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Quarterly report pursuant to Section 13 or 15(d)

Statements of Unaudited Condensed Consolidated Operations

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Statements of Unaudited Condensed Consolidated Operations (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
REVENUES FROM PRODUCT SALES AND SERVICES Ìý Ìý Ìý Ìý
Product $ 1,705.0 $ 1,116.2 $ 2,838.0 $ 1,787.7
Freight and venture partners' cost reimbursements 100.8 68.1 151.0 124.3
TOTAL REVENUES 1,805.8 1,184.3 2,989.0 1,912.0
COST OF GOODS SOLD AND OPERATING EXPENSES (1,075.0) (769.6) (1,659.5) (1,347.3)
SALES MARGIN 730.8 414.7 1,329.5 564.7
OTHER OPERATING INCOME (EXPENSE) Ìý Ìý Ìý Ìý
Selling, general and administrative expenses (69.5) (42.5) (115.3) (86.9)
Consolidated Thompson acquisition costs (18.0) Ìý (22.9) Ìý
Exploration costs (18.2) (7.7) (28.8) (9.3)
Miscellaneous - net (8.2) 1.3 (4.4) 10.7
TOTAL OTHER OPERATING EXPENSE (113.9) (48.9) (171.4) (85.5)
OPERATING INCOME 616.9 365.8 1,158.1 479.2
OTHER INCOME (EXPENSE) Ìý Ìý Ìý Ìý
Gain on acquisition of controlling interests Ìý Ìý Ìý 38.6
Changes in fair value of foreign currency contracts, net 50.4 (10.0) 106.7 (7.7)
Interest income 2.4 2.7 4.9 5.1
Interest expense (81.0) (13.3) (119.2) (23.5)
Other non-operating income 0.5 6.5 1.0 7.2
TOTAL OTHER INCOME (27.7) (14.1) (6.6) 19.7
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY INCOME (LOSS) FROM VENTURE 589.2 351.7 1,151.5 498.9
INCOME TAX EXPENSE (151.9) (99.3) (293.9) (165.7)
EQUITY INCOME (LOSS) FROM VENTURES (11.3) 8.2 (8.3) 4.8
NET INCOME 426.0 260.6 849.3 338.0
LESS: INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST 18.3 (0.1) 18.2 (0.1)
NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ 407.7 $ 260.7 $ 831.1 $ 338.1
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - BASIC $ 2.93 $ 1.93 $ 6.06 $ 2.50
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - DILUTED $ 2.92 $ 1.92 $ 6.02 $ 2.49
AVERAGE NUMBER OF SHARES Ìý Ìý Ìý Ìý
Basic 139,000 135,319 137,243 135,247
Diluted 139,783 136,134 137,987 136,041
CASH DIVIDENDS DECLARED PER SHARE $ 0.14 $ 0.14 $ 0.28 $ 0.2275