Earnings per Share

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Net income	$	560	$	1,723	$	3,502	$	4,007
Net income attributable to noncontrolling interests	(156)		(324)		(731)		(807)

Undistributed dividends and earnings allocated to participating securities	(5)		(4)		(6)		(6)







Net income attributable to common stockholders	$	399	$	1,395	$	2,765	$	3,194


Basic weighted-average shares of common stock outstanding	1,431		1,469		1,444		1,466
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	8		15		11		15
Diluted weighted-average shares of common stock outstanding	1,439		1,484		1,455		1,481




Basic net income per share attributable to common stockholders	$	0.28	$	0.95	$	1.91	$	2.18



Diluted net income per share attributable to common stockholders	$	0.28	$	0.94	$	1.90	$	2.16

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 shares of common stock totaled 3 million shares in third-quarter 2022, 4 million shares in third-quarter 2021, 1 million shares for the first nine months of 2022 and 6 million shares for the first nine months of 2021.