49



Diluted net income per share attributable to common stockholders	$	1.04	$	0.48

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 2 million shares of common stock in first-quarter 2022 and 10 million shares of common stock in first-quarter 2021, were excluded.