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The combined effect of cochannel interference and nonselective Rayleigh fading on the reception of analog FM signals in additive Gaussian noise is analyzed. Rice's click model for the breaking region is used. Analysis in the absence of interference is performed first and the effect of modulation on the click rate is found to be nearly negligible. For the case with cochannel interference the click rate is computed in the absence of modulation. Curves are given for detected signal-to-noise ratio (SNR) versus carrier-to-noise ratio (CNR) with signal-to-interference ratio (SIR) as a parameter and SNR versus SIR with CNR as a parameter. The results agree well with recently published results of a simulation study.