|
The following table summarizes the computation of basic and diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
(In Millions, Except Per Share Amounts) |
|
Three Months Ended
March 31, |
|
2020 |
|
2019 |
Loss from continuing operations |
$ |
(49.2 |
) |
|
$ |
(22.1 |
) |
Income from continuing operations attributable to noncontrolling interest |
(3.5 |
) |
|
— |
|
Net loss from continuing operations attributable to Cliffs shareholders |
(52.7 |
) |
|
(22.1 |
) |
Income from discontinued operations, net of tax |
0.6 |
|
|
— |
|
Net loss attributable to Cliffs shareholders |
$ |
(52.1 |
) |
|
$ |
(22.1 |
) |
|
|
|
|
Weighted average number of shares: |
|
|
|
Basic |
297.5 |
|
|
289.5 |
|
Convertible senior notes |
— |
|
|
— |
|
Employee stock plans |
— |
|
|
— |
|
Diluted |
297.5 |
|
|
289.5 |
|
|
|
|
|
Loss per common share attributable to Cliffs shareholders - basic: |
|
|
|
Continuing operations |
$ |
(0.18 |
) |
|
$ |
(0.08 |
) |
Discontinued operations |
— |
|
|
— |
|
|
$ |
(0.18 |
) |
|
$ |
(0.08 |
) |
|
|
|
|
Loss per common share attributable to Cliffs shareholders - diluted: |
|
|
|
Continuing operations |
$ |
(0.18 |
) |
|
$ |
(0.08 |
) |
Discontinued operations |
— |
|
|
— |
|
|
$ |
(0.18 |
) |
|
$ |
(0.08 |
) |
The following table summarizes the shares that have been excluded from the diluted earnings per share calculation as they were anti-dilutive:
|
|
|
|
|
|
|
|
(In Millions) |
|
Three Months Ended
March 31, |
|
2020 |
|
2019 |
Convertible senior notes |
— |
|
|
7.3 |
|
Employee stock plans |
1.6 |
|
|
4.2 |
|
Total number of anti-dilutive shares |
1.6 |
|
|
11.5 |
|
There was no dilution during the three months ended March 31, 2020 related to the common share equivalents for the convertible senior notes as our common shares average price did not rise above the conversion price.
|