NOTE 18 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted earnings per share:
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Ìý |
(In Millions, Except Per Share Amounts) |
Ìý |
Year Ended
December 31, |
Ìý |
2018 |
Ìý |
2017 |
Ìý |
2016 |
Income from continuing operations |
$ |
1,039.9 |
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Ìý |
$ |
360.6 |
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Ìý |
$ |
122.6 |
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Loss (income) from continuing operations attributable to
noncontrolling interest |
— |
|
Ìý |
3.9 |
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Ìý |
(25.2 |
) |
Net income from continuing operations
attributable to Cliffs shareholders |
$ |
1,039.9 |
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Ìý |
$ |
364.5 |
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Ìý |
$ |
97.4 |
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Income from discontinued operations, net of tax |
88.2 |
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Ìý |
2.5 |
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Ìý |
76.7 |
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Net income attributable to Cliffs shareholders |
$ |
1,128.1 |
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Ìý |
$ |
367.0 |
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Ìý |
$ |
174.1 |
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Weighted average number of shares: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Basic |
297.2 |
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Ìý |
288.4 |
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Ìý |
197.7 |
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$316.25 million 1.50% 2025 Convertible Senior Notes |
3.4 |
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Ìý |
— |
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Ìý |
— |
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Employee stock plans |
3.5 |
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Ìý |
4.6 |
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Ìý |
2.4 |
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Diluted |
304.1 |
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Ìý |
293.0 |
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Ìý |
200.1 |
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Earnings per common share attributable to
Cliffs common shareholders - basic: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Continuing operations |
$ |
3.50 |
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Ìý |
$ |
1.27 |
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Ìý |
$ |
0.49 |
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Discontinued operations |
0.30 |
|
Ìý |
0.01 |
|
Ìý |
0.39 |
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Ìý |
$ |
3.80 |
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Ìý |
$ |
1.28 |
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Ìý |
$ |
0.88 |
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Earnings per common share attributable to
Cliffs common shareholders - diluted: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Continuing operations |
$ |
3.42 |
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Ìý |
$ |
1.25 |
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Ìý |
$ |
0.49 |
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Discontinued operations |
0.29 |
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Ìý |
0.01 |
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Ìý |
0.38 |
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Ìý |
$ |
3.71 |
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Ìý |
$ |
1.26 |
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Ìý |
$ |
0.87 |
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The dilutive impact of 2025 Convertible Notes that were issued in December 2017 is calculated based on the treasury-stock method with the number of dilutive shares being calculated based on the difference in the average share price and the conversion price. There was no dilution during 2017 related to the common share equivalents for the 2025 Convertible Notes as our common shares average price did not rise in value above the conversion price.
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