NOTE 19 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted earnings (loss) per share:
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(In Millions, Except Per Share Amounts) |
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2015 |
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2014 |
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2015 |
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2014 |
Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders |
$ |
(43.2 |
) |
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$ |
87.3 |
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$ |
125.5 |
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$ |
157.4 |
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Income (Loss) from Discontinued Operations, net of tax |
103.4 |
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(76.4 |
) |
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(825.1 |
) |
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(216.8 |
) |
Net Income (Loss) Attributable to Cliffs Shareholders |
$ |
60.2 |
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$ |
10.9 |
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$ |
(699.6 |
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$ |
(59.4 |
) |
Preferred Stock Dividends |
— |
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(12.8 |
) |
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(12.8 |
) |
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(25.6 |
) |
Net Income (Loss) Attributable to Cliffs Common Shareholders |
$ |
60.2 |
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$ |
(1.9 |
) |
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$ |
(712.4 |
) |
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$ |
(85.0 |
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Weighted Average Number of Shares: |
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Basic |
153.2 |
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153.1 |
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153.2 |
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153.1 |
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Depositary Shares |
— |
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— |
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25.2 |
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— |
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Employee Stock Plans |
— |
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0.8 |
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0.3 |
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0.8 |
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Diluted |
153.2 |
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153.9 |
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178.7 |
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153.9 |
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Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic: |
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Continuing operations |
$ |
(0.28 |
) |
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$ |
0.49 |
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$ |
0.74 |
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$ |
0.86 |
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Discontinued operations |
0.67 |
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(0.50 |
) |
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(5.39 |
) |
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(1.42 |
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$ |
0.39 |
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$ |
(0.01 |
) |
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$ |
(4.65 |
) |
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$ |
(0.56 |
) |
Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted: |
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Continuing operations |
$ |
(0.28 |
) |
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$ |
0.48 |
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$ |
0.70 |
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$ |
0.86 |
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Discontinued operations |
0.67 |
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(0.50 |
) |
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(4.62 |
) |
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(1.41 |
) |
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$ |
0.39 |
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$ |
(0.02 |
) |
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$ |
(3.92 |
) |
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$ |
(0.55 |
) |
The diluted earnings per share calculation excludes 25.2 million depositary shares that were anti-dilutive for the three months ended June 30, 2015 and the three and six months ended June 30, 2014. Additionally, the diluted earnings per share calculation excludes 0.3 million shares related to equity plan awards that were anti-dilutive for the three months ended June 30, 2015.
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