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Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

v3.5.0.2
EARNINGS PER SHARE
9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract] Ìý
EARNINGS PER SHARE
NOTE 19 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted earnings (loss) per share:
Ìý
(In Millions, Except Per Share Amounts)
Ìý
Three Months Ended
September 30,
Ìý
Nine Months Ended
September 30,
Ìý
2016
Ìý
2015
Ìý
2016
Ìý
2015
Income (Loss) from Continuing Operations
$
(25.1
)
Ìý
$
49.9

Ìý
$
119.1

Ìý
$
178.5

Loss (Income) from Continuing Operations Attributable to Noncontrolling Interest
2.0

Ìý
4.6

Ìý
(23.5
)
Ìý
(6.2
)
Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders
$
(23.1
)
Ìý
$
54.5

Ìý
$
95.6

Ìý
$
172.3

Loss from Discontinued Operations, net of tax
(2.7
)
Ìý
(43.9
)
Ìý
(0.6
)
Ìý
(861.3
)
Net Income (Loss) Attributable to Cliffs Shareholders
$
(25.8
)
Ìý
$
10.6

Ìý
$
95.0

Ìý
$
(689.0
)
Preferred Stock Dividends
—

Ìý
(25.6
)
Ìý
—

Ìý
(38.4
)
Net Income (Loss) Attributable to Cliffs Common Shareholders
$
(25.8
)
Ìý
$
(15.0
)
Ìý
$
95.0

Ìý
$
(727.4
)
Weighted Average Number of Shares:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Basic
206.3

Ìý
153.2

Ìý
186.5

Ìý
153.2

Employee Stock Plans
—

Ìý
—

Ìý
2.0

Ìý
—

Diluted
206.3

Ìý
153.2

Ìý
188.5

Ìý
153.2

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Continuing operations
$
(0.11
)
Ìý
$
0.19

Ìý
$
0.51

Ìý
$
0.87

Discontinued operations
(0.01
)
Ìý
(0.29
)
Ìý
—

Ìý
(5.62
)
Ìý
$
(0.12
)
Ìý
$
(0.10
)
Ìý
$
0.51

Ìý
$
(4.75
)
Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Continuing operations
$
(0.11
)
Ìý
$
0.19

Ìý
$
0.51

Ìý
$
0.87

Discontinued operations
(0.01
)
Ìý
(0.29
)
Ìý
—

Ìý
(5.62
)
Ìý
$
(0.12
)
Ìý
$
(0.10
)
Ìý
$
0.51

Ìý
$
(4.75
)

The diluted earnings per share calculation excludesÌý25.2 millionÌýdepositary shares that were anti-dilutive for the three and nine months ended September 30, 2015. Additionally, the diluted earnings per share calculation excludesÌý3.0 millionÌýshares for the three months ended September 30, 2016, andÌý0.1 millionÌýshares andÌý0.2 millionÌýshares for the three and nine months ended September 30, 2015, related to equity plan awards that would have been anti-dilutive.