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STOCK COMPENSATION PLANS (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Ìý
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| Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] |
Restricted share units, restricted stock awards, deferred stock allocation and performance share activity under our long-term equity plans and Directors’ Plans are as follows:
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Ìý |
2013 |
Ìý |
2012 |
Ìý |
2011 |
Ìý |
Shares |
Ìý |
Shares |
Ìý |
Shares |
Restricted awards: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Outstanding and restricted at beginning of year |
393,787 |
|
Ìý |
425,166 |
|
Ìý |
371,712 |
|
Granted during the year |
396,844 |
|
Ìý |
151,869 |
|
Ìý |
125,059 |
|
Vested |
(118,973 |
) |
Ìý |
(161,741 |
) |
Ìý |
(61,330 |
) |
Canceled |
(85,574 |
) |
Ìý |
(21,507 |
) |
Ìý |
(10,275 |
) |
Outstanding and restricted at end of year |
586,084 |
|
Ìý |
393,787 |
|
Ìý |
425,166 |
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Performance shares: |
|
Ìý |
|
Ìý |
|
Outstanding at beginning of year |
772,484 |
|
Ìý |
877,435 |
|
Ìý |
843,238 |
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Granted during the year 1
|
806,271 |
|
Ìý |
501,346 |
|
Ìý |
263,816 |
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Issued 2
|
(289,054 |
) |
Ìý |
(574,518 |
) |
Ìý |
(215,870 |
) |
Forfeited/canceled |
(249,248 |
) |
Ìý |
(31,779 |
) |
Ìý |
(13,749 |
) |
Outstanding at end of year |
1,040,453 |
|
Ìý |
772,484 |
|
Ìý |
877,435 |
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Vested or expected to vest as of
ÌýÌýÌýÌýDecemberÌý31, 2013
|
1,030,351 |
|
Ìý |
Ìý |
Ìý |
Ìý |
Directors’ retainer and voluntary shares: |
|
Ìý |
|
Ìý |
|
Outstanding at beginning of year |
2,880 |
|
Ìý |
2,611 |
|
Ìý |
2,509 |
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Granted during the year |
8,136 |
|
Ìý |
1,823 |
|
Ìý |
1,815 |
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Canceled |
(1,521 |
) |
Ìý |
— |
|
Ìý |
— |
|
Vested |
(2,166 |
) |
Ìý |
(1,554 |
) |
Ìý |
(1,713 |
) |
Outstanding at end of year |
7,329 |
|
Ìý |
2,880 |
|
Ìý |
2,611 |
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Reserved for future grants or awards at end
ÌýÌýÌýÌýof year:
|
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Employee plans |
2,988,310 |
|
Ìý |
Ìý |
Ìý |
Ìý |
Directors’ plans |
40,932 |
|
Ìý |
Ìý |
Ìý |
Ìý |
Total |
3,029,242 |
|
Ìý |
Ìý |
Ìý |
Ìý |
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
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1
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The shares granted during the year include 54,051 shares, 191,506 shares and 71,956 shares for each year presented, respectively, related to the 23%, 50% and 50% payout associated with the prior-year pool as actual payout exceeded target.
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2
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For each year presented, the shares vested on DecemberÌý31, 2012,ÌýDecemberÌý31, 2011 and DecemberÌý31, 2010, respectively, and were valued on FebruaryÌý21, 2013,ÌýFebruaryÌý13, 2012 and FebruaryÌý14, 2011, respectively.
