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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2016 |
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2015 |
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2016 |
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2015 |
Income (Loss) from Continuing Operations |
$ |
(25.1 |
) |
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$ |
49.9 |
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$ |
119.1 |
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$ |
178.5 |
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Loss (Income) from Continuing Operations Attributable to Noncontrolling Interest |
2.0 |
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4.6 |
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(23.5 |
) |
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(6.2 |
) |
Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders |
$ |
(23.1 |
) |
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$ |
54.5 |
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$ |
95.6 |
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$ |
172.3 |
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Loss from Discontinued Operations, net of tax |
(2.7 |
) |
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(43.9 |
) |
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(0.6 |
) |
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(861.3 |
) |
Net Income (Loss) Attributable to Cliffs Shareholders |
$ |
(25.8 |
) |
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$ |
10.6 |
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$ |
95.0 |
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$ |
(689.0 |
) |
Preferred Stock Dividends |
— |
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(25.6 |
) |
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— |
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(38.4 |
) |
Net Income (Loss) Attributable to Cliffs Common Shareholders |
$ |
(25.8 |
) |
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$ |
(15.0 |
) |
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$ |
95.0 |
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$ |
(727.4 |
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Weighted Average Number of Shares: |
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Basic |
206.3 |
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153.2 |
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186.5 |
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153.2 |
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Employee Stock Plans |
— |
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— |
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2.0 |
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— |
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Diluted |
206.3 |
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153.2 |
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188.5 |
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153.2 |
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Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic: |
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Continuing operations |
$ |
(0.11 |
) |
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$ |
0.19 |
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$ |
0.51 |
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$ |
0.87 |
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Discontinued operations |
(0.01 |
) |
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(0.29 |
) |
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— |
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(5.62 |
) |
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$ |
(0.12 |
) |
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$ |
(0.10 |
) |
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$ |
0.51 |
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$ |
(4.75 |
) |
Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted: |
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Continuing operations |
$ |
(0.11 |
) |
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$ |
0.19 |
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$ |
0.51 |
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$ |
0.87 |
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Discontinued operations |
(0.01 |
) |
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(0.29 |
) |
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— |
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(5.62 |
) |
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$ |
(0.12 |
) |
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$ |
(0.10 |
) |
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$ |
0.51 |
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$ |
(4.75 |
) |
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. Additionally, the diluted earnings per share calculation excludes 3.0 million shares for the three months ended September 30, 2016, and 0.1 million shares and 0.2 million shares for the three and nine months ended September 30, 2015, related to equity plan awards that would have been anti-dilutive.
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