Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE

v3.8.0.1
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
NOTE 19 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted earnings (loss) per share:
 
(In Millions, Except Per Share Amounts)
 
Year Ended
December 31,
 
2017
 
2016
 
2015
Income from Continuing Operations
$
381.8

 
$
219.2

 
$
143.7

Loss (Income) from Continuing Operations attributable to
Noncontrolling Interest
3.9

 
(25.2
)
 
(8.6
)
Net Income from Continuing Operations
attributable to Cliffs shareholders
$
385.7

 
$
194.0

 
$
135.1

Loss from Discontinued Operations, net of tax
(18.7
)
 
(19.9
)
 
(884.4
)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
367.0

 
$
174.1

 
$
(749.3
)
PREFERRED STOCK DIVIDENDS
—

 
—

 
(38.4
)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
$
367.0

 
$
174.1

 
$
(787.7
)
Weighted Average Number of Shares:
 
 
 
 
 
Basic
288.4

 
197.7

 
153.2

Employee Stock Plans
4.6

 
2.4

 
0.4

Diluted
293.0

 
200.1

 
153.6

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic:
 
 
 
 
 
Continuing operations
$
1.34

 
$
0.98

 
$
0.63

Discontinued operations
(0.06
)
 
(0.10
)
 
(5.77
)
 
$
1.28

 
$
0.88

 
$
(5.14
)
Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted:
 
 
 
 
 
Continuing operations
$
1.32

 
$
0.97

 
$
0.63

Discontinued operations
(0.06
)
 
(0.10
)
 
(5.76
)
 
$
1.26

 
$
0.87

 
$
(5.13
)

The common share equivalents for the $316.25 million 1.50% 2025 Convertible Senior Notes that were issued in the fourth quarter of 2017 were not included in the computation of diluted earnings per common share as we have the ability and intent, both currently and in the future, to settle these in cash. The diluted earnings per share calculation excludes 25.3 million depositary shares that were anti-dilutive for the year ended December 31, 2015. Refer to NOTE 5 - DEBT AND CREDIT FACILITIES for further information.