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
September 30, |
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Nine Months Ended
September 30, |
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2015 |
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2014 |
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2015 |
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2014 |
Income (Loss) from Continuing Operations |
$ |
49.9 |
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$ |
(274.2 |
) |
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$ |
178.5 |
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$ |
(113.6 |
) |
Loss (Income) from Continuing Operations Attributable to Noncontrolling Interest |
4.6 |
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(2.5 |
) |
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(6.2 |
) |
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(22.4 |
) |
Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders |
$ |
54.5 |
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$ |
(276.7 |
) |
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$ |
172.3 |
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$ |
(136.0 |
) |
Loss from Discontinued Operations, net of tax |
(43.9 |
) |
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(5,602.9 |
) |
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(861.3 |
) |
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(5,803.0 |
) |
Net Income (Loss) Attributable to Cliffs Shareholders |
$ |
10.6 |
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$ |
(5,879.6 |
) |
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$ |
(689.0 |
) |
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$ |
(5,939.0 |
) |
Preferred Stock Dividends |
(25.6 |
) |
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(12.8 |
) |
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(38.4 |
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(38.4 |
) |
Net Loss Attributable to Cliffs Common Shareholders |
$ |
(15.0 |
) |
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$ |
(5,892.4 |
) |
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$ |
(727.4 |
) |
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$ |
(5,977.4 |
) |
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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— |
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— |
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Employee Stock Plans |
— |
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— |
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— |
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— |
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Diluted |
153.2 |
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153.1 |
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153.2 |
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153.1 |
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Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic: |
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Continuing operations |
$ |
0.19 |
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$ |
(1.89 |
) |
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$ |
0.87 |
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$ |
(1.14 |
) |
Discontinued operations |
(0.29 |
) |
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(36.60 |
) |
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(5.62 |
) |
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(37.91 |
) |
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$ |
(0.10 |
) |
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$ |
(38.49 |
) |
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$ |
(4.75 |
) |
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$ |
(39.05 |
) |
Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted: |
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Continuing operations |
$ |
0.19 |
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$ |
(1.89 |
) |
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$ |
0.87 |
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$ |
(1.14 |
) |
Discontinued operations |
(0.29 |
) |
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(36.60 |
) |
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(5.62 |
) |
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(37.91 |
) |
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$ |
(0.10 |
) |
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$ |
(38.49 |
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$ |
(4.75 |
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$ |
(39.05 |
) |
The three and nine months ended 2015 and 2014 has been calculated to properly reflect the breakout of noncontrolling interest between continuing and discontinued operations during the respective periods. The diluted earnings per share calculation excludes 25.2 million depositary shares that were anti-dilutive for the three and nine months ended September 30, 2015 and 2014. Additionally, the diluted earnings per share calculation excludes 0.1 million shares and 0.2 million shares for the three and nine months ended September 30, 2015, and 0.5 million shares and 0.9 million shares for the three and nine months ended September 30, 2014, related to equity plan awards that would have been anti-dilutive.
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