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Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE (Tables)

v3.22.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract] Ìý
Earnings Per Share Computation
The following table summarizes the computation of basic and diluted EPS:
(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
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
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
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.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
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:
(In Millions)
2020
Redeemable preferred shares 4Ìý
Convertible senior notes 2Ìý
Shares related to employee stock plans 1Ìý