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Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE (Tables)

v3.21.1
EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract] Ìý
Earnings Per Share Computation
The following table summarizes the computation of basic and diluted earnings per share:
(In Millions, Except Per Share Amounts)
Three Months Ended
March 31,
2021 2020
Income (loss) from continuing operations $ 57Ìý $ (50)
Income from continuing operations attributable to noncontrolling interest (16) (3)
Net income (loss) from continuing operations attributable to Cliffs shareholders 41Ìý (53)
Income from discontinued operations, net of tax —Ìý 1Ìý
Net income (loss) attributable to Cliffs shareholders $ 41Ìý $ (52)
Weighted average number of shares:
Basic 490 298
Redeemable preferred shares 58 —
Convertible senior notes 19 —
Employee stock plans 4 —
Diluted 571 298
Earnings (loss) per common share attributable to Cliffs shareholders - basic1:
Continuing operations $ 0.08Ìý $ (0.18)
Discontinued operations —Ìý —Ìý
$ 0.08Ìý $ (0.18)
Earnings (loss) per common share attributable to Cliffs shareholders - diluted:
Continuing operations $ 0.07Ìý $ (0.18)
Discontinued operations —Ìý —Ìý
$ 0.07Ìý $ (0.18)
1 For the three months ended MarchÌý31, 2021, basic earnings per share is calculated by dividing Net income (loss) attributable to Cliffs shareholders, less $4 million of earnings attributed to Series B Participating Redeemable Preferred Stock, by the weighted average number of basic common shares outstanding during the period presented.