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| Employee Stock Awards Outstanding [Table Text Block] |
A summary of our outstanding share-based awards as of DecemberÌý31, 2013 is shown below:
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Ìý |
Shares |
Ìý |
Weighted
Average
GrantÌýDate
Fair Value
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Outstanding, beginning of year |
1,169,151 |
|
Ìý |
|
$61.81 |
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Granted |
1,211,251 |
|
Ìý |
|
$19.84 |
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Vested |
(410,193 |
) |
Ìý |
|
$51.24 |
|
Forfeited/expired |
(336,343 |
) |
Ìý |
|
$36.42 |
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Outstanding, end of year |
1,633,866 |
|
Ìý |
|
$40.20 |
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| Incentive Compensation and Other Benefit Plans for Employees and Directors [Table Text Block] |
For the last three years, Equity Grant shares have been awarded to elected or re-elected nonemployee Directors as follows:
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Year of Grant |
Ìý |
Unrestricted Equity Grant Shares |
Ìý |
Restricted Equity Grant Shares |
Ìý |
Deferred Equity Grant Shares |
2011 |
Ìý |
1,850 |
|
Ìý |
6,475 |
|
Ìý |
1,850 |
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2012 |
Ìý |
1,498 |
|
Ìý |
8,988 |
|
Ìý |
2,996 |
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2013 |
Ìý |
3,985 |
|
Ìý |
31,506 |
|
Ìý |
7,970 |
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| Stock Incentive Plans Disclosure [Table Text Block] |
Following is a summary of our Performance Share Award Agreements currently outstanding:
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Performance
Share
Plan Year |
Performance
Shares
Outstanding |
Ìý |
Ìý |
Ìý |
ForfeituresÌý(1) |
Ìý |
Grant Date |
Ìý |
Performance Period |
2013 |
574,941 |
|
Ìý |
|
Ìý |
177,279 |
|
Ìý |
March 11, 2013 |
Ìý |
1/1/2013 - 12/31/2015 |
2012 |
239,072 |
|
Ìý |
|
Ìý |
70,768 |
|
Ìý |
March 12, 2012 |
Ìý |
1/1/2012 - 12/31/2014 |
2011 |
156,178 |
|
Ìý |
|
Ìý |
32,112 |
|
Ìý |
MarchÌý8,Ìý2011 |
Ìý |
1/1/2011 - 12/31/2013 |
2011 |
1,717 |
|
Ìý |
|
Ìý |
373 |
|
Ìý |
AprilÌý14, 2011 |
Ìý |
1/1/2011 - 12/31/2013 |
2011 |
1,290 |
|
Ìý |
|
Ìý |
— |
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Ìý |
MayÌý2, 2011 |
Ìý |
1/1/2011 - 12/31/2013 |
2010 |
12,480 |
|
Ìý |
(2) |
Ìý |
— |
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Ìý |
MarchÌý8, 2010 |
Ìý |
12/31/2009 - 12/31/2013 |
2009 |
44,673 |
|
Ìý |
(2) |
Ìý |
— |
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Ìý |
December 17, 2009 |
Ìý |
12/31/2009 - 12/31/2013 |
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(1) |
The 2013 and 2012 awards are based on assumed forfeitures. The 2011 awards reflect actual forfeitures. |
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(2) |
Represents the target payout as of DecemberÌý31, 2013 related to the 44,673 shares awarded on December 17, 2009 and the 12,480 shares awarded on March 8, 2010 based upon the Compensation Committee’s ability to exercise negative discretion.
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| Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] |
The following table summarizes the share-based compensation expense that we recorded for continuing operations in 2013, 2012 and 2011:
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Ìý |
(InÌýMillions,ÌýexceptÌý per
shareÌýamounts)
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Ìý |
2013 |
Ìý |
2012 |
Ìý |
2011 |
Cost of goods sold and operating expenses |
$ |
6.3 |
|
Ìý |
$ |
4.0 |
|
Ìý |
$ |
2.7 |
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Selling, general and administrative expenses |
14.8 |
|
Ìý |
16.6 |
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Ìý |
13.2 |
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Reduction of operating income from continuing operations before income
ÌýÌýÌýÌýtaxes and equity income (loss) from ventures
|
21.1 |
|
Ìý |
20.6 |
|
Ìý |
15.9 |
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Income tax benefit |
(7.4 |
) |
Ìý |
(7.2 |
) |
Ìý |
(5.6 |
) |
Reduction of net income attributable to Cliffs shareholders |
$ |
13.7 |
|
Ìý |
$ |
13.4 |
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Ìý |
$ |
10.3 |
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Reduction of earnings per share attributable to Cliffs shareholders: |
|
Ìý |
|
Ìý |
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Basic |
$ |
0.09 |
|
Ìý |
$ |
0.09 |
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Ìý |
$ |
0.07 |
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Diluted |
$ |
0.08 |
|
Ìý |
$ |
0.09 |
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Ìý |
$ |
0.07 |
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| Schedule Of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions |
The following assumptions were utilized to estimate the fair value for the 2013 performance share grants:
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Grant Date |
Ìý |
Grant Date Market Price |
Ìý |
Average Expected Term (Years) |
Ìý |
Expected Volatility |
Ìý |
Risk-Free Interest Rate |
Ìý |
Dividend Yield |
Ìý |
Fair Value |
Ìý |
Fair Value (Percent of Grant Date Market Price) |
MarchÌý11, 2013 |
Ìý |
$ |
23.83 |
|
Ìý |
2.81 |
Ìý |
52.9% |
Ìý |
0.40% |
Ìý |
2.52% |
Ìý |
$ |
17.01 |
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Ìý |
71.38% |
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