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NOTE 17 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted earnings per share:
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(In Millions, Except Per Share Amounts) |
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
| Income (loss) from continuing operations |
$ |
1,281Ìý
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$ |
2Ìý |
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$ |
2,132Ìý
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$ |
(155) |
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| Income from continuing operations attributable to noncontrolling interest |
(8) |
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(12) |
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(39) |
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(31) |
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| Net income (loss) from continuing operations attributable to Cliffs shareholders |
1,273Ìý
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(10) |
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2,093Ìý
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(186) |
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| Income from discontinued operations, net of tax |
1Ìý
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—Ìý |
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2Ìý
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—Ìý |
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| Net income (loss) attributable to Cliffs shareholders |
$ |
1,274Ìý
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$ |
(10) |
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$ |
2,095Ìý
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$ |
(186) |
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| Weighted average number of shares: |
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| Basic |
500Ìý
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399Ìý |
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497 |
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365 |
| Redeemable preferred shares |
17Ìý
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—Ìý |
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44 |
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— |
| Convertible senior notes |
24Ìý
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—Ìý |
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21 |
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— |
| Employee stock plans |
6Ìý
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—Ìý |
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5 |
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— |
| Diluted |
547Ìý
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399Ìý |
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567 |
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365 |
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Earnings (loss) per common share attributable to Cliffs shareholders - basic1:
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| Continuing operations |
$ |
2.46Ìý
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$ |
(0.02) |
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$ |
3.87Ìý
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$ |
(0.51) |
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| Discontinued operations |
—Ìý
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—Ìý |
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—Ìý
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—Ìý |
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$ |
2.46Ìý
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$ |
(0.02) |
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$ |
3.87Ìý
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$ |
(0.51) |
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| Earnings (loss) per common share attributable to Cliffs shareholders - diluted: |
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| Continuing operations |
$ |
2.33Ìý
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$ |
(0.02) |
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$ |
3.69Ìý
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$ |
(0.51) |
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| Discontinued operations |
—Ìý
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—Ìý |
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—Ìý
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—Ìý |
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$ |
2.33Ìý
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$ |
(0.02) |
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$ |
3.69Ìý
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$ |
(0.51) |
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1 For the three and nine months ended SeptemberÌý30, 2021, basic earnings per share is calculated by dividing Net income (loss) attributable to Cliffs shareholders, less $42 million and $172 million, respectively, 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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For both the three and nine months ended SeptemberÌý30, 2020, we had 2 million shares related to employee stock plans that were excluded from the diluted EPS calculation as they were anti-dilutive. There was no dilution during the three and nine months ended SeptemberÌý30, 2020 related to the common share equivalents for the convertible senior notes as our common shares average price did not exceed the conversion price.
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