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NOTE 19 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted EPS:
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Year Ended December 31, |
| (In millions, except per share amounts) |
2023 |
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2022 |
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2021 |
| Income from continuing operations |
$ |
449Ìý
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$ |
1,373Ìý |
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$ |
3,030Ìý |
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| Income from continuing operations attributable to noncontrolling interest |
(51) |
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(41) |
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(45) |
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| Net income from continuing operations attributable to Cliffs shareholders |
398Ìý
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1,332Ìý |
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2,985Ìý |
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| Income from discontinued operations, net of tax |
1Ìý
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3Ìý |
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3Ìý |
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| Net income attributable to Cliffs shareholders |
$ |
399Ìý
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$ |
1,335Ìý |
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$ |
2,988Ìý |
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| Weighted average number of shares: |
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| Basic |
510Ìý
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519Ìý |
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498Ìý |
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| Redeemable preferred shares |
—Ìý
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—Ìý |
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33Ìý |
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Convertible senior notes1
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—Ìý
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2Ìý |
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22Ìý |
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| Employee stock plans |
1Ìý
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3Ìý |
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5Ìý |
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| Diluted |
511Ìý
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524Ìý |
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558Ìý |
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Earnings per common share attributable to Cliffs common shareholders - basic2:
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| Continuing operations |
$ |
0.78Ìý
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$ |
2.57Ìý |
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$ |
5.62Ìý |
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| Discontinued operations |
—Ìý
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—Ìý |
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0.01Ìý |
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$ |
0.78Ìý
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$ |
2.57Ìý |
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$ |
5.63Ìý |
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| Earnings per common share attributable to Cliffs common shareholders - diluted: |
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| Continuing operations |
$ |
0.78Ìý
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$ |
2.55Ìý |
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$ |
5.35Ìý |
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| Discontinued operations |
—Ìý
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—Ìý |
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0.01Ìý |
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$ |
0.78Ìý
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$ |
2.55Ìý |
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$ |
5.36Ìý |
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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.
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2 For the year ended December 31, 2021, basic earnings per share was calculated by dividing Net income 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 potentially dilutive shares that were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive:
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Year Ended December 31, |
| (In millions) |
2023 |
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2022 |
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2021 |
| Employee stock plans |
2 |
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—Ìý |
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—Ìý |
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