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

6 Months Ended

Jun. 30, 2021

EARNINGS PER SHARE

FCX calculates its basic net income (loss) per share of common stock under the two-class method and calculates its diluted net income (loss) per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income (loss) per share of common stock was computed by dividing net income (loss) 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 (loss) 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.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Net income (loss)	$	1,331	$	124	$	2,284	$	(425)
Net income attributable to noncontrolling interests	(248)		(71)		(483)		(13)

Undistributed earnings allocated to participating securities	(4)		(3)		(4)		(3)







Net income (loss) attributable to common stockholders	$	1,079	$	50	$	1,797	$	(441)


Basic weighted-average shares of common stock outstanding	1,467		1,453		1,465		1,453
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units (RSUs)	16		5		15		—		a
Diluted weighted-average shares of common stock outstanding	1,483		1,458		1,480		1,453




Basic net income (loss) per share attributable to common stockholders:	$	0.74	$	0.03	$	1.23	$	(0.30)



Diluted net income (loss) per share attributable to common stockholders:	$	0.73	$	0.03	$	1.21	$	(0.30)

a.Excludes approximately 10 million shares 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 (loss) per share of common stock. Stock options for 4 million shares of common stock in second-quarter 2021, 38 million shares of common stock in second-quarter 2020, 7 million shares of common stock for the first six months of 2021 and 39 million shares of common stock the first six months of 2020 were excluded.