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Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE (Tables)

v3.22.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2022
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,
2022 2021 2022 2021
Income from continuing operations $ 600Ìý $ 794Ìý $ 1,413Ìý $ 851Ìý
Income from continuing operations attributable to noncontrolling interest (5) (15) (18) (31)
Net income from continuing operations attributable to Cliffs shareholders 595Ìý 779Ìý 1,395Ìý 820Ìý
Income from discontinued operations, net of tax 1Ìý 1Ìý 2Ìý 1Ìý
Net income attributable to Cliffs shareholders $ 596Ìý $ 780Ìý $ 1,397Ìý $ 821Ìý
Weighted average number of shares:
Basic 523Ìý 500Ìý 522 495
Redeemable preferred shares —Ìý 58Ìý — 58
Convertible senior notes1
—Ìý 22Ìý 4 21
Employee stock plans 3Ìý 5Ìý 3 5
Diluted 526Ìý 585Ìý 529 579
Earnings per common share attributable to Cliffs shareholders - basic2:
Continuing operations $ 1.14Ìý $ 1.40Ìý $ 2.67Ìý $ 1.48Ìý
Discontinued operations —Ìý —Ìý —Ìý —Ìý
$ 1.14Ìý $ 1.40Ìý $ 2.67Ìý $ 1.48Ìý
Earnings per common share attributable to Cliffs shareholders - diluted:
Continuing operations $ 1.13Ìý $ 1.33Ìý $ 2.64Ìý $ 1.42Ìý
Discontinued operations —Ìý —Ìý —Ìý —Ìý
$ 1.13Ìý $ 1.33Ìý $ 2.64Ìý $ 1.42Ìý
1 On January 1, 2022, we adopted ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). We utilized the modified retrospective method of adoption; using this approach, the guidance was applied to transactions outstanding as of the beginning of the fiscal year.
2 For the three and six months ended JuneÌý30, 2021, basic earnings per share is calculated by dividing Net income 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.