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Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE (Tables)

v3.21.2
EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract] Ìý
Earnings Per Share Computation
The following table summarizes the computation of basic and diluted earnings per share:
(In Millions, Except Per Share Amounts)
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2021 2020 2021 2020
Income (loss) from continuing operations $ 1,281Ìý $ 2Ìý $ 2,132Ìý $ (155)
Income from continuing operations attributable to noncontrolling interest (8) (12) (39) (31)
Net income (loss) from continuing operations attributable to Cliffs shareholders 1,273Ìý (10) 2,093Ìý (186)
Income from discontinued operations, net of tax 1Ìý —Ìý 2Ìý —Ìý
Net income (loss) attributable to Cliffs shareholders $ 1,274Ìý $ (10) $ 2,095Ìý $ (186)
Weighted average number of shares:
Basic 500Ìý 399Ìý 497 365
Redeemable preferred shares 17Ìý —Ìý 44 —
Convertible senior notes 24Ìý —Ìý 21 —
Employee stock plans 6Ìý —Ìý 5 —
Diluted 547Ìý 399Ìý 567 365
Earnings (loss) per common share attributable to Cliffs shareholders - basic1:
Continuing operations $ 2.46Ìý $ (0.02) $ 3.87Ìý $ (0.51)
Discontinued operations —Ìý —Ìý —Ìý —Ìý
$ 2.46Ìý $ (0.02) $ 3.87Ìý $ (0.51)
Earnings (loss) per common share attributable to Cliffs shareholders - diluted:
Continuing operations $ 2.33Ìý $ (0.02) $ 3.69Ìý $ (0.51)
Discontinued operations —Ìý —Ìý —Ìý —Ìý
$ 2.33Ìý $ (0.02) $ 3.69Ìý $ (0.51)
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.