Exhibit 11.1 FREEPORT-McMoRan COPPER & GOLD INC. COMPUTATION OF NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE Three Months Six Months Ended June 30, Ended June 30, ------------------------ ------------------------ 1996 1995 1996 1995 ---------- ---------- ---------- ---------- (In Thousands, Except Per Share Amounts) Primary: Net income applicable to common stock $ 29,045 $ 40,625 $ 51,495 $ 84,618 ========== ========== ========== ========== Average common shares outstanding 195,239 205,157 195,958 205,555 Common stock equivalents: Stock options 1,930 - 1,810 - ---------- ---------- ---------- ---------- Common and common equivalent shares 197,169 205,157 197,768 205,555 ========== ========== ========== ========== Net income per common and common equivalent share $.15 $.20 $.26 $.41 ==== ==== ==== ====