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Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE (Tables)

v3.24.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2023
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) 2023 2022 2021
Income from continuing operations $ 449Ìý $ 1,373Ìý $ 3,030Ìý
Income from continuing operations attributable to noncontrolling interest (51) (41) (45)
Net income from continuing operations attributable to Cliffs shareholders 398Ìý 1,332Ìý 2,985Ìý
Income from discontinued operations, net of tax 1Ìý 3Ìý 3Ìý
Net income attributable to Cliffs shareholders $ 399Ìý $ 1,335Ìý $ 2,988Ìý
Weighted average number of shares:
Basic 510Ìý 519Ìý 498Ìý
Redeemable preferred shares —Ìý —Ìý 33Ìý
Convertible senior notes1
—Ìý 2Ìý 22Ìý
Employee stock plans 1Ìý 3Ìý 5Ìý
Diluted 511Ìý 524Ìý 558Ìý
Earnings per common share attributable to Cliffs common shareholders - basic2:
Continuing operations $ 0.78Ìý $ 2.57Ìý $ 5.62Ìý
Discontinued operations —Ìý —Ìý 0.01Ìý
$ 0.78Ìý $ 2.57Ìý $ 5.63Ìý
Earnings per common share attributable to Cliffs common shareholders - diluted:
Continuing operations $ 0.78Ìý $ 2.55Ìý $ 5.35Ìý
Discontinued operations —Ìý —Ìý 0.01Ìý
$ 0.78Ìý $ 2.55Ìý $ 5.36Ìý
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 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 Potentially Dilutive Shares Excluded from the Computation of Diluted Earnings Per Share
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:
Year Ended December 31,
(In millions) 2023 2022 2021
Employee stock plans 2 —Ìý —Ìý