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Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE (Tables)

v3.21.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 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
June 30,		 Six Months Ended
June 30,
2021 2020 2021 2020
Income (loss) from continuing operations $ 794Ìý $ (107) $ 851Ìý $ (157)
Income from continuing operations attributable to noncontrolling interest (15) (16) (31) (19)
Net income (loss) from continuing operations attributable to Cliffs shareholders 779Ìý (123) 820Ìý (176)
Income (loss) from discontinued operations, net of tax 1Ìý (1) 1Ìý —Ìý
Net income (loss) attributable to Cliffs shareholders $ 780Ìý $ (124) $ 821Ìý $ (176)
Weighted average number of shares:
Basic 500Ìý 399Ìý 495 348
Redeemable preferred shares 58Ìý —Ìý 58 —
Convertible senior notes 22Ìý —Ìý 21 —
Employee stock plans 5Ìý —Ìý 5 —
Diluted 585Ìý 399Ìý 579 348
Earnings (loss) per common share attributable to Cliffs shareholders - basic1:
Continuing operations $ 1.40Ìý $ (0.31) $ 1.48Ìý $ (0.51)
Discontinued operations —Ìý —Ìý —Ìý —Ìý
$ 1.40Ìý $ (0.31) $ 1.48Ìý $ (0.51)
Earnings (loss) per common share attributable to Cliffs shareholders - diluted:
Continuing operations $ 1.33Ìý $ (0.31) $ 1.42Ìý $ (0.51)
Discontinued operations —Ìý —Ìý —Ìý —Ìý
$ 1.33Ìý $ (0.31) $ 1.42Ìý $ (0.51)
1 For the three and six months ended JuneÌý30, 2021, basic earnings per share is calculated by dividing Net income (loss) attributable to Cliffs shareholders, less $82 million and $86 million, respectively, of earnings attributed to Series B Participating Redeemable Preferred Stock, by the weighted average number of basic common shares outstanding during the period presented.