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Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE (Tables)

v3.22.4
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract] Ìý
Earnings Per Share Computation
The following table summarizes the computation of basic and diluted EPS:
Year Ended December 31,
(In millions, except per share amounts) 2022 2021 2020
Income (loss) from continuing operations $ 1,373Ìý $ 3,030Ìý $ (82)
Income from continuing operations attributable to noncontrolling interest (41) (45) (41)
Net income (loss) from continuing operations attributable to Cliffs shareholders 1,332Ìý 2,985Ìý (123)
Income from discontinued operations, net of tax 3Ìý 3Ìý 1Ìý
Net income (loss) attributable to Cliffs shareholders $ 1,335Ìý $ 2,988Ìý $ (122)
Weighted average number of shares:
Basic 519Ìý 498Ìý 379Ìý
Redeemable preferred shares —Ìý 33Ìý —Ìý
Convertible senior notes1
2Ìý 22Ìý —Ìý
Employee stock plans 3Ìý 5Ìý —Ìý
Diluted 524Ìý 558Ìý 379Ìý
Earnings (loss) per common share attributable to Cliffs common shareholders - basic2:
Continuing operations $ 2.57Ìý $ 5.62Ìý $ (0.32)
Discontinued operations —Ìý 0.01Ìý —Ìý
$ 2.57Ìý $ 5.63Ìý $ (0.32)
Earnings (loss) per common share attributable to Cliffs common shareholders - diluted:
Continuing operations $ 2.55Ìý $ 5.35Ìý $ (0.32)
Discontinued operations —Ìý 0.01Ìý —Ìý
$ 2.55Ìý $ 5.36Ìý $ (0.32)
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 year ended December 31, 2021, basic earnings per share was calculated by dividing Net income (loss) attributable to Cliffs shareholders, less $187 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.