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Earnings Per Share (Unaudited)
6 Months Ended
Jun. 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 common stock 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
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2012
 
2011
 
2012
 
2011
 
Net income
$
894

 
$
1,726

 
$
1,895

 
$
3,587

 
Net income attributable to noncontrolling interests
(184
)
 
(358
)
 
(421
)
 
(720
)
 
Net income attributable to FCX common stockholders
$
710

 
$
1,368

 
$
1,474

 
$
2,867

 
 
 
 
 
 
 
 
 
 
Weighted-average shares of common stock outstanding
949

 
947

 
949

 
947

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

 
8

 
4

a 
8

 
 Restricted stock units
1

 
1

 
1

 
1

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

 
956

 
954

 
956

 
 
 
 
 
 
 
 
 
 
Diluted net income per share attributable to FCX
     common stockholders
$
0.74

 
$
1.43

 
$
1.55

 
$
3.00

 
a.
Excluded approximately one million shares of common stock with exercise prices less than the average market price of FCX's common stock during the period that were anti-dilutive based on the treasury stock method.

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 25 million stock options with a weighted-average exercise price of $42.53 per option for second-quarter 2012 and approximately 17 million stock options with a weighted average exercise price of $44.73 for the six months ended June 30, 2012. Stock options for approximately 5 million shares with a weighted-average exercise price of $55.77 were excluded for second-quarter 2011, and stock options for approximately 2 million shares with a weighted-average exercise price of $55.90 were excluded for the six months ended June 30, 2011.