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NOTE 17 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted earnings per share:
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(In Millions, Except Per Share Amounts) |
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Year Ended December 31, |
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2019 |
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2018 |
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2017 |
Income from continuing operations |
$ |
294.5 |
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$ |
1,039.9 |
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$ |
360.6 |
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Loss from continuing operations attributable to
noncontrolling interest |
— |
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— |
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3.9 |
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Net income from continuing operations
attributable to Cliffs shareholders |
294.5 |
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1,039.9 |
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364.5 |
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Income (loss) from discontinued operations, net of tax |
(1.7 |
) |
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88.2 |
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2.5 |
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Net income attributable to Cliffs shareholders |
$ |
292.8 |
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$ |
1,128.1 |
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$ |
367.0 |
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Weighted average number of shares: |
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Basic |
276.8 |
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297.2 |
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288.4 |
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Convertible senior notes |
4.4 |
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3.4 |
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— |
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Employee stock plans |
3.3 |
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3.5 |
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4.6 |
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Diluted |
284.5 |
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304.1 |
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293.0 |
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Earnings (loss) per common share attributable to
Cliffs common shareholders - basic: |
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Continuing operations |
$ |
1.07 |
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$ |
3.50 |
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$ |
1.27 |
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Discontinued operations |
(0.01 |
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0.30 |
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0.01 |
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$ |
1.06 |
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$ |
3.80 |
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$ |
1.28 |
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Earnings (loss) per common share attributable to
Cliffs common shareholders - diluted: |
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Continuing operations |
$ |
1.04 |
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$ |
3.42 |
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$ |
1.25 |
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Discontinued operations |
(0.01 |
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0.29 |
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0.01 |
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$ |
1.03 |
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$ |
3.71 |
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$ |
1.26 |
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There was no dilution during 2017 related to the common share equivalents for the convertible senior notes as our common shares average price did not rise in value above the conversion price.
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