STOCK COMPENSATION PLANS (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Ìý
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| Stock Incentive Plans Disclosure [Table Text Block] |
Following is a summary of our performance share award agreements currently outstanding:
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Performance
Share
Plan Year |
Ìý |
Performance Shares Granted |
Ìý |
Estimated Forfeitures |
Ìý |
Expected to Vest |
Ìý |
Grant Date |
Ìý |
Performance Period |
2015 |
Ìý |
410,105 |
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Ìý |
157,979 |
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Ìý |
252,126 |
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Ìý |
February 9, 2015 |
Ìý |
1/1/2015 - 12/31/2017 |
2015 |
Ìý |
464,470 |
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Ìý |
82,636 |
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Ìý |
381,834 |
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Ìý |
January 12, 2015 |
Ìý |
1/1/2015 - 12/31/2017 |
20141
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Ìý |
188,510 |
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Ìý |
188,510 |
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Ìý |
— |
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Ìý |
July 29, 2014 |
Ìý |
1/1/2014 - 12/31/2016 |
20141
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Ìý |
80,560 |
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Ìý |
80,560 |
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Ìý |
— |
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Ìý |
May 12, 2014 |
Ìý |
1/1/2014 - 12/31/2016 |
20141
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Ìý |
230,265 |
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Ìý |
230,265 |
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Ìý |
— |
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Ìý |
February 10, 2014 |
Ìý |
1/1/2014 - 12/31/2016 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1ÌýThe performance shares granted in 2014 will have a payout of 0% of the original grant based on the final performance evaluation versus the performance goals that were established in the grants.
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| Incentive Compensation and Other Benefit Plans for Employees and Directors [Table Text Block] |
For the last three years, Equity Grant shares have been awarded to elected or re-elected nonemployee Directors as follows:
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Year of Grant |
Ìý |
Restricted Equity Grant Shares |
Ìý |
Deferred Equity Grant Shares |
2014 |
Ìý |
73,635 |
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Ìý |
— |
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2015 |
Ìý |
109,408 |
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Ìý |
25,248 |
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2016 |
Ìý |
135,038 |
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Ìý |
29,583 |
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| Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] |
The following table summarizes the share-based compensation expense that we recorded for continuing operations in 2016, 2015 and 2014:
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Ìý |
(InÌýMillions,Ìýexcept per
shareÌýamounts)
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Ìý |
2016 |
Ìý |
2015 |
Ìý |
2014 |
Cost of goods sold and operating expenses |
$ |
2.1 |
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Ìý |
$ |
4.0 |
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Ìý |
$ |
5.6 |
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Selling, general and administrative expenses |
12.1 |
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Ìý |
9.9 |
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Ìý |
15.9 |
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Reduction of operating income from continuing operations before income
ÌýÌýÌýÌýtaxes and equity loss from ventures
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14.2 |
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Ìý |
13.9 |
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Ìý |
21.5 |
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Income tax benefit1
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— |
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Ìý |
— |
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Ìý |
(7.5 |
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Reduction of net income attributable to Cliffs shareholders |
$ |
14.2 |
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Ìý |
$ |
13.9 |
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Ìý |
$ |
14.0 |
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Reduction of earnings per share attributable to Cliffs shareholders: |
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Ìý |
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Ìý |
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Basic |
$ |
0.07 |
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Ìý |
$ |
0.09 |
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Ìý |
$ |
0.09 |
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Diluted |
$ |
0.07 |
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Ìý |
$ |
0.09 |
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Ìý |
$ |
0.09 |
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Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1 No income tax benefit for the year ended December 31, 2016 and December 31, 2015, due to the full valuation allowance.
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| Schedule Of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions |
No performance shares were granted in 2016, therefore no fair value analysis was required.
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| Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
No stock options were granted in 2016, therefore no fair value analysis was required.
