XML 32 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share (Unaudited)
 6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE
FCX’s basic net income per share of common stock was computed by dividing net income attributable to FCX common stockholders by the weighted-average 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.

The following table sets forth the computation of basic and diluted net income per share (in millions, except per share amounts):
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2014
 
2013
 
2014
 
2013
 
Net income
$
660

 
$
610

 
$
1,286

 
$
1,434

 
Net income attributable to noncontrolling interests
(168
)
 
(125
)
 
(274
)
 
(301
)
 
Preferred dividends on redeemable noncontrolling interest
(10
)
 
(3
)
 
(20
)
 
(3
)
 
Undistributed earnings allocable to participating securities
(2
)
 
—

 
(3
)
 
—

 
Net income allocable to FCX common stockholders
$
480

 
$
482

 
$
989

 
$
1,130

 
 
 
 
 
 
 
 
 
 
Basic weighted-average shares of common stock outstanding
1,039

 
980

 
1,039

 
965

 
Add shares issuable upon exercise or vesting of dilutive stock options and RSUs
6

a 
4

 
6

a 
3

 
Diluted weighted-average shares of common stock outstanding
1,045

 
984

 
1,045

 
968

 
 
 
 
 
 
 
 
 
 
Basic net income per share attributable to FCX common stockholders
$
0.46

 
$
0.49

 
$
0.95

 
$
1.17

 
Diluted net income per share attributable to FCX common stockholders
$
0.46

 
$
0.49

 
$
0.95

 
$
1.17

 
a.
Excluded shares of common stock associated with outstanding stock options with exercise prices less than the average market price of FCX's common stock that were anti-dilutive totaled approximately 3 million for both second-quarter 2014 and for the six months ended June 30, 2014.

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 stock options totaled 30 million with a weighted-average exercise price of $41.05 per option for both second-quarter 2014 and for the six months ended June 30, 2014, 32 million with a weighted-average exercise price of $40.53 per option for second-quarter 2013 and 30 million with a weighted-average exercise price of $40.92 per option for the six months ended June 30, 2013.