Potential anti-dilutive securities

[Table of](#i43d04c9d26874e33802bdf64c458414a_7) [C](#i43d04c9d26874e33802bdf64c458414a_7)[ontents](#i43d04c9d26874e33802bdf64c458414a_7)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 for the years ended December 31 follow:

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
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|   | 2021 |  | 2020 |  | 2019 |   |
| Net income (loss) from continuing operations | $ | 5,365  |  |  | $ | 865  |  |  | $ | (192) |  |  |
| Net income from continuing operations attributable to noncontrolling interests | (1,059) |  |  | (266) |  |  | (50) |  |  |
|  |  |  |  |  |  |  |
| Accumulated dividends and undistributed earnings allocated to participating securities | (7) |  |  | (3) |  |  | (3) |  |  |
| Net income (loss) from continuing operations attributable to common stockholders | 4,299  |  |  | 596  |  |  | (245) |  |  |
|  |  |  |  |  |  |  |
| Net income from discontinued operations | —  |  |  | —  |  |  | 3  |  |  |
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| Net income (loss) attributable to common stockholders | $ | 4,299  |  |  | $ | 596  |  |  | $ | (242) |  |  |
|  |  |  |  |  |  |  |
| Basic weighted-average shares of common stock outstanding (millions) | 1,466  |  |  | 1,453  |  |  | 1,451  |  |  |
| Add shares issuable upon exercise or vesting of dilutive stock options and RSUs (millions) | 16  |  |  | 8  |  |  | —  |  | a |
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| Diluted weighted-average shares of common stock outstanding (millions) | 1,482  |  |  | 1,461  |  |  | 1,451  |  |  |
|  |  |  |  |  |  |  |
| Basic net income (loss) per share attributable to common stockholders: |  |  |  |  |  |  |
| Continuing operations | $ | 2.93  |  |  | $ | 0.41  |  |  | $ | (0.17) |  |  |
| Discontinued operations | —  |  |  | —  |  |  | —  |  |  |
|  | $ | 2.93  |  |  | $ | 0.41  |  |  | $ | (0.17) |  |  |
|  |  |  |  |  |  |  |
| Diluted net income (loss) per share attributable to common stockholders: |  |  |  |  |  |  |
| Continuing operations | $ | 2.90  |  |  | $ | 0.41  |  |  | $ | (0.17) |  |  |
| Discontinued operations | —  |  |  | —  |  |  | —  |  |  |
|  | $ | 2.90  |  |  | $ | 0.41  |  |  | $ | (0.17) |  |  |
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a.Excludes approximately 11 million shares of common stock in 2019 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 year are excluded from the computation of diluted net income (loss) per share of common stock. Stock options for 5 million shares of common stock in 2021, 31 million shares in 2020 and 42 million shares in 2019 were excluded.  
Global Intangible Low-Taxed Income (GILTI). FCX has elected to treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred.  
Reclassifications. For comparative purposes, certain prior year amounts have been reclassified to other, net on FCX’s consolidated statements of cash flows to conform with the current year presentation. Additionally, FCX has revised prior year amounts related to activities associated with its reserve for unrecognized tax benefits in conjunction with uncertain tax positions. See Note 11 for further detail.  
Subsequent Events. FCX evaluated events after December 31, 2021, and through the date the financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these financial statements.  
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