Exhibit 11.1



                             FREEPORT-McMoRan INC.
                   COMPUTATION OF NET INCOME PER COMMON AND
                            COMMON EQUIVALENT SHARE

                                                        Three Months Ended   
                                                             March 31,       
                                                       --------------------- 
                                                         1995         1994   
                                                       -------      -------- 
 Primary:
   Net income applicable to common stock               $19,391       $12,373 
                                                       =======       ======= 

   Average common shares outstanding                   136,826       140,063 
   Common stock equivalents:
     Stock options                                         500         1,000 
                                                       -------       ------- 
   Common and common equivalent shares                 137,326       141,063 
                                                       =======       ======= 
   Net income per common and common
     equivalent share                                     $.14          $.09 
                                                          ====          ==== 

 Fully diluted:
   Net income applicable to common stock:
   Net income                                          $19,391       $12,373 
   Plus preferred dividends                               -             -    
   Plus interest, net of tax effect, on 
     convertible subordinated debentures                  -             -    
                                                       -------       ------- 
   Net income applicable to common stock               $19,391       $12,373 
                                                       =======       ======= 

   Average common shares outstanding                   136,826       140,063 
   Common stock equivalents:
     Stock options                                         500         1,000 
   Convertible securities:
     Preferred stock                                      -             -    
     Convertible subordinated debentures                  -             -    
                                                       -------       ------- 
   Common and common equivalent shares                 137,326       141,063 
                                                       =======       ======= 
   Net income per common and common
     equivalent share                                     $.14          $.09 
                                                          ====          ====