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Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE (Tables)

v3.22.1
EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2022
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
March 31,
2022 2021
Income from continuing operations $ 813Ìý $ 57Ìý
Income from continuing operations attributable to noncontrolling interest (13) (16)
Net income from continuing operations attributable to Cliffs shareholders 800Ìý 41Ìý
Income from discontinued operations, net of tax 1Ìý —Ìý
Net income attributable to Cliffs shareholders $ 801Ìý $ 41Ìý
Weighted average number of shares:
Basic 521 490
Redeemable preferred shares — 58
Convertible senior notes1
7 19
Employee stock plans 4 4
Diluted 532 571
Earnings per common share attributable to Cliffs shareholders - basic2:
Continuing operations $ 1.54Ìý $ 0.08Ìý
Discontinued operations —Ìý —Ìý
$ 1.54Ìý $ 0.08Ìý
Earnings per common share attributable to Cliffs shareholders - diluted:
Continuing operations $ 1.50Ìý $ 0.07Ìý
Discontinued operations —Ìý —Ìý
$ 1.50Ìý $ 0.07Ìý
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 three months ended MarchÌý31, 2021, basic earnings per share is calculated by dividing Net income attributable to Cliffs shareholders, less $4 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.