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| Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] |
Stock option, restricted share awards and performance share activity under our long-term equity plans and Directors’ Plans are as follows:
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Ìý |
2016 |
Ìý |
2015 |
Ìý |
2014 |
Ìý |
Shares |
Ìý |
Shares |
Ìý |
Shares |
Stock options: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Outstanding at beginning of year |
607,489 |
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Ìý |
250,000 |
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Ìý |
— |
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Granted during the year |
— |
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Ìý |
412,710 |
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Ìý |
250,000 |
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Forfeited/canceled |
(7,619 |
) |
Ìý |
(55,221 |
) |
Ìý |
— |
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Outstanding at end of year |
599,870 |
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Ìý |
607,489 |
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Ìý |
250,000 |
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Restricted awards: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Outstanding and restricted at beginning of year |
2,338,070 |
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Ìý |
523,176 |
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Ìý |
586,084 |
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Granted during the year |
3,571,337 |
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Ìý |
2,482,415 |
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Ìý |
531,030 |
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Vested |
(271,988 |
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Ìý |
(477,157 |
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Ìý |
(423,822 |
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Forfeited/canceled |
(175,636 |
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Ìý |
(190,364 |
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Ìý |
(170,116 |
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Outstanding and restricted at end of year |
5,461,783 |
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Ìý |
2,338,070 |
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Ìý |
523,176 |
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Performance shares: |
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Ìý |
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Ìý |
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Outstanding at beginning of year |
1,496,489 |
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Ìý |
1,072,376 |
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Ìý |
1,040,453 |
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Granted during the year |
— |
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Ìý |
874,575 |
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Ìý |
1,233,685 |
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Issued1
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(59,260 |
) |
Ìý |
(242,920 |
) |
Ìý |
(796,624 |
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Forfeited/canceled |
(68,760 |
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Ìý |
(207,542 |
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Ìý |
(405,138 |
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Outstanding at end of year |
1,368,469 |
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Ìý |
1,496,489 |
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Ìý |
1,072,376 |
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Vested or expected to vest as of
ÌýÌýÌýÌýDecemberÌý31, 2016
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6,716,979 |
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Ìý |
Ìý |
Ìý |
Ìý |
Directors’ retainer and voluntary shares: |
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Ìý |
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Ìý |
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Outstanding at beginning of year |
— |
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Ìý |
— |
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Ìý |
7,329 |
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Granted during the year |
— |
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Ìý |
— |
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Ìý |
2,281 |
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Vested |
— |
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Ìý |
— |
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Ìý |
(9,610 |
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Outstanding at end of year |
— |
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Ìý |
— |
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Ìý |
— |
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Reserved for future grants or awards at end
ÌýÌýÌýÌýof year:
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Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Employee plans |
6,514,038 |
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Ìý |
Ìý |
Ìý |
Ìý |
Directors’ plans |
676,678 |
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Ìý |
Ìý |
Ìý |
Ìý |
Total |
7,190,716 |
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Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1ÌýThe performance shares granted in 2014 will have a payout of 0% of the original grant based on the final performance evaluation versus the performance goals that were established in the grants. These shares are not included in this number because they expire and will be ultimately forfeited in February 2017. For the year ended DecemberÌý31, 2015, the shares vesting due to the change in control were paid out in cash, at target, and valued as of the respective participants' termination dates. For the year endedÌýDecemberÌý31, 2014, the shares vesting on December 31, 2013 were valued as of February 10, 2014, and the shares vesting due to the change in a majority of our Board of Directors that triggered the acceleration of vesting and payout of outstanding equity grants under our equity plans on August 6, 2014 were paid out in cash, at target, and valued as of that date.
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| Employee Stock Awards Outstanding [Table Text Block] |
A summary of our outstanding share-based awards as of DecemberÌý31, 2016 is shown below:
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Ìý |
Shares |
Ìý |
Weighted
Average
GrantÌýDate
Fair Value
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Outstanding, beginning of year |
4,442,048 |
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Ìý |
$ |
8.93 |
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Granted |
3,571,337 |
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Ìý |
$ |
1.93 |
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Vested |
(331,248 |
) |
Ìý |
$ |
11.25 |
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Forfeited/expired |
(252,015 |
) |
Ìý |
$ |
5.90 |
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Outstanding, end of year |
7,430,122 |
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Ìý |
$ |
5.55 |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
A summary of our stock option grants vested or expected to vest as of DecemberÌý31, 2016 is shown below:
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Ìý |
Shares |
Ìý |
Weighted-Average Exercise Price |
Ìý |
Aggregate Intrinsic Value |
Ìý |
Weighted-Average Remaining Contractual Term (Years) |
Expected to vest |
417,914 |
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Ìý |
$ |
8.88 |
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Ìý |
$ |
239,640 |
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Ìý |
7.43 |
Exercisable |
166,667 |
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Ìý |
$ |
13.83 |
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Ìý |
$ |
— |
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Ìý |
4.88 |
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