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The following table summarizes the computation of basic and diluted EPS:
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(In Millions, Except Per Share Amounts) |
|
Year Ended December 31, |
|
2021 |
|
2020 |
|
2019 |
| Income (loss) from continuing operations |
$ |
3,030Ìý
|
|
|
$ |
(82) |
|
|
$ |
295Ìý |
|
| Income from continuing operations attributable to noncontrolling interest |
(45) |
|
|
(41) |
|
|
—Ìý |
|
| Net income (loss) from continuing operations attributable to Cliffs shareholders |
2,985Ìý
|
|
|
(123) |
|
|
295Ìý |
|
| Income (loss) from discontinued operations, net of tax |
3Ìý
|
|
|
1Ìý |
|
|
(2) |
|
| Net income (loss) attributable to Cliffs shareholders |
$ |
2,988Ìý
|
|
|
$ |
(122) |
|
|
$ |
293Ìý |
|
|
|
|
|
|
|
| Weighted average number of shares: |
|
|
|
|
|
| Basic |
498Ìý
|
|
|
379Ìý |
|
|
277Ìý |
|
| Redeemable preferred shares |
33Ìý
|
|
|
—Ìý |
|
|
—Ìý |
|
| Convertible senior notes |
22Ìý
|
|
|
—Ìý |
|
|
4Ìý |
|
| Employee stock plans |
5Ìý
|
|
|
—Ìý |
|
|
3Ìý |
|
| Diluted |
558Ìý
|
|
|
379Ìý |
|
|
284Ìý |
|
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|
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Earnings (loss) per common share attributable to
ÌýÌýÌýÌýCliffs common shareholders - basic1:
|
|
|
|
|
|
| Continuing operations |
$ |
5.62Ìý
|
|
|
$ |
(0.32) |
|
|
$ |
1.07Ìý |
|
| Discontinued operations |
0.01Ìý
|
|
|
—Ìý |
|
|
(0.01) |
|
|
$ |
5.63Ìý
|
|
|
$ |
(0.32) |
|
|
$ |
1.06Ìý |
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Earnings (loss) per common share attributable to
ÌýÌýÌýÌýCliffs common shareholders - diluted: |
|
|
|
|
|
| Continuing operations |
$ |
5.35Ìý
|
|
|
$ |
(0.32) |
|
|
$ |
1.04Ìý |
|
| Discontinued operations |
0.01Ìý
|
|
|
—Ìý |
|
|
(0.01) |
|
|
$ |
5.36Ìý
|
|
|
$ |
(0.32) |
|
|
$ |
1.03Ìý |
|
|
|
|
|
|
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1 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.
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The following table summarizes the shares that have been excluded from the diluted earnings per share calculation for the year ended December 31, 2020, as they were anti-dilutive:
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(In Millions) |
|
2020 |
| Redeemable preferred shares |
4Ìý |
|
| Convertible senior notes |
2Ìý |
|
| Shares related to employee stock plans |
1Ìý |
|
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