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Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE (Notes)

v3.20.2
EARNINGS PER SHARE (Notes)
6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract] Ìý
EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted earnings per share:
Ìý
(In Millions, Except Per Share Amounts)
Ìý
Three Months Ended
June 30,
Ìý
Six Months Ended
June 30,
Ìý
2020
Ìý
2019
Ìý
2020
Ìý
2019
Income (loss) from continuing operations
$
(107.8
)
Ìý
$
161.4

Ìý
$
(157.0
)
Ìý
$
139.3

Income from continuing operations attributable to noncontrolling interest
(15.8
)
Ìý
—

Ìý
(19.3
)
Ìý
—

Net income (loss) from continuing operations attributable to Cliffs shareholders
(123.6
)
Ìý
161.4

Ìý
(176.3
)
Ìý
139.3

Income (loss) from discontinued operations, net of tax
(0.3
)
Ìý
(0.6
)
Ìý
0.3

Ìý
(0.6
)
Net income (loss) attributable to Cliffs shareholders
$
(123.9
)
Ìý
$
160.8

Ìý
$
(176.0
)
Ìý
$
138.7

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Weighted average number of shares:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Basic
399.1

Ìý
275.8

Ìý
348.3

Ìý
282.6

Convertible senior notes
—

Ìý
6.7

Ìý
—

Ìý
6.9

Employee stock plans
—

Ìý
3.0

Ìý
—

Ìý
4.1

Diluted
399.1

Ìý
285.5

Ìý
348.3

Ìý
293.6

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Earnings (loss) per common share attributable to Cliffs shareholders - basic:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Continuing operations
$
(0.31
)
Ìý
$
0.59

Ìý
$
(0.51
)
Ìý
$
0.49

Discontinued operations
—

Ìý
—

Ìý
—

Ìý
—

Ìý
$
(0.31
)
Ìý
$
0.59

Ìý
$
(0.51
)
Ìý
$
0.49

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Earnings (loss) per common share attributable to Cliffs shareholders - diluted:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Continuing operations
$
(0.31
)
Ìý
$
0.57

Ìý
$
(0.51
)
Ìý
$
0.47

Discontinued operations
—

Ìý
—

Ìý
—

Ìý
—

Ìý
$
(0.31
)
Ìý
$
0.57

Ìý
$
(0.51
)
Ìý
$
0.47


The following table summarizes the shares that have been excluded from the diluted earnings per share calculation as they were anti-dilutive:
Ìý
(In Millions)
Ìý
Three Months Ended
June 30,
Ìý
Six Months Ended
June 30,
Ìý
2020
Ìý
2019
Ìý
2020
Ìý
2019
Shares related to employee stock plans
1.8

Ìý
—

Ìý
1.8

Ìý
—


There was no dilution during the three and six months ended JuneÌý30, 2020 related to the common share equivalents for the convertible senior notes as our common shares average price did not rise above the conversion